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Jun 30, 2020
Oshkosh Q3 2020 Earnings Report
Oshkosh's financial performance was impacted by COVID-19 pandemic, with the company implementing actions to simplify operations and lower costs.
Key Takeaways
Oshkosh Corporation reported a decrease in net sales and net income for the third quarter of fiscal 2020, primarily due to the impact of the COVID-19 pandemic on the Access Equipment segment. The company is implementing permanent cost actions to further simplify businesses and reduce costs.
Net sales decreased by 33.9% to $1.58 billion compared to the third quarter of fiscal 2019.
Net income was $80.2 million, or $1.17 per diluted share, compared to $191.9 million, or $2.72 per diluted share, in the third quarter of fiscal 2019.
Adjusted net income was $88.6 million, or $1.29 per diluted share, excluding after-tax charges associated with restructuring actions.
The company announced permanent cost actions to simplify businesses and reduce costs, expecting $30 million to $35 million of annual pre-tax savings.
Oshkosh
Oshkosh
Oshkosh Revenue by Segment
Revenue by Segment
Access Equipment Revenue
CapyFin.comDefense Revenue
CapyFin.com Forward Guidance
Company expects these actions to generate $30 million to $35 million of annual pre-tax savings, with some benefits in fiscal 2021 and the full impact in fiscal 2022. Expects pre-tax implementation costs of $35 million to $40 million, including approximately $20 million of non-cash charges.
Revenue & Expenses
Visualization of income flow from segment revenue to net income