Oshkosh Truck Corp. (OSK, Financial) filed Quarterly Report for the period ended 2011-06-30.
Oshkosh has a market cap of $2.62 billion; its shares were traded at around $28.8 with a P/E ratio of 5.2 and P/S ratio of 0.3.
Access equipment segment net sales decreased $131.1 million, or 18.4%, to $580.1 million for the third quarter of fiscal 2011 compared to the third quarter of fiscal 2010 due to lower intersegment M-ATV sales, offset in part by increased access equipment sales to external customers. Sales for the third quarter of fiscal 2011 included $17.4 million in intersegment M-ATV related sales compared to $316.0 million in the third quarter of fiscal 2010. Sales to external customers increased $172.8 million, or 44.3%, compared to the third quarter of fiscal 2010, primarily as a result of higher replacement demand in North America.
Commercial segment net sales increased $0.2 million, or 0.1%, to $158.5 million for the third quarter of fiscal 2011 compared to the third quarter of fiscal 2010. The slight increase in sales was primarily the result of replacement demand for mechanic trucks and telescoping cranes ($11.8 million) and improved aftermarket parts sales ($4.6 million), offset in part by lower demand for refuse collection vehicles ($12.7 million) and lower intersegment production of vehicle components for the defense segment ($7.8 million).
Access equipment segment net sales decreased $1.10 billion, or 44.3%, to $1.38 billion for the first nine months of fiscal 2011 compared to the first nine months of fiscal 2010. Sales for the first nine months of fiscal 2011 included $53.9 million in intersegment M-ATV related sales compared to $1.58 billion in the first nine months of fiscal 2010. Sales to external customers totaled $1.32 billion in the first nine months of fiscal 2011, a 50.3% increase compared to the first nine months of fiscal 2010. The increase in sales to external customers compared with the prior year period was primarily a result of higher replacement of aged equipment in North America and Europe, as well as economic growth and increased product adoption in other markets.
Access equipment segment operating income decreased $1.4 million, or 4.7%, to $29.5 million, or 5.1% of sales, for the third quarter of fiscal 2011 compared to operating income of $30.9 million, or 4.3% of sales, in the prior year quarter. The decline in operating results was due to the decline in intersegment M-ATV related sales, an increase in production costs as a result of supply chain constraints and inefficiencies associated with previously announced restructuring actions ($11.6 million) along with higher new product development costs ($3.8 million), offset in part by higher sales to external customers. In the third quarter of fiscal 2011 and 2010, the access equipment segment recognized $17.4 million and $316.0 million, respectively, of intersegment M-ATV related sales at high single-digit margins.
Fire & emergency segment operating income decreased $13.9 million, or 75.8%, to $4.4 million, or 2.0% of sales, for the third quarter of fiscal 2011 compared to operating income of $18.3 million, or 8.2% of sales, in the prior year quarter. The decline in operating results largely reflected lower sales volumes at the Companys fire apparatus business, an adverse product mix ($4.0 million), production inefficiencies ($3.6 million) and restructuring charges and other costs ($3.5 million) related to the rationalization and optimization of the Companys global manufacturing footprint.
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Oshkosh has a market cap of $2.62 billion; its shares were traded at around $28.8 with a P/E ratio of 5.2 and P/S ratio of 0.3.
Highlight of Business Operations:
The Company recorded costs in excess of revenues of $21.8 million on the FMTV program during the third quarter of fiscal 2011 as costs to ramp-up to full rate production were higher than the Companys previous expectations. As a result of lower M-ATV sales and cost challenges on the FMTV program, operating income in the third quarter of fiscal 2011 decreased $214.5 million, or 63.0%, from the third quarter of fiscal 2010. The Company recorded net income attributable to Oshkosh Corporation of $68.4 million, or $0.75 per share, for the third quarter of fiscal 2011 as compared to $211.2 million, or $2.31 per share, in the prior year quarter. The settlement of income tax audits during the third quarter of fiscal 2010 positively impacted net income in that quarter by $15.3 million, or $0.17.Access equipment segment net sales decreased $131.1 million, or 18.4%, to $580.1 million for the third quarter of fiscal 2011 compared to the third quarter of fiscal 2010 due to lower intersegment M-ATV sales, offset in part by increased access equipment sales to external customers. Sales for the third quarter of fiscal 2011 included $17.4 million in intersegment M-ATV related sales compared to $316.0 million in the third quarter of fiscal 2010. Sales to external customers increased $172.8 million, or 44.3%, compared to the third quarter of fiscal 2010, primarily as a result of higher replacement demand in North America.
Commercial segment net sales increased $0.2 million, or 0.1%, to $158.5 million for the third quarter of fiscal 2011 compared to the third quarter of fiscal 2010. The slight increase in sales was primarily the result of replacement demand for mechanic trucks and telescoping cranes ($11.8 million) and improved aftermarket parts sales ($4.6 million), offset in part by lower demand for refuse collection vehicles ($12.7 million) and lower intersegment production of vehicle components for the defense segment ($7.8 million).
Access equipment segment net sales decreased $1.10 billion, or 44.3%, to $1.38 billion for the first nine months of fiscal 2011 compared to the first nine months of fiscal 2010. Sales for the first nine months of fiscal 2011 included $53.9 million in intersegment M-ATV related sales compared to $1.58 billion in the first nine months of fiscal 2010. Sales to external customers totaled $1.32 billion in the first nine months of fiscal 2011, a 50.3% increase compared to the first nine months of fiscal 2010. The increase in sales to external customers compared with the prior year period was primarily a result of higher replacement of aged equipment in North America and Europe, as well as economic growth and increased product adoption in other markets.
Access equipment segment operating income decreased $1.4 million, or 4.7%, to $29.5 million, or 5.1% of sales, for the third quarter of fiscal 2011 compared to operating income of $30.9 million, or 4.3% of sales, in the prior year quarter. The decline in operating results was due to the decline in intersegment M-ATV related sales, an increase in production costs as a result of supply chain constraints and inefficiencies associated with previously announced restructuring actions ($11.6 million) along with higher new product development costs ($3.8 million), offset in part by higher sales to external customers. In the third quarter of fiscal 2011 and 2010, the access equipment segment recognized $17.4 million and $316.0 million, respectively, of intersegment M-ATV related sales at high single-digit margins.
Fire & emergency segment operating income decreased $13.9 million, or 75.8%, to $4.4 million, or 2.0% of sales, for the third quarter of fiscal 2011 compared to operating income of $18.3 million, or 8.2% of sales, in the prior year quarter. The decline in operating results largely reflected lower sales volumes at the Companys fire apparatus business, an adverse product mix ($4.0 million), production inefficiencies ($3.6 million) and restructuring charges and other costs ($3.5 million) related to the rationalization and optimization of the Companys global manufacturing footprint.
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