Oshkosh Truck Corp. (OSK, Financial) filed Quarterly Report for the period ended 2009-12-31.
Oshkosh Truck Corp. has a market cap of $3.22 billion; its shares were traded at around $35.99 with and P/S ratio of 0.6. Oshkosh Truck Corp. had an annual average earning growth of 41.1% over the past 5 years.OSK is in the portfolios of David Einhorn of Greenlight Capital Inc, John Keeley of Keeley Fund Management, Bruce Kovner of Caxton Associates, Murray Stahl of Horizon Asset Management, Jeremy Grantham of GMO LLC.
Access equipment segment net sales increased 97.6% to $728.0 million for the first quarter of fiscal 2010 compared to the first quarter of fiscal 2009. First quarter fiscal 2010 sales included $527.6 million in intercompany sales of M-ATVs to the defense segment as the Company was able to leverage significantly underutilized facilities in the access equipment segment and call back idled employees to meet Defense production requirements. Sales to external customers totaled $200.4 million in the quarter, a 45.6% decrease compared to the first quarter of fiscal 2009. Sales of new access equipment declined 59.7% compared with the prior year quarter. Sales reflected substantially lower demand for access equipment arising from recessionary economies and the impact of lower backlog entering fiscal 2010 compared to 2009. Tight credit markets also contributed to the lower access equipment sales.
Consolidated operating income increased 1,169.5% to $325.7 million, or 13.4% of sales, in the first quarter of fiscal 2010 compared to $25.6 million, or 1.9% of sales, in the first quarter of fiscal 2009. Operating income in the first quarter of fiscal 2010 included pre-tax, non-cash charges for the impairment of goodwill and other long-lived assets in the Companys fire & emergency segment of $23.3 million. The increase in operating income was primarily the result of significantly higher volume and improved margins in the defense segment as well as improved performance in the access equipment segment primarily due to intercompany M-ATV production.
Consolidated operating income decreased 77.8% to $25.6 million, or 1.9% of sales, in the first quarter of fiscal 2009 compared to $115.4 million, or 8.0% of sales, in the first quarter of fiscal 2008. An operating loss in the access equipment segment more than offset higher operating income in the defense segment and lower corporate expenses. Operating income in the first quarter of fiscal 2009 also included $14.4 million of provisions for bad debts and $4.9 million of charges related to cost reduction initiatives.
Consolidated selling, general and administrative expenses decreased 6.0% to $107.8 million, or 8.1% of sales, in the first quarter of fiscal 2009 compared to $114.6 million, or 8.0% of sales, in the first quarter of fiscal 2008. Consolidated selling, general and administrative expenses as a percentage of sales increased slightly due to a $14.4 million provision for bad debts during the quarter, primarily in the access equipment segment.
Discontinued operations incurred a loss of $9.1 million in the first quarter of fiscal 2009 compared to a loss of $5.7 million in the first quarter of fiscal 2008. The loss in the first quarter of fiscal 2009 included severance charges of $3.4 million associated with staffing reduction actions as Geesink continued to reduce its fixed costs as part of an ongoing restructuring of that business.
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Oshkosh Truck Corp. has a market cap of $3.22 billion; its shares were traded at around $35.99 with and P/S ratio of 0.6. Oshkosh Truck Corp. had an annual average earning growth of 41.1% over the past 5 years.OSK is in the portfolios of David Einhorn of Greenlight Capital Inc, John Keeley of Keeley Fund Management, Bruce Kovner of Caxton Associates, Murray Stahl of Horizon Asset Management, Jeremy Grantham of GMO LLC.
Highlight of Business Operations:
The first quarter of fiscal 2010 validated Oshkosh Corporations strategy to expand its defense business into vehicles used in small combat operations and proved its strong operational capabilities. While many of the Companys businesses are still being negatively impacted by weak market conditions and limited customer access to credit, the Companys defense segment delivered outstanding performance, allowing the Company to deliver record quarterly sales, operating income and earnings per share. The defense segment achieved its goal of ramping up production to 1,000 M-ATVs in the month of December 2009 on its way to delivering more than 2,300 life saving M-ATVs to the DoD during the quarter. Strong defense segment performance, including higher sales compared to prior year quarter of FHTV products and aftermarket parts & services, propelled consolidated first fiscal quarter sales to $2.43 billion or 83.2% higher than the first fiscal quarter of 2009. The strong defense segment performance along with improved results in the access equipment segment compared to the prior year quarter, due in large part to high M-ATV production for the defense segment, resulted in operating income of $325.7 million, or 13.4% of sales, and income from continuing operations of $172.5 million, or $1.90 per share, for the first quarter of fiscal 2010. The Company also continued to strengthen its balance sheet as it was able to reduce debt by an additional $182.5 million in the quarter.Access equipment segment net sales increased 97.6% to $728.0 million for the first quarter of fiscal 2010 compared to the first quarter of fiscal 2009. First quarter fiscal 2010 sales included $527.6 million in intercompany sales of M-ATVs to the defense segment as the Company was able to leverage significantly underutilized facilities in the access equipment segment and call back idled employees to meet Defense production requirements. Sales to external customers totaled $200.4 million in the quarter, a 45.6% decrease compared to the first quarter of fiscal 2009. Sales of new access equipment declined 59.7% compared with the prior year quarter. Sales reflected substantially lower demand for access equipment arising from recessionary economies and the impact of lower backlog entering fiscal 2010 compared to 2009. Tight credit markets also contributed to the lower access equipment sales.
Consolidated operating income increased 1,169.5% to $325.7 million, or 13.4% of sales, in the first quarter of fiscal 2010 compared to $25.6 million, or 1.9% of sales, in the first quarter of fiscal 2009. Operating income in the first quarter of fiscal 2010 included pre-tax, non-cash charges for the impairment of goodwill and other long-lived assets in the Companys fire & emergency segment of $23.3 million. The increase in operating income was primarily the result of significantly higher volume and improved margins in the defense segment as well as improved performance in the access equipment segment primarily due to intercompany M-ATV production.
Consolidated operating income decreased 77.8% to $25.6 million, or 1.9% of sales, in the first quarter of fiscal 2009 compared to $115.4 million, or 8.0% of sales, in the first quarter of fiscal 2008. An operating loss in the access equipment segment more than offset higher operating income in the defense segment and lower corporate expenses. Operating income in the first quarter of fiscal 2009 also included $14.4 million of provisions for bad debts and $4.9 million of charges related to cost reduction initiatives.
Consolidated selling, general and administrative expenses decreased 6.0% to $107.8 million, or 8.1% of sales, in the first quarter of fiscal 2009 compared to $114.6 million, or 8.0% of sales, in the first quarter of fiscal 2008. Consolidated selling, general and administrative expenses as a percentage of sales increased slightly due to a $14.4 million provision for bad debts during the quarter, primarily in the access equipment segment.
Discontinued operations incurred a loss of $9.1 million in the first quarter of fiscal 2009 compared to a loss of $5.7 million in the first quarter of fiscal 2008. The loss in the first quarter of fiscal 2009 included severance charges of $3.4 million associated with staffing reduction actions as Geesink continued to reduce its fixed costs as part of an ongoing restructuring of that business.
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