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Oshkosh (OSK) Stock Down Since Q3 Earnings & Revenue Miss
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Oshkosh Corporation’s (OSK - Free Report) shares have declined more than 2% since the company reported weaker-than-expected third-quarter fiscal 2021 results on Jul 29, before the opening bell.
Oshkosh reported third-quarter fiscal 2021 (ended Jun 30, 2021) adjusted earnings of $2.09 per share, increasing from $1.25 recorded in the comparable year-ago period but lagging the Zacks Consensus Estimate of $2.23. This underperformance primarily stemmed from lower-than-anticipated revenues from Access Equipment and Fire & Emergency segments of the company.
For the reported quarter, consolidated net sales surged 39.7% from the prior-year period to $2,208.8 million. The top line, however, fell short of the Zacks Consensus Estimate of $2,218 million.
Oshkosh Corporation Price, Consensus and EPS Surprise
For the June-end quarter, net sales in Access Equipment surged 89.4% year over year to $924.3 million on improved market demand in North America. The metric, however, missed the consensus estimate of $990 million. Operating income skyrocketed 237.3% from the prior-year quarter to $113 million (accounting for 12.2% of sales) but lagged the consensus mark of $137 million.
The Defense segment’s net sales edged up 26.6% year on year to $710.4 million for the fiscal third quarter, thanks to the Pratt Miller acquisition. Operating income soared 44.4% from the prior-year figure to $59.8 million (8.4% of sales). The upside chiefly resulted from higher sales and lower new product development spending.
Net sales in the Fire & Emergency segment totaled $302.5 million, missing the Zacks Consensus Estimate of $311 million. The top line rose marginally from $299.6 million recorded in fiscal third-quarter 2020. While domestic fire truck deliveries rose, international Aircraft Rescue and Firefighting vehicle volumes declined year over year. The segment’s operating income slipped 3.7% year over year to $44.5 million (14.7% of sales) amid higher incentive compensation costs.
Net sales in the Commercial segment increased 12.3% from the year-ago figure to $278.1 million for the fiscal third quarter on higher refuse collection vehicle demand. The segment’s operating income grew 24.4% from the prior-year period to $29.6 million (10.6% of sales), chiefly due to higher sales and favorable product mix.
Financials & Dividend
Oshkosh — which shares space with Adient PLC (ADNT - Free Report) , Autoliv, Inc. (ALV - Free Report) and BorgWarner Inc. (BWA - Free Report) in the same industry — had cash and cash equivalents of $1,166.3 million on Jun 30, 2021. The company recorded a long-term debt of $818.6 million as of Jun 31, 2021.
Oshkosh’s board announced a quarterly cash dividend of 33 cents per share for shareholders. The dividend amount will be paid on Aug 30 to shareholders of record as of Aug 16, 2021.
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The Zacks Rank #3 (Hold) company downwardly revised fiscal 2021 projections due to the ongoing supply chain challenges. It now expects fiscal 2021 adjusted EPS in the band of $6.35-$6.50 compared with the prior view of $6.35-$6.85. Adjusted operating income is envisioned between $610 million and $630 million, down from the previous guided range of $610-$655 million. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Oshkosh (OSK) Stock Down Since Q3 Earnings & Revenue Miss
Oshkosh Corporation’s (OSK - Free Report) shares have declined more than 2% since the company reported weaker-than-expected third-quarter fiscal 2021 results on Jul 29, before the opening bell.
Oshkosh reported third-quarter fiscal 2021 (ended Jun 30, 2021) adjusted earnings of $2.09 per share, increasing from $1.25 recorded in the comparable year-ago period but lagging the Zacks Consensus Estimate of $2.23. This underperformance primarily stemmed from lower-than-anticipated revenues from Access Equipment and Fire & Emergency segments of the company.
For the reported quarter, consolidated net sales surged 39.7% from the prior-year period to $2,208.8 million. The top line, however, fell short of the Zacks Consensus Estimate of $2,218 million.
Oshkosh Corporation Price, Consensus and EPS Surprise
Oshkosh Corporation price-consensus-eps-surprise-chart | Oshkosh Corporation Quote
Segmental Details
For the June-end quarter, net sales in Access Equipment surged 89.4% year over year to $924.3 million on improved market demand in North America. The metric, however, missed the consensus estimate of $990 million. Operating income skyrocketed 237.3% from the prior-year quarter to $113 million (accounting for 12.2% of sales) but lagged the consensus mark of $137 million.
The Defense segment’s net sales edged up 26.6% year on year to $710.4 million for the fiscal third quarter, thanks to the Pratt Miller acquisition. Operating income soared 44.4% from the prior-year figure to $59.8 million (8.4% of sales). The upside chiefly resulted from higher sales and lower new product development spending.
Net sales in the Fire & Emergency segment totaled $302.5 million, missing the Zacks Consensus Estimate of $311 million. The top line rose marginally from $299.6 million recorded in fiscal third-quarter 2020. While domestic fire truck deliveries rose, international Aircraft Rescue and Firefighting vehicle volumes declined year over year. The segment’s operating income slipped 3.7% year over year to $44.5 million (14.7% of sales) amid higher incentive compensation costs.
Net sales in the Commercial segment increased 12.3% from the year-ago figure to $278.1 million for the fiscal third quarter on higher refuse collection vehicle demand. The segment’s operating income grew 24.4% from the prior-year period to $29.6 million (10.6% of sales), chiefly due to higher sales and favorable product mix.
Financials & Dividend
Oshkosh — which shares space with Adient PLC (ADNT - Free Report) , Autoliv, Inc. (ALV - Free Report) and BorgWarner Inc. (BWA - Free Report) in the same industry — had cash and cash equivalents of $1,166.3 million on Jun 30, 2021. The company recorded a long-term debt of $818.6 million as of Jun 31, 2021.
Oshkosh’s board announced a quarterly cash dividend of 33 cents per share for shareholders. The dividend amount will be paid on Aug 30 to shareholders of record as of Aug 16, 2021.
View
The Zacks Rank #3 (Hold) company downwardly revised fiscal 2021 projections due to the ongoing supply chain challenges. It now expects fiscal 2021 adjusted EPS in the band of $6.35-$6.50 compared with the prior view of $6.35-$6.85. Adjusted operating income is envisioned between $610 million and $630 million, down from the previous guided range of $610-$655 million. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.