Double-digit sales and income growth in the defense and fire and emerengcy markets "significantly cushioned" the impact of a 19.8% drop in commercial vehicle sales for Oshkosh Truck Corp.
The commercial segment has historically been the most sensitive to broader economic fluctuations, noted Robert Bohn, chairman, president and CEO. "While ready-mix producers continue to pour at near-record levels, difficult economic conditions have caused them to take a cautious approach to investing in new concrete mixer trucks."
For its second fiscal quarter, ending March 31, the company posted income from continuing operations of $11.3 million, down from $11.9 million for second quarter 2000. Sales were $342 million compared to $331 million a year ago.
Commercial sales declined 19.8%, to $145.9 million for the quarter. Operating income was down 57.1% from a year ago. Concrete placement sales were down 27.8%. Unit sales of refuse equipment declined, but an increased mix of package chassis and body sales boosted refuse revenue 9% compared to last quarter.
Oshkosh sales of fire and emergency equipment were up 13% for the quarter. Operating income was up 14%. Defense sales rose 75% due to increased parts and international vehicle sales plus continued ramp-up of medium truck production for the U.S. Marines.
For the first six months of its fiscal year, Oshkosh reported income from continuing operations of $19.5 million and sales of $623 million. Comparable income for the first six months of fiscal 2000 was $18.6 million on sales of $574 million.
"Key drivers of company performance for the remainder of fiscal 2001 will be the continued vigor of the defense and fire and emergency business," said Bohn. "In addition, customer orders in our refuse business picked up during the second quarter and we expect susbstatially better results in that business during the remainder of the fiscal year. We anticipate our sales to increase each quarter in the second half of fiscal 2001 compared to last year."
The commercial segment has historically been the most sensitive to broader economic fluctuations, noted Robert Bohn, chairman, president and CEO. "While ready-mix producers continue to pour at near-record levels, difficult economic conditions have caused them to take a cautious approach to investing in new concrete mixer trucks."
For its second fiscal quarter, ending March 31, the company posted income from continuing operations of $11.3 million, down from $11.9 million for second quarter 2000. Sales were $342 million compared to $331 million a year ago.
Commercial sales declined 19.8%, to $145.9 million for the quarter. Operating income was down 57.1% from a year ago. Concrete placement sales were down 27.8%. Unit sales of refuse equipment declined, but an increased mix of package chassis and body sales boosted refuse revenue 9% compared to last quarter.
Oshkosh sales of fire and emergency equipment were up 13% for the quarter. Operating income was up 14%. Defense sales rose 75% due to increased parts and international vehicle sales plus continued ramp-up of medium truck production for the U.S. Marines.
For the first six months of its fiscal year, Oshkosh reported income from continuing operations of $19.5 million and sales of $623 million. Comparable income for the first six months of fiscal 2000 was $18.6 million on sales of $574 million.
"Key drivers of company performance for the remainder of fiscal 2001 will be the continued vigor of the defense and fire and emergency business," said Bohn. "In addition, customer orders in our refuse business picked up during the second quarter and we expect susbstatially better results in that business during the remainder of the fiscal year. We anticipate our sales to increase each quarter in the second half of fiscal 2001 compared to last year."
media brand
0 Comments
See all comments