oshkosh corp (OSK) Key Developments
Oshkosh Corp. Plans to Cut Several Hundred Jobs in Defense Industry Division
Nov 13 14
Oshkosh Corp. announced that the manufacturing plant in Mexico that eventually will employ about 1,000 people even as the company plans to cut several hundred jobs in its defense industry division in Oshkosh this year. Also, it will not manufacture parts for the company's military vehicle business or fire and emergency vehicles.
Oshkosh Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended September 30, 2014; Provides Earnings Guidance for the First Quarter and Full Year 2015; Declares Quarterly Cash Dividend on Common Stock, Payable on December 2, 2014
Oct 31 14
Oshkosh Corporation reported unaudited consolidated earnings results for the fourth quarter and year ended September 30, 2014. For the quarter, net sales were $1,667.7 million against $1,726.5 million a year ago. Operating income was $113.1 million against $65.2 million a year ago. Income from continuing operations before income taxes and equity in earnings of unconsolidated affiliates was $98.0 million against $50.9 million a year ago. Income from continuing operations, net of tax was $77.8 million against $35.7 million a year ago. Net income attributable to the company was $77.5 million or $0.93 per diluted share against $36.1 million or $0.41 per diluted share a year ago. Earnings per diluted share attributable to the company’s common shareholders on continuing operations were $0.93 against $0.40 a year ago. Adjusted income from continuing operations, net of tax was $80.2 million or $0.96 per diluted share against $43.6 million or $0.49 per diluted share a year ago. Adjusted operating income was $116.9 million compared to $78 million a year ago. Results for the fourth quarter of fiscal 2014 were adversely impacted by a combined $2.4 million after-tax pension curtailment and pension settlement charge in the defense segment. Adjusted operating income in the fourth quarter of fiscal 2014 largely benefitted from improved sales volume and operating income margins in the Company's access equipment segment.
For the year, the company’s net sales were $6,808.2 million against $7,665.1 million a year ago. Operating income was $503.3 million against $505.7 million a year ago. Income from continuing operations before income taxes and equity in earnings of unconsolidated affiliates was $431.9 million against $445.0 million a year ago. Income from continuing operations, net of tax was $309.3 million against $316.3 million a year ago. Net income attributable to the company was $308.1 million or $3.61 per diluted share against $316.0 million or $3.55 per diluted share a year ago. Earnings per diluted share attributable to the company’s common shareholders on continuing operations were $3.61 against $3.53 a year ago. Net cash provided by operating activities was $170.4 million against $438.0 million a year ago. Additions to property, plant and equipment was $92.2 million against $46 million a year ago. Adjusted income from continuing operations, net of tax was $309.8 million or $3.62 per diluted share against $334.6 million or $3.74 per diluted share a year ago. Adjusted operating income was $512.2 million compared to $534.8 million a year ago. The decrease in adjusted results in fiscal 2014 was largely attributable to lower sales and operating income in the Company's defense segment, offset in part by the impact of higher sales and improved performance in the access equipment segment. Earnings per share in fiscal 2014 improved $0.15 compared to fiscal 2013 as a result of lower average diluted shares outstanding.
The company announced its fiscal 2015 adjusted earnings per share expectations of $4.00 to $4.25 on projected net sales of $6.5 billion to $6.6 billion. The company believes its fiscal 2015 consolidated sales will decline from fiscal 2014 due to a further reduction in DoD spending for its tactical wheeled vehicle programs, partially offset by an increase in sales in the company's non-defense segments as a result of improved end markets. The company expects consolidated operating income to be between $510 million and $540 million as a result of benefits from the company's MOVE initiatives in its non-defense segments offsetting lower defense segment results. The company assumes a tax rate of 31%.
The company anticipates that first quarter of 2015 earnings will be down approximately two-thirds from the first quarter of 2014 as a result of significantly lower year over year defense sales, new product development investments across the company, a mix shift to telehandlers in the access equipment segment and timing of sales in the fire & emergency segment.
The company's board of directors declared a quarterly cash dividend of $0.17 per share of common stock. The dividend, up approximately 13% from the previous dividend, will be payable on December 2, 2014 to shareholders of record as of November 18, 2014.
Oshkosh Corporation to Report Q4, 2014 Results on Oct 31, 2014
Oct 10 14
Oshkosh Corporation announced that they will report Q4, 2014 results at 11:00 AM, GMT Standard Time on Oct 31, 2014
Oshkosh Corporation Announces Defense Employee Layoffs Slated for December 2014
Oct 9 14
Oshkosh Corporation announced that its Defense segment plans to reduce its workforce in Oshkosh by approximately 250 to 300 hourly positions in December 2014. In addition, approximately 70 salaried positions will be eliminated with the majority being temporary employees, elimination of open positions and those retiring. Oshkosh plans to reach out to the county and state workforce development agencies and local employers to help those affected in the layoff make the transition to other employment if they so desire. Provided Oshkosh receives interest from local and state-wide employers, the Company plans to hold a job fair to provide a venue for affected employees to meet prospective future employers.
Oshkosh Corporation Presents at Baird 2014 Industrial Conference, Nov-11-2014 03:30 PM
Sep 13 14
Oshkosh Corporation Presents at Baird 2014 Industrial Conference, Nov-11-2014 03:30 PM. Venue: Four Seasons Hotel, 120 East Delaware Place, Chicago, Illinois, United States.