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Last $53.89 USD
Change Today -0.92 / -1.68%
Volume 1.1M
OSK On Other Exchanges
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As of 8:04 PM 05/4/15 All times are local (Market data is delayed by at least 15 minutes).

oshkosh corp (OSK) Key Developments

Oshkosh Corp. Lays Off Hundreds of Employees in Winnebago County

In Winnebago County, Oshkosh Corp. has laid off hundreds of employees as military spending at the truck manufacturer fell by hundreds of millions of dollars - largely from the war in Afghanistan winding down.

Oshkosh Corporation Declares Quarterly Cash Dividend, Payable on May 28, 2015; Reports Unaudited Consolidated Earnings Results for the Second Quarter and First Six Months Ended March 31, 2015; Provides Earnings Guidance for the Third Quarter of Fiscal 2015 and Reaffirms Earnings Guidance for the Fiscal Year 2015

Oshkosh Corporation's board of directors declared a quarterly cash dividend of $0.17 per share of common stock. The dividend will be payable on May 28, 2015 to shareholders of record as of May 14, 2015. The company reported unaudited consolidated earnings results for the second quarter and first six months ended March 31, 2015. Fiscal 2015 second quarter net income was $54.6 million, or $0.69 per diluted share, compared to $71.5 million, or $0.83 per diluted share, in the second quarter of fiscal 2014. Results for the second quarter of fiscal 2015 included after-tax costs of $9.3 million incurred in connection with the refinancing of the company’s senior notes due 2020. Excluding this item, fiscal 2015 second quarter adjusted net income was $63.9 million, or $0.81 per diluted share. Fiscal 2014 second quarter adjusted net income was $69.0 million, or $0.80 per diluted share, excluding after-tax costs of a pension curtailment of $2.6 million related to announced workforce reductions in the company’s defense segment, after-tax costs of $7.0 million incurred in connection with the refinancing of the company’s credit agreement and senior notes due 2017, and a $12.1 million tax benefit related to the reduction of a net operating loss valuation reserve. Fiscal 2015 second quarter results were negatively impacted compared to the prior year quarter by $0.05 per share from currencies, particularly the euro and Australian dollar, which declined against the U.S. dollar. Consolidated operating income in the second quarter of fiscal 2015 was $109.7 million, or 7.1% of sales, compared to $119.4 million, or 7.1% of sales, in the prior year second quarter. Income before income taxes and equity in earnings of unconsolidated affiliates was $82.8 million compared to $93.4 million a year ago. Net income available to common shareholders was $54.5 million compared to $71.2 million a year ago. Adjusted operating income was $109.7 million compared to $123.5 million a year ago.   For the first six months of fiscal 2015, net sales were $2.91 billion and net income of $89.3 million, or $1.12 per share. This compares with net sales of $3.21 billion and net income of $126.4 million, or $1.47 per share, in the first six months of the prior year. Consolidated net sales in the first six months of fiscal 2015 declined 9.4% on significantly lower defense segment sales. On a constant currency basis, sales decreased 8.2% compared to the first six months of fiscal 2014. Adjusted earnings for the first six months of fiscal 2015 were $96.5 million, or $1.21 per share, as compared to $123.9 million, or $1.44 per share, in the first six months of fiscal 2014. Adjusted operating income for the first six months of fiscal 2015 was negatively impacted by $4.8 million as a result of the strengthening U.S. dollar. Earnings per share in the first six months of fiscal 2015 improved $0.09 compared to the prior year period as a result of lower average diluted shares outstanding. Earnings per share for the first six months of fiscal 2015 were negatively impacted by $0.06 as a result of the strengthening U.S. dollar. Operating income was $175.4 million compared to $215.9 million a year ago. Income before income taxes and equity in earnings of unconsolidated affiliates was $133.6 million compared to $172.5 million a year ago. Net income available to common shareholders was $89.1 million compared to $125.9 million a year ago. Net cash used by operating activities was $70.7 million compared to $54.3 million a year ago. Addition to property, plant and equipment was $69.8 million compared to $36.4 million a year ago. Adjusted operating income was $172.0 million compared to $220.0 million a year ago. The company reaffirmed its fiscal 2015 adjusted earnings per share estimate range of $4.00 to $4.25 on projected net sales of $6.5 billion to $6.6 billion. The company anticipates earnings per share estimate range of $3.91 to $4.16. The company's capital expenditure and free cash flow estimates for the year remain unchanged at approximately $150 million and $200 million, respectively. The company increasing estimated effective tax rate to approximately 32%, reflecting the impact of a stronger U.S. dollar. The company anticipates that third quarter earnings per share will represent the strong earnings quarter of fiscal 2015 and will be higher than the third quarter of fiscal 2014. Similar to the second quarter of fiscal 2015, the company expects third quarter sales and operating income in each of its non-defense segments to be higher than the prior year quarter. The company expects defense segment third quarter results to be similar to the second quarter of fiscal 2015.

Oshkosh Corporation to Report Q2, 2015 Results on Apr 28, 2015

Oshkosh Corporation announced that they will report Q2, 2015 results at 11:00 AM, GMT Standard Time on Apr 28, 2015

Oshkosh Corporation, Q2 2015 Earnings Call, Apr 28, 2015

Oshkosh Corporation, Q2 2015 Earnings Call, Apr 28, 2015

Oshkosh Announces Completion of Offering of $250 Million of Senior Notes

Oshkosh Corporation announced that it successfully completed its previously announced private offering of $250 million aggregate principal amount of senior notes due 2025 pursuant to Rule 144A and Regulation S under the Securities Act of 1933. The senior notes due 2025 were issued at par with an interest rate of 5.375%. The company received approximately $245.5 million in net proceeds from the sale of the notes, after deducting the initial purchasers' discounts and commissions and estimated expenses of the offering payable by the company. The company intends to use the entire net proceeds from the sale of the notes, together with available cash, to redeem all of the company's outstanding $250 million aggregate principal amount of 81/2% senior notes due 2020 on March 2, 2015.

 

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