Oshkosh Truck Corp. reported fiscal third quarter net income of $21.6 million, a 57.4% increase over the same period a year ago.
Sales for the period totaled $489.5 million, compared to $405.8 million last year.
Robert Bohn, chairman, president and CEO, said all of the company’s businesses performed well during the quarter, but specifically cited cost reduction efforts on its Medium Tactical Vehicle Replacement truck program that permitted Oshkosh to increase MTVR margins by 1 percentage point. He also said that a contract modification to include dump truck and wrecker models should assure the production of more than the base quantity volumes.
Commercial sales were $204.5 million for the quarter, up 22.9% from a year ago. Operating income was $17.7 million, up 99.4%. Excluding the Geesink Norba Group acquisition and the impact of accounting changes, operating income was up 55.6% from the previous year. The company attributed the improvement to increased sales of higher-margin concrete placement products, sales of used trucks and favorable manufacturing cost and workers’ compensation experience.
Fire and emergency sales decreased 3.8%, to $124 million for the quarter. Operating income was up 1.3%, to $14.5 million. Defense sales increased 46.3%, to $162.8 million. Operating income was up 71.4%, to $15 million.