UPDATE: Oshkosh FQ4 Earnings Top Street View

Oshkosh

reported stronger-than-expected earnings for the fiscal fourth quarter and lifted its quarterly dividend by 13%. The Oshkosh, Wisconsin-based company posted quarterly earnings of $77.5 million, or $0.93 per share, versus $36.1 million or $0.41 per share, in the year-ago period. Excluding non-recurring items, the company's earnings rose to $0.96 per share from $0.49 per share. Its revenue fell 3.4% to $1.67 billion in the period. However, analysts were estimating earnings of $0.82 per share on revenue of $1.61 billion. Access equipment segment sales rose 19.5% to $932.7 million, while defense segment sales slipped 43.9% to $288.1 million in the quarter. Fire & emergency segment sales dropped 7.4% to $214.9 million, while commercial segment sales rose 16.4% to $243.7 million in the quarter. Consolidated operating income came in at $113.1 million, or 6.8% of sales, versus $65.2 million, or 3.8% of sales. During the quarter, Oshkosh repurchased 5.2 million shares of its Common Stock at an aggregate cost of $250.5 million. “The ongoing benefits from executing our MOVE strategy were evident as our team delivered solid fourth quarter results, capping off an impressive year of transition that has seen our non-defense businesses move to the forefront of our operating results,” said Charles L. Szews, Oshkosh Corporation chief executive officer. For the full year, Oshkosh projects earnings of $4 to $4.25 per share on revenue of $6.50 billion to $6.60 billion. Analysts expected earnings of $4.13 per share on revenue of $6.51 billion. Oshkosh lifted its quarterly dividend from $0.15 per share to $0.17 per share. Oshkosh shares slipped 2.33% to close at $44.92 yesterday.