Despite U.S. Defense Department spending cutbacks Oshkosh Corp. today reported a surge in second quarter earnings. The company posted fiscal second quarter net income of $85.4 million, or 96 cents per diluted share, nearly twice the $42.8 million, or 47 cents per diluted share, in net income for the previous fiscal second quarter.
Net sales for the quarter dipped to $1.984 billion from $2.062 billion in the previous second quarter.
Defense segment sales decreased 16.2 percent in the quarter to $827.6 million.
However operating income for each of the company’s business segments, including defense, increased in the second quarter compared to the previous second quarter.
“All four of our business segments delivered improved operating income margins compared to the prior year quarter, resulting in a more than doubling of our diluted earnings per share,” said Charles L. Szews, Oshkosh Corporation chief executive officer. “Our access equipment segment continued to benefit from replacement driven demand and improved pricing, while concrete placement product sales in the commercial segment reached the highest level of quarterly sales in nearly five years, benefitting mainly from improvements in the domestic housing market.”