Oshkosh Corp. raises earnings guidance

Oshkosh Corp. today reported fiscal first quarter net income of $46.2 million, or 51 cents per share, compared with $38.9 million, or 43 cents per share, in the first quarter of fiscal 2012.

The company’s consolidated net sales in the first quarter were $1.76 billion, a decrease of 6.1 percent from the prior year first quarter due to a decline in defense segment sales. Sales to external customers increased in all non-defense segments.

“We started the year strong with results that exceeded our expectations as we continued to execute our MOVE strategy,” said Charlie Szews, chief executive officer of Oshkosh Corp. “MOVE provides a clear roadmap and targets for delivering shareholder value, and the Oshkosh team is working diligently to deliver against that roadmap.  Each of our non-defense segments improved its operating income margins compared to the prior year quarter, favorably positioning our company to deliver on our long-range goals. Our strong first quarter performance and other positive developments, give us confidence to raise our full-year outlook for adjusted diluted earnings per share to a range of $2.80 to $3.05.”

Szews also announced that the company has repurchased approximately 4.25 million shares of its common stock in the quarter at an aggregate cost of $125 million.

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