OSHKOSH, Wis. (AP) -- Oshkosh Corp., which makes trucks and equipment for a range of industries, said Tuesday that its fiscal second-quarter net income more than doubled, as the company raised prices and cut costs to offset a decline in defense spending.
The improving housing market also helped, especially in Oshkosh's concrete placement product sales, which recorded the highest level of quarterly sales in nearly five years. CEO Charles Szews said that all four business segments had better operating margins as the company cut costs and improved pricing.
The company, based in Oshkosh, Wis., raised its guidance for the fiscal year.
Net income for the three months ending March 31, after paying preferred dividends, totaled $86.5 million, or 97 cents per share. That compares with $37.3 million, or 41 cents per share, a year ago.
Revenue fell 4 percent to $1.98 billion. The company said higher non-defense revenue was not enough to offset expected declines in defense revenue.
Analysts expected earnings of 86 cents per share on revenue of $2.01 billion, according to FactSet.
Oshkosh raised its 2013 net income guidance to a range of $2.90 to $3.15 per share, from previous guidance of $2.80 to $3.05 per share. Analysts expect $3.06 per share.
Oshkosh shares fell 96 cents, or 2.4 percent, to $39.19 in midday trading. The stock has ranged from $18.49 to $42.66 in the last 52 weeks.