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Oshkosh Q2 Profit Down

Oshkosh Corp. (OSK) reported second quarter net income of $68.6 million or $0.99 per share, down from $128.5 million or $1.82 per share, in the second quarter of fiscal 2019.

Results for the second quarter of fiscal 2020 included an after-tax charge of $6.5 million associated with debt extinguishment costs incurred in connection with the refinancing of the Company's senior notes and a valuation allowance on deferred tax assets in Europe of $11.4 million.

Excluding these charges, fiscal 2020 second quarter adjusted net income was $86.5 million, or $1.25 per share.

Consolidated operating income in the second quarter of fiscal 2020 decreased 23.9 percent to $133.6 million from $175.6 million in the prior year. The decrease in consolidated operating income was primarily due to lower consolidated sales volume and an adverse product mix, offset in part by lower incentive compensation accruals and lower intangible asset amortization.

Net sales for the quarter decreased 9.7 percent to $1.80 billion from last year, as a result of significantly lower sales in the access equipment segment and lower fire & emergency segment sales, offset in part by higher defense segment sales.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.25 per share and revenues of $1.8 billion. Analysts' estimates typically exclude special items.

The company declared a quarterly cash dividend of $0.30 per share of Common Stock. The dividend will be payable on May 29, 2020, to shareholders of record as of May 15, 2020.

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