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Jun 30, 2023
Oshkosh Q2 2023 Earnings Report
Oshkosh reported strong second quarter results driven by higher sales volume and improved pricing.
Key Takeaways
Oshkosh Corporation reported a strong second quarter with net sales of $2.41 billion, a 17% increase year-over-year. Diluted earnings per share were $2.67, and adjusted earnings per share were $2.69. The company also raised its fiscal year 2023 sales and earnings expectations and completed the acquisition of JBT AeroTech.
Sales increased by 17 percent to $2.41 billion.
Diluted earnings per share reached $2.67, and adjusted earnings per share was $2.69.
The company's backlog stands at $15 billion, providing solid visibility into 2024.
Fiscal year 2023 earnings per share are expected to be in the range of $7.65, and adjusted earnings per share is expected to be in the range of $8.00.
Oshkosh
Oshkosh
Oshkosh Revenue by Segment
Revenue by Segment
Access Equipment Revenue
CapyFin.comVocational Revenue
CapyFin.comDefense Revenue
CapyFin.com Forward Guidance
The Company expects its fiscal 2023 diluted earnings per share to be in the range of $7.65 and adjusted earnings per share to be in a range of $8.00 on projected net sales in the range of $9.5 billion.
Positive Outlook
- Strong second quarter performance.
- Ongoing improvements in operations and supply chains.
- Positive outlook for the remainder of 2023.
- Strong backlog providing visibility into 2024.
- Leading technologies and positive market sentiment.
Challenges Ahead
- Initial purchase accounting and deal amortization from the AeroTech acquisition are not expected to have a material impact on operating income in fiscal 2023.
- Supply chains have improved but have not yet returned to historical norms.
- Extent of supply chain and logistics disruptions.
- Company's ability to accurately predict future input costs associated with Defense contracts.
- Cyclical nature of the Company’s access equipment, fire apparatus and refuse collection markets.