Oshkosh Truck Corp., the Wisconsin-based manufacturer of specialty trucks and truck bodies, said net income increased 26.9% to $75.6 million for its fiscal year ended Sept. 30, 2003, on sales of $1.93 billion.

This compares with net income of $59.6 million on sales of $1.74 billion for fiscal 2002.
Sales increased 6.5% in the fourth quarter of fiscal 2003 to $508.1 million. Operating income increased 38.7% to $43.6 million, or 8.6% of sales, compared to $31.4 million, or 6.6% of sales, in the prior year's fourth quarter.
Net income was up 50.8% in the fourth quarter to $26.0 million, compared to $17.2 million in the prior year quarter.
Significant factors impacting fourth quarter results included a cumulative adjustment to increase margins on the company's long-term Medium Tactical Vehicle Replacement (MTVR) contract with the U.S. Marine Corps from 4.3% to 5.5%.
Robert G. Bohn, chairman, president and chief executive officer, said, "Fourth quarter operating results were strong, with particularly noteworthy contribution from our defense business. During the quarter, defense operating income benefited from production cost reduction initiatives implemented during fiscal 2003 that supported a margin increase on the MTVR contract, and, from the increased sales volume in parts attributable to the high-use truck environment during the current conflicts in Iraq and Afghanistan."