Oshkosh Corp. profits up despite drop in sales

Tue. November 03, 2009; Posted: 01:05 PM

Nov 03, 2009 (Milwaukee Journal Sentinel - McClatchy-Tribune Information Services via COMTEX) -- OSK | Quote | Chart | News | PowerRating -- Oshkosh Corp. (OSK) on Tuesday reported a nearly 20% drop in fourth-quarter sales and a $1 billion loss for the year, but said its quarterly profit more than doubled as the result of strong military vehicle orders.

The company had $1.5 billion in sales in the three-month period that ended Sept. 30, compared with more than $1.8 billion in the same period a year ago.

Military-vehicle sales were up 55%, to $855 million, as Oshkosh Corp. received long-term government contracts worth billions of dollars.

The strong military-vehicle business wasn't enough to offset sales declines in the company's other segments, including equipment used in the construction industry.

But, boosted by the military and thousands of vehicles sent to Iraq and Afghanistan, Oshkosh reported a quarterly profit of $140.3 million, or $1.68 per share, compared with $53.7 million, or 72 cents per share, a year earlier.

For the full year, the company reported a $1 billion loss, compared with a $79 million profit in fiscal 2008, mostly due to the decline in its non-defense businesses.

"Our positive results for the quarter were led by strength in our defense business," Robert Bohn, company chairman and CEO, said in a news release.

"We have been aggressively ramping up our factories to achieve our December 2009 production target of 1,000 M-ATVs per month to support our war fighters in Afghanistan."

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For full details on Oshkosh Corp (OSK) click here. Oshkosh Corp (OSK) has Short Term PowerRatings of 4. Details on Oshkosh Corp (OSK) Short Term PowerRatings is available at This Link.

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