Oshkosh (OSK) Misses Q2 EPS by 3c; Reaffirms FY EPS Outlook

Oshkosh (NYSE: OSK) reported Q2 EPS of $0.80, $0.03 worse than the analyst estimate of $0.83. Revenue for the quarter came in at $1.68 billion versus the consensus estimate of $1.68 billion.

Oshkosh sees FY2014 EPS of $3.40-$3.65, versus the consensus of $3.65.

“A strong focus on execution has enabled a successful roll-out of our MOVE strategy over the past two years and that focus was certainly evident this quarter. Our employees and business partners worked hard to overcome a number of weather-related challenges in the United States during the quarter, and we are thankful for their efforts,” said Charles L. Szews, Oshkosh Corporation chief executive officer. “We are optimistic about our outlook for the second half of fiscal 2014. U.S. construction spending has continued to slowly improve. We are also seeing positive trends outside the U.S. as international orders for the first six months of fiscal 2014 grew at a double digit rate in our access equipment segment. This is encouraging as we seek to broaden our sales across the globe.

“We recently participated in several successful trade shows for our non-defense businesses where we launched a large number of new products that we believe will improve performance for our customers.

“Our defense segment performance remained in line with our previously communicated expectations. We recently announced plans to reduce our defense segment workforce this summer, while still maintaining the experience and expertise necessary to support existing programs and to successfully compete for numerous tactical wheeled vehicle sales opportunities globally. We expect to be able to announce positive results on some of these opportunities over the next 12 to 24 months.

“We remain focused on executing our MOVE strategy and reiterate our fiscal 2014 adjusted1 earnings per share target range of between $3.40 and $3.65,” added Szews.

For earnings history and earnings-related data on Oshkosh (OSK) click here.

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