Oshkosh Slips On Q4 EPS Miss; Clocks 23% Top-Line Growth; Hikes Dividend

  • Oshkosh Corp OSK reported fourth-quarter FY22 sales growth of 23% year-on-year to $2.20 billion, beating the consensus of $2.18 billion.
  • Sales from the Access Equipment segment increased 28.9% Y/Y, Defense segment grew 3%, and Fire & Emergency rose 37.2%.
  • Gross margin for the quarter expanded 340 basis points at 14.3%. Operating margin was 6.7%, and operating income for the quarter jumped 253.4% to $147 million.
  • Adjusted EPS of $1.60 missed the analyst consensus of $1.73.
  • The company held $805.9 million in cash and equivalents as of Dec. 31, 2022. Net cash provided by operating activities for the year totaled $601.3 million.
  • "Strong market fundamentals and elevated demand for our products drove high order rates in the quarter and a record backlog of more than $14 billion," said CEO John C. Pfeifer.
  • The company's Board declared a quarterly cash dividend of $0.41 per share, payable on Mar. 2, 20223, to shareholders of record as of Feb. 16, 2022. The dividend represents an increase of 11% from the previous dividend.
  • Outlook: OSK sees FY23 EPS of about $5.50, including an impact of $0.80 per share related to inventive compensation costs returning to typical levels and increased new product development investment of $0.30 per share.
  • OSK expects FY23 revenue of about $8.4 billion, against the consensus of $8.6 billion.
  • Price Action: OSK shares are trading lower by 1.95% at $98.50 on the last check Tuesday.
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