Earnings dip at Oshkosh Corp.

Oshkosh Corp. reported fiscal fourth quarter net income of $38.0 million, or 41 cents per share, down from $116.6 million, or $1.28 per share, in the same period a year ago.
The company’s quarterly net sales were flat at about $2.1 billion.
Fiscal 2011 fourth quarter results were adversely impacted by after-tax charges for the impairment of certain defense facilities of $2.0 million and intangible assets in the fire & emergency segment of $3.9 million.
The decrease in consolidated operating income was primarily attributable to the defense segment, where an adverse product mix, lower sales volume and costs associated with the ramp-up of FMTV production all had an adverse effect on operating income comparisons. Higher material costs in the access equipment segment also had an adverse effect on consolidated operating income.
"We are pleased with the continued improvement in our global access equipment markets during the fourth quarter, with orders rising 91 percent compared to the fourth quarter of the prior year," said Charles Szews, Oshkosh Corp. president and chief executive officer. "Despite the continued uncertain economic environment, rental equipment utilization and rental rates strengthened during the fourth quarter in North America, and emerging markets continue to exhibit positive growth trends. We continue to expect strong growth in this segment in fiscal 2012.”