Oshkosh Corp (OSK) Reports Fiscal 2023 Third Quarter Results
Oshkosh Corp (NYSE:OSK) reported fiscal 2023 third quarter net income of $183.7 million, a significant increase from $66.9 million in the third quarter of fiscal 2022.
Consolidated sales in the third quarter of fiscal 2023 increased by 21.4 percent to $2.51 billion.
The company raised its fiscal 2023 sales and earnings expectations following strong performance.
Oshkosh Corp (NYSE:OSK) reported strong orders leading to a backlog of nearly $16 billion.
On October 26, 2023, Oshkosh Corp (NYSE:OSK) released its earnings report for the third quarter of fiscal 2023. The company reported a net income of $183.7 million, or $2.79 per diluted share, a significant increase from the net income of $66.9 million, or $1.02 per diluted share, for the third quarter of fiscal 2022. Adjusted net income was $200.6 million, or $3.04 per diluted share, for the third quarter of fiscal 2023 compared to $75.9 million, or $1.15 per diluted share, for the third quarter of fiscal 2022.
Financial Performance and Highlights
Consolidated sales in the third quarter of fiscal 2023 increased by 21.4 percent to $2.51 billion, primarily due to higher sales volume, the inclusion of $135 million of sales related to acquisitions, and improved pricing. Consolidated operating income in the third quarter of fiscal 2023 increased by 118.9 percent to $256.5 million, or 10.2 percent of sales, compared to $117.2 million, or 5.7 percent of sales, in the third quarter of fiscal 2022.
We are pleased to report another quarter of strong performance highlighted by revenue growth of 21.4 percent, leading to an 11.0 percent consolidated adjusted operating margin and adjusted earnings per share of $3.04 in the third quarter," said John Pfeifer, president and chief executive officer of Oshkosh Corporation.
Business Segment Performance
The Access segment sales for the third quarter of fiscal 2023 increased by 27.0 percent to $1.32 billion due to improved sales volume, higher pricing, and the inclusion of sales of $19.0 million related to the Hinowa acquisition. The Defense segment sales for the third quarter of fiscal 2023 decreased by 3.6 percent to $500.1 million primarily due to lower Joint Light Tactical Vehicle program volume offset in part by higher Family of Medium Tactical Vehicle sales volume. The Vocational segment sales for the third quarter of fiscal 2023 increased by 35.4 percent to $692.6 million due to the inclusion of sales related to the AeroTech acquisition, improved sales volume, and higher pricing.
Outlook for Fiscal 2023
As a result of the strong third quarter performance and positive outlook, Oshkosh Corp (NYSE:OSK) increased its expectations for 2023 earnings per share to be in a range of $8.75 and 2023 adjusted earnings per share to be in a range of $9.50. The company expects its fiscal 2023 diluted earnings per share to be in the range of $8.75 and adjusted earnings per share to be in a range of $9.50 on projected net sales in the range of $9.65 billion.
Dividend Announcement
The Companys Board of Directors declared a quarterly cash dividend of $0.41 per share of Common Stock. The dividend will be payable on November 27, 2023 to shareholders of record as of November 13, 2023.
Explore the complete 8-K earnings release (here) from Oshkosh Corp for further details.
This article first appeared on GuruFocus.
