Oshkosh fiscal 2009 4Q profit nearly triples

OSHKOSH, Wis. (AP) — Oshkosh Corp. said Tuesday its fiscal fourth-quarter profit nearly tripled on earnings from a discontinued business, robust sales of vehicles to the military and lower costs.

Results beat Wall Street expectations and shares jumped in morning trading.

For the quarter ended Sept. 30, net income rose to $140.3 million, or $1.68 per share, from $53.7 million, or 72 cents per share, in the year-earlier period.

Excluding a one-time inventory benefit of 18 cents per share, a tax benefit of 18 cents per share and profit of $1.05 per share from discontinued operations, Oshkosh earned 27 cents per share in the latest quarter.

On July 1 the company announced the sale of its Netherlands-based Geesink Norba Group, which makes garbage trucks, for an undisclosed amount.

Analysts polled by Thomson Reuters expected earnings per share of 16 cents. Analyst estimates typically exclude one-time items and discontinued operations.

Sales declined to $1.49 billion from $1.85 billion. Analysts expected revenue of $1.4 billion.

Oshkosh said sales to the military jumped 54.6 percent to $855.4 million, while sales to construction companies declined 40.4 percent to $130.4 million.

During the quarter, the company cut total operating expenses to $124.2 million from $146.6 million.

For all of fiscal 2009, Oshkosh lost $1.1 billion, or $14.37 per share, compared with a profit in the previous fiscal year of $79.3 million, or $1.06 per share. Sales slid to $5.3 billion from $6.94 billion.

"The lower results were due to a decrease in sales at the company's access equipment and commercial segments due to the global recession and credit crisis, offset in part by strong demand for defense vehicles and armor kits," Oshkosh said in a statement.

The company reduced debt by $735.8 million during the fiscal year.

In late morning trading, shares rose $2.87, or 9 percent, to $34.70. The stock has ranged from $3.85 to $35.94 over the past year.