Oshkosh Truck Corp. reported both sales and income were up for the year, despite the slowdown in the economy.
The truck maker reported income from continuing operations of $50.9 million for its fiscal year ended Sept. 30, 2001. Sales for the year were $1.45 billion. In comparison, income in 2000 was $48.5 million on sales of $1.33 billion.
For the fourth quarter, Oshkosh reported income of $17.6 million, up 21% from the same period a year ago. Sales were $414 million versus $359 million a year ago.
"We are quite pleased with the fiscal 2001 results in the context of the current economic environment," said Chairman, President and CEO Robert Bohn. "This company's diversification continues to be the foundation for sustainable, long-term growth and has mitigated our economic sensitivity." He added that fiscal 2002 should be equally challenging, but production increases of Medium Tactical Vehicles for the U.S. Marine Corps should offset softness in other markets.
In the fourth quarter, sales of fire and emergency equipment rose 15% from a a year ago, to $125.3 million. Operating income was $13.4 million, up 34%. Defense segment sales increased 39%, to $149.8 million, due to strong export sales and the ramp-up to full-rate production under the company's contract to supply medium trucks to the Marines.
Operating income increased 18%, to $15.5 million. Margins for the segment were negatively impacted by the increased sales volume under the MTVR contract, which carries significantly lower margins than the segment's other products, the company said.
Fourth quarter sales in the Commercial segment decreased 3%, to $139.1 million. U.S. refuse products sales growth of 7% was more than offset by a 27% reduction in concrete placement product sales. U.S. refuse products sales growth was attributable to strong sales with the three largest U.S. waste haulers and municipal accounts.
The truck maker reported income from continuing operations of $50.9 million for its fiscal year ended Sept. 30, 2001. Sales for the year were $1.45 billion. In comparison, income in 2000 was $48.5 million on sales of $1.33 billion.
For the fourth quarter, Oshkosh reported income of $17.6 million, up 21% from the same period a year ago. Sales were $414 million versus $359 million a year ago.
"We are quite pleased with the fiscal 2001 results in the context of the current economic environment," said Chairman, President and CEO Robert Bohn. "This company's diversification continues to be the foundation for sustainable, long-term growth and has mitigated our economic sensitivity." He added that fiscal 2002 should be equally challenging, but production increases of Medium Tactical Vehicles for the U.S. Marine Corps should offset softness in other markets.
In the fourth quarter, sales of fire and emergency equipment rose 15% from a a year ago, to $125.3 million. Operating income was $13.4 million, up 34%. Defense segment sales increased 39%, to $149.8 million, due to strong export sales and the ramp-up to full-rate production under the company's contract to supply medium trucks to the Marines.
Operating income increased 18%, to $15.5 million. Margins for the segment were negatively impacted by the increased sales volume under the MTVR contract, which carries significantly lower margins than the segment's other products, the company said.
Fourth quarter sales in the Commercial segment decreased 3%, to $139.1 million. U.S. refuse products sales growth of 7% was more than offset by a 27% reduction in concrete placement product sales. U.S. refuse products sales growth was attributable to strong sales with the three largest U.S. waste haulers and municipal accounts.
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