Oshkosh 1Q net income up 20 pct, boosts guidance

Shares of Oshkosh rise on stronger-than-expected 1st-quarter results, 2013 guidance boost

Associated Press

OSHKOSH, Wis. (AP) -- Oshkosh Corp. shares jumped more than 10 percent Friday after the truck maker reported a 20-percent leap in fiscal first-quarter net income and boosted its guidance for the full year.

For the three months ended Dec. 31, the Oshkosh, Wis.-based company earned $46.5 million, or 51 cents per share, up from $38.9 million, or 42 cents per share, in the 2001 quarter.

Excluding one-time items, the company said its adjusted profit came to 60 cents per share.

Revenue fell 6 percent to $1.76 billion from $1.88 billion.

Analysts, on average, expected a profit of 31 cents per share on $1.71 billion in revenue, according to FactSet.

Oshkosh said sales at its defense business tumbled 21 percent to $828.7 million. Meanwhile, sales of access equipment like aerial work platforms fell 7 percent to $581.32 million.

Fire and emergency sales jumped 21 percent to $193.3 million and commercial sales rose 3 percent to $177.3 million.

Oshkosh said it now expects to post an adjusted fiscal 2013 profit from continuing operations of between $2.80 and $3.05 per share, up from its October prediction of $2.35 to $2.60 per share. Analysts expect a profit of $2.64 per share, with estimates ranging from $2.35 to $3.27.

Oshkosh shares held on to a gain of $3.55, or 10.3 percent, to $38.13 in morning trading, after jumping to $39.68 shortly after the opening bell.

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