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Mar 31, 2022
Oshkosh Q1 2022 Earnings Report
Oshkosh reported a net loss and experienced a decrease in operating income due to higher material and manufacturing costs, but sales increased due to improved pricing.
Key Takeaways
Oshkosh Corporation reported a net loss of $2.1 million for Q1 2022, with sales increasing by 3.0% to $1.95 billion. The company faced challenges including higher material & logistics costs, supply chain disruptions and workforce turnover.
Net loss of $2.1 million, or $0.03 per diluted share, compared to net income of $99.6 million, or $1.44 per diluted share, for the three months ended March 31, 2021.
Consolidated sales increased 3.0 percent to $1.95 billion due to improved pricing and increased product content.
Operating income decreased 79.2 percent to $29.3 million, or 1.5 percent of sales.
All-time record backlog of over $12 billion at quarter end.
Oshkosh
Oshkosh
Oshkosh Revenue by Segment
Revenue by Segment
Access Equipment Revenue
CapyFin.comDefense Revenue
CapyFin.com Forward Guidance
Oshkosh Corporation lowered its fiscal 2022 outlook for earnings per share to a range of $4.75 to $5.75 or adjusted earnings per share of $5.00 to $6.00.
Positive Outlook
- Extremely strong demand and high order rates across business segments
- All-time record backlog of over $12 billion at quarter end
- First order from the U.S. Postal Service for its new Next Generation Delivery Vehicle (NGDV)
- Acquisition of CartSeeker™, an autonomous technology that utilizes artificial intelligence-based recognition systems to enhance refuse collection services
- Confident in ability to grow revenues and earnings as navigate headwinds and deliver on orders in significant backlog
Challenges Ahead
- Inflation
- Increased commodity and freight costs
- Supply chain disruptions intensified by recent COVID lockdowns in China
- Lowering fiscal 2022 outlook for earnings per share
- Facing further cost inflation