Oshkosh Corp. (OSK) Tops Q3 EPS by 80c, Revenues Beat

Oshkosh Corp. (NYSE: OSK) reported Q3 EPS of $1.29, $0.80 better than the analyst estimate of $0.49. Revenue for the quarter came in at $1.58 billion versus the consensus estimate of $1.54 billion.

“I am very pleased with the response of Oshkosh leaders and team members as we have worked together to protect our people and deliver solid financial performance while balancing the needs of our customers, communities and business partners during these difficult times,” said Wilson R. Jones, Oshkosh Corporation Chief Executive Officer. “In the face of unprecedented challenges brought on by the COVID-19 pandemic, our businesses pulled together, executed with discipline and implemented temporary cost reductions that allowed us to deliver fiscal third quarter adjusted1 operating income of $128.8 million and adjusted1 earnings per share of $1.29 despite a decline in revenues of 34 percent.

“While we performed well in the current volatile environment, we must stay vigilant as we seek to navigate the challenging conditions in our markets. Early in the pandemic, we announced a series of temporary cost reduction actions to deal with the conditions we were facing. With the ongoing uncertainty in the economy, we have announced several permanent cost actions to further simplify our businesses and reduce costs. In our Access Equipment segment, we are closing our facility in Romania and moving that production to factories in Pennsylvania, Mexico and China. In our Commercial segment, we are relocating concrete mixer production from Dodge Center, Minnesota and consolidating production in our other North American facilities to simplify whole goods manufacturing in this segment.

“Once fully implemented, we expect these actions to generate $30 million to $35 million of annual pre-tax savings, with some benefits in fiscal 2021 and the full impact in fiscal 2022. We expect pre-tax implementation costs of $35 million to $40 million, including approximately $20 million of non-cash charges.

“As a different integrated global industrial, we remain confident in the long-term strengths of the company, especially our strong People First culture. We are focused on winning in our markets as we continue to invest in new products, new technologies and lifecycle services to position the Company for future success,” said Jones.

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

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