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Oshkosh (OSK) Misses Q3 EPS by 14c; Narrows FY Outlook

July 29, 2014 8:41 AM

Oshkosh (NYSE: OSK) reported Q3 EPS of $1.23, $0.14 worse than the analyst estimate of $1.37. Revenue for the quarter came in at $1.93 billion versus the consensus estimate of $1.92 billion.

Oshkosh narrows FY2014 EPS to $3.40-$3.55, versus the consensus of $3.61.

"We are pleased with our overall third quarter results, led by record performance in the access equipment segment and breakthrough improvement in the commercial segment,” said Charlie Szews, Oshkosh Corporation chief executive officer. "Each area of focus in our MOVE strategy – powered by the Oshkosh Operating System – is helping us to meet our performance targets. This balanced strategy is guiding our team to produce results from the initiatives that we can control by optimizing costs, innovating to meet customers’ evolving demands and winning new business in emerging markets, even as some of our markets continue to recover at an uneven pace.

“We continue to manage the downturn in our defense business in a responsible manner. We recently completed the previously announced additional reduction in our defense segment workforce, while retaining the expertise and skill sets that are essential to support potential new business, including the U.S. Joint Light Tactical Vehicle program and several international tactical wheeled vehicle opportunities.

“For fiscal 2014, we are narrowing our estimate range for full year adjusted1 earnings per share to $3.40 to $3.55 as we head into the final quarter of the fiscal year. Looking forward, we continue to believe the outlook for our non-defense markets in 2015 is positive, and we expect MOVE initiatives to continue to contribute to margin expansion in 2015 and beyond,” added Szews.

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

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