Oshkosh Truck Corp., the Wisconsin-based manufacturer of specialty trucks and truck bodies, said its net income increased 163% to $29.7 million,
or $0.83 per share, on sales of $493.2 million for the quarter ended Dec. 31, 2003.
This compares with net income of $11.3 million, or $0.32 per share, on sales of $426.3 million for last year's first quarter. These results exceeded Oshkosh's most recent earnings expectations of $0.48 per share for the first quarter of fiscal 2004. Oshkosh also increased its sales and earnings estimates for fiscal 2004 results to $1.97 billion and $2.80 per share, respectively.
Sales increased 15.7% in the first quarter of fiscal 2004 to $493.2 million. Operating income increased 129.5% to $46.7 million, or 9.5% of sales, compared to $20.4 million, or 4.8% of sales, in the prior year's first quarter.
Operating income increased principally due to a near tripling of earnings in the company's defense business, improved fire and emergency business performance and lower interest costs.
Robert G. Bohn, chairman, president and chief executive officer, said, "We are very pleased with our exceptional first quarter financial performance, which can be attributed largely to strong results in our defense business. Sales to international defense customers as well as outstanding defense parts sales arising chiefly from the conflicts in Iraq and Afghanistan were major performance drivers."