Oshkosh Truck Corp., the Wisconsin-based manufacturer of specialty trucks and truck bodies, said second quarter net income increased 59.2% to $22.5 million
on sales of $518.2 million for the quarter ended March 31, 2004.
This compares with net income of $14.1 million on sales of $453.4 million for last year's second quarter. Oshkosh also increased its sales and earnings per share estimates for the full year ending Sept. 30, 2004 to $2.085 billion and $2.90 per share, respectively.
Sales increased 14.3% in the second quarter. Operating income increased 43.9% to $35.1 million, or 6.8% of sales, compared to $24.4 million, or 5.4% of sales, in the prior year's second quarter.
Commenting on the results, Robert G. Bohn, Oshkosh's chairman, president and chief executive officer, said, "Our financial performance, particularly the favorable year-over-year earnings growth, during the second quarter was very positive. It's our strongest second quarter ever, and our defense business, including its robust parts sales, was the driving force behind it.
"Unfortunately, business unit performance was somewhat unbalanced, and I am disappointed by the profitability performance of our fire and emergency and commercial businesses. However, we are optimistic about our performance in the second half of this fiscal year, since the recent order rate indicates improving fundamentals in the municipal fire apparatus market."