Oshkosh Truck Corp. reported a fiscal second quarter profit of $12.2 million on sales of $416 million,
versus $11.3 million on sales of $343 million in second quarter 2001.
Operating income was $23.6 million, up 12.1 percent from a year ago. Excluding the impact of the Geesink Norba Group, which was acquired in July 2001, and changes in goodwill amortization, sales were up 11.6 percent and operating income was down 7.8 percent.
Fire and emergency segment sales increased 3.2 percent to $119.7 million for the second quarter. Operating income was up 7 percent to $11.6 million, or 9.7 percent of sales, compared to prior year income of $10.9 million, or 9.4 percent of sales.
Defense sales increased 58.3 percent to $127.1 million for the second quarter due to increased parts sales and a full quarter of full-rate production under the company's contract to supply medium trucks to the U.S. Marines. Operating income was down 25 percent to $5.1 million, or 4 percent of sales, compared to prior year income of $6.8 million, or 8.4 percent of sales. Margins on the MTVR contract during the quarter remained unchanged from the previous quarter. Second quarter results include significantly higher spending on U.K. and U.S. defense truck competitions than prior year levels.
Commercial sales increased 15.4 percent to $170 million for the second quarter. Operating income increased 59.2 percent to $12.2 million, or 7.2 percent of sales. Excluding the results of the Geesink Norba Group and adjusting for the adoption of the new accounting standards, sales for the quarter would have been down 6.7 percent, but operating income would have been up 12.2 percent.
Concrete placement product sales declined 11.8 percent in the second quarter. Refuse sales in the U.S. were up 5.7 percent during the quarter, due to higher "body only" sales to the "Big Three" waste haulers. Geesink Norba Group sales and earnings improved sequentially from the first to the second quarters of fiscal 2002 as European economies are beginning to show signs of a recovery.