Oshkosh Corporation, (OSK), a manufacturer of specialty vehicles and vehicle bodies, Tuesday reported a higher net income for the second quarter, in spite of lower revenues. The firm also raised its full-year earnings guidance.
For the quarter, the company reported net income from continuing operations of $85.4 million or $0.96 per share compared with $42.8 million or $0.47 per share during corresponding quarter last year. Including the discontinued operations, the company reported net income of $0.97 per share. On average, eleven analysts polled by Thomson Reuters expected earnings per share of $0.89 for the quarter. Analysts' estimates typically exclude one-time items.
Net sales for the second quarter were $1.98 billion, a 3.8 percent decline from $2.06 billion generated during the comparable period. Analysts estimated the company to report revenues of $2.02 billion. Higher sales in all non-defense segments were not sufficient to offset an expected decline in defense segment sales, the company said in a statement.
The firm raised its full-year earnings per share estimate to $2.90 - $3.15 from prior projected range of $2.80 - $3.05. The Street expects the company to report earnings of $3.06 per share.
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