Free Research Report as Oshkosh’s Revenue Surged 30.9% and EPS Rocketed 184.6%
Stock Monitor: PACCAR Post Earnings Reporting
LONDON, UK / ACCESSWIRE / February 02, 2018 / Active-Investors.com has just released a free earnings report on Oshkosh Corp. (NYSE: OSK). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=OSK. The Company reported its first quarter fiscal 2018 operating and financial results on January 25, 2018. The heavy vehicle manufacturer for the military, emergency, and commercial companies surpassed top- and bottom-line expectations and raised its guidance for the fiscal year 2018.Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Oshkosh most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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Earnings Highlights and Summary
In the first quarter of the fiscal year 2018 ended December 31, 2017, Oshkosh's consolidated net sales surged 30.9% to $1.59 billion compared to $1.21 billion in Q1 FY17. The Company's revenue numbers topped analysts' estimates of $1.45 billion.
For Q1 FY18, Oshkosh's consolidated operating income more than doubled by 103.9% to $73.8 million, or 4.7% of sales, compared to $36.2 million, or 3.0% of sales, in Q1 FY17. The increase was primarily attributed to the impact of higher sales volume, partially offset by costs related to restructuring actions, increased material costs, and adverse product mix.
Oshkosh reported a net income of $56.4 million, or $0.74 per diluted share, in Q1 FY18 compared to $19.2 million, or $0.26 per diluted share, in Q1 FY17. The Company's reported quarter results included after-tax charges of $14.1 million associated with restructuring actions in the access equipment and commercial segments, as well as one-time discrete tax benefits of $6.5 million related to implementation of the Tax Reform in the United States. Excluding these items, Oshkosh's adjusted net income was $64.0 million, or $0.84 per diluted share, in Q1 FY18; beating Wall Street's estimates of $0.55 per share.
Segment Results
During Q1 FY18, Oshkosh's Access Equipment segment's net sales jumped 28.4% to $628.2 million on a y-o-y basis, due to improved demand for both aerial work platforms and telehandlers. The segment's operating income decreased 43.4% to $13.8 million, or 2.2% of sales, in the reported quarter compared to $24.4 million, or 5.0% of sales, in the prior year's same quarter. Excluding charges and operating inefficiencies associated with restructuring actions of $16.1 million, the Access Equipment segment's operating income totaled $29.9 million, or 4.8% of sales, in Q1 FY18.
For Q1 FY18, Oshkosh's Defense segment's net sales soared 67.6% to $493.5 million on a y-o-y basis, driven by a ramp up of sales to the US government under the Joint Light Tactical Vehicle (JLTV) program and international Mine Resistant Ambush Protected-All Terrain Vehicle (M-ATV). The Defense segment's operating income increased 173.9% to $65.2 million, or 13.2% of sales, in the reported quarter versus $23.8 million, or 8.1% of sales, in the year earlier comparable quarter. The increase in operating income was due to the impact of higher sales volume and improved manufacturing performance.
Oshkosh's Fire & Emergency segment's net sales fell 1.5% to $229.1 million on a y-o-y basis for Q1 FY18, with the decline attributed to lower airport products international volume, largely offset by higher fire apparatus sales. The Fire & Emergency segment's operating income advanced 47.6% to $25.1 million, or 11.0% of sales, in the reported quarter compared to $17.0 million, or 7.3% of sales, in the year earlier corresponding quarter, driven by improved pricing and improved manufacturing performance.
During Q1 FY18, Oshkosh's Commercial segment's net sales rose 21.2% to $241.4 million, primarily due to higher concrete placement and refuse collection vehicle unit volume. The Commercial segment's operating income increased 80.4% to $8.3 million, or 3.4% of sales, in the reported quarter compared to $4.6 million, or 2.3% of sales, in the year earlier same quarter. Excluding restructuring-related charges of $2.5 million, the Commercial segment's adjusted operating income was $10.8 million, or 4.5% of sales, in Q1 FY18.
Share Repurchase and Dividend
During Q1 FY18, Oshkosh deployed cash of $63.7 million to repurchase 748,000 shares of its common stock. The Company's Board of Directors declared a quarterly cash dividend of $0.24 per share of common stock. The dividend will be payable on February 26, 2018, to shareholders of record as of February 12, 2018.
Outlook
Oshkosh raised its full fiscal year 2018 outlook, attributed to a positive start to the fiscal year, improved demand outlook for access equipment, and the impact of the Tax Reform. The Company is forecasting consolidated sales to be in the range of $7.1 billion to $7.3 billion compared to its earlier sales estimates band of $6.9 billion to $7.1 billion. Oshkosh is estimating consolidated operating income to be in the range of $520 million to $570 million, and adjusted operating income to be in the band of $550 million to $600 million in FY18 compared to its previous estimated adjusted operating income range of $515 million to $565 million.
For FY18, Oshkosh is projecting diluted earnings per share to be in the band of $4.75 to $5.20. The Company forecasts adjusted diluted earnings per share to be in the range of $5.00 to $5.45 compared to the prior estimated band of $4.25 to $4.65.
Stock Performance Snapshot
February 01, 2018 - At Thursday's closing bell, Oshkosh's stock advanced 1.72%, ending the trading session at $92.28.
Volume traded for the day: 837.31 thousand shares, which was above the 3-month average volume of 688.18 thousand shares.
Stock performance in the last month – up 0.12%; previous three-month period – up 0.79%; past twelve-month period – up 32.82%; and year-to-date – up 1.53%
After yesterday's close, Oshkosh's market cap was at $6.87 billion.
Price to Earnings (P/E) ratio was at 21.71.
The stock has a dividend yield of 1.04%.
The stock is part of the Consumer Goods sector, categorized under the Trucks & Other Vehicles industry. This sector was up 0.1% at the end of the session.
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