Shares of Oshkosh Corporation (NYSE: OSK), a designer, manufacturer and marketer of a broad range of specialty vehicles and vehicle bodies, are seeing a huge rally in trading today after the company reported its first-quarter financial results.
For the first quarter of fiscal 2012, OSK reported net income of $46.2 million, or $0.51 per share, compared to $38.9 million, or $0.43 per share reported for the same period in the previous year. The company’s adjusted net income for the quarter was $55.1 million, or $0.60 per share, compared to $34.6 million, or $0.39 per share reported for the same period in the previous year.
Consolidated net sales for the quarter came in at $1.76 billion, down 6.1% over the same period in the previous year. Operating income on a consolidated basis was $80.8 million for the first quarter, compared to $75.4 million reported for the same period in the previous year.
Charlie Szews, CEO of Oshkosh, said that the company started the year strong with results that exceeded its expectations as it continued to execute its MOVE strategy. Szews said that MOVE provides a clear roadmap and targets for delivering shareholder value, and the OSK team is working diligently to deliver against that roadmap.
Oshkosh also raised its earnings outlook for the full fiscal year. The company now expects fiscal 2013 adjusted earnings from continuing operations to be between $2.80 per share and $3.05 per share.
Following the strong first-quarter results and outlook, shares of Oshkosh have surged in trading today. The stock rose to a 52-week high of $40.42 earlier in the day. At last check, OSK shares were trading 16.43% higher at $40.26 on above average volume of 2.87 million. In the last one year, OSK shares have outperformed the S&P 500, gaining more than 61%.
Recent Comments