Oshkosh Corp. (NYSE: OSK) reported Q2 EPS of $1.25, in-line with the analyst estimate of $1.25. Revenue for the quarter came in at $1.8 billion versus the consensus estimate of $1.8 billion.

“The COVID-19 pandemic has affected the daily lives of people around the world, and I am proud of the way our team members have continued to safely manufacture our products that are used by so many front-line professionals,” stated Wilson R. Jones, Oshkosh Corporation President and Chief Executive Officer. “We delivered adjusted1 earnings per share of $1.25 on sales of $1.8 billion during a challenging period for all companies. We remain committed to delivering mission-critical fire trucks, defense vehicles, refuse collection vehicles, concrete mixers and access equipment for those everyday heroes that build, serve and protect communities around the world.

“Oshkosh delivers essential products and services and we have large customer backlogs in both our defense and fire & emergency segments, providing good visibility for these businesses well into fiscal 2021. Despite excellent visibility in these two segments, we are facing uncertain demand in the access equipment and commercial segments as well as potential disruptions with supply chain continuity and team member availability in all of our segments. Our integrated supply chain is collaborating across the world to pursue alternatives with our supply partners and communicate frequently with our people to mitigate these risks.

“We quickly responded to uncertainties caused by COVID-19 to our customers, our suppliers and our business as well by reducing production levels and implementing a company-wide cost reduction plan that targets $80 million to $100 million in savings for the second half of fiscal 2020. The plan includes lower salaries, with executives and board members taking larger decreases; furloughs; temporary plant shutdowns; reduced travel expenses and project and other discretionary spending reductions.

“We believe these are the right actions for our Company as we stay nimble and close to our team members, customers and suppliers. Our balance sheet is strong and our liquidity of approximately $1.2 billion at March 31 positions us well to navigate through the global pandemic. I am confident that Oshkosh will emerge stronger as we work to get to the other side of this global crisis,” said Jones.

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