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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.
Revenue by Segment
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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