Oshkosh Corp. today reported fiscal third quarter net income of $105.1 million, down from $148.7 million in the third quarter of 2013.
Revenue was $1.9 billion, down from $2.2 billion in the same period a year ago.
The Oshkosh-based specialty access equipment, commercial, fire and emergency, military vehicle and vehicle body manufacturer attributed the decrease to expected lower sales in the defense segment, which were down 46.5 percent to $470.7 million. This was mostly due to lower sales to the U.S. Department of Defense. Fire and emergency also decreased 8.3 percent to $187.5 million because of lower international deliveries.
Meanwhile, its access equipment segment saw a sales increase of 10.4 percent to $1 billion due to higher unit volumes in North America and Europe and higher pricing. And commercial segment sales were up 27 percent to $6.2 million on an increase in concrete mixer volume.
“We are pleased with our overall third quarter results, led by record performance in the access equipment segment and breakthrough improvement in the commercial segment,” said Charlie Szews, chief executive officer. “Each area of focus in our MOVE strategy – powered by the Oshkosh Operating System – is helping us to meet our performance targets. This balanced strategy is guiding our team to produce results from the initiatives that we can control by optimizing costs, innovating to meet customers’ evolving demands and winning new business in emerging markets, even as some of our markets continue to recover at an uneven pace.
“We continue to manage the downturn in our defense business in a responsible manner. We recently completed the previously announced additional reduction in our defense segment workforce, while retaining the expertise and skill sets that are essential to support potential new business, including the U.S. Joint Light Tactical Vehicle program and several international tactical wheeled vehicle opportunities.”
