We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Oshkosh (OSK) Q3 Earnings & Revenues Beat Estimates, Up Y/Y
Read MoreHide Full Article
Oshkosh Corporation (OSK - Free Report) recorded earnings of $2.72 per share in the third quarter of fiscal 2019 (Jun 30, 2019). The figure beat the Zacks Consensus Estimate of $2.41. In the year-ago quarter, earnings were $2.20 per share. Net income was $191.9 million compared with $153.4 million in the year-ago quarter.
In the reported quarter, consolidated net sales rose 10% to $2.39 billion. The figure surpassed the Zacks Consensus Estimate of $2.30 billion. This upside can be attributed to higher sales in all the segments.
In the third quarter of fiscal 2019, consolidated operating income augmented 15.5% year over to $257.8 million (10.8% of sales).
Segmental Details
Net sales in the Access equipment increased 7.7% year over year to $1.25 billion, driven by rise in sales volume and higher pricing. In the quarter under review, operating income increased 27.2% to $189.9 million (15.2% of sales).
The Defense segment’s net sales increased 15.5% to $511.1 million, owing to higher sales to the U.S. government. Operating income fell 38.8% to $29.5 million (5.8% of sales).
Net sales in the Fire & Emergency segment rose 20.2% to $341 million. The upside was driven by sales of higher content units, application of new revenue recognition standard and improved pricing. Operating income increased 38.9% to $50.7 million (14.9% of sales).
Net sales in the Commercial segment inched up 0.3% to $296 million on the application of the new revenue recognition standard. The segment’s operating income declined to $21.5 million (7.3% of sales) from $25.1 million (8.5% of sales) in the year-ago quarter.
Financial Details
Oshkosh had cash and cash equivalents of $152.2 million as of Jun 30, 2019 compared with $454.6 million as of Sep 30, 2018. The company’s long-term debt was $818.7 million in the third quarter of fiscal 2019, similar to the figure recorded at the end of fiscal 2018.
In the first nine months of fiscal 2019, Oshkosh’s net cash provided by operating activities was $105.8 million compared with $220.2 million in the year-ago period.
Share Buyback Update
During the quarter ended on Jun 30, the company repurchased 1,166,914 shares of common stock for $88.9 million.
On May 7, 2019, the Board of Directors increased the company’s remaining common stock repurchase authorization to 10 million shares.
Dividend Announcement
Oshkosh’s board declared a quarterly cash dividend of 27 cents per share to shareholders. The amount will be paid on Sep 3 to shareholders as of Aug 19, 2019.
Oshkosh Corporation Price, Consensus and EPS Surprise
For fiscal 2019, the company anticipates consolidated operating income in the range of $760-$775 million, up from the previously stated view of $725-$755 million. Further, adjusted earnings per share are projected in the band of $7.90-$8.10 compared with $7.50-$7.80 mentioned earlier.
Copart has an expected long-term growth rate of 20%. In the past year, shares of the company have rallied 33.3%.
CarMax has an expected long-term growth rate of 12.6%. In the past year, shares of the company have moved up 17.9%.
Gentex has an expected long-term growth rate of 5%. In the past year, shares of the company have returned 18.7%.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +98%, +119% and +164% in as little as 1 month. The stocks in this report could perform even better.
Image: Bigstock
Oshkosh (OSK) Q3 Earnings & Revenues Beat Estimates, Up Y/Y
Oshkosh Corporation (OSK - Free Report) recorded earnings of $2.72 per share in the third quarter of fiscal 2019 (Jun 30, 2019). The figure beat the Zacks Consensus Estimate of $2.41. In the year-ago quarter, earnings were $2.20 per share. Net income was $191.9 million compared with $153.4 million in the year-ago quarter.
In the reported quarter, consolidated net sales rose 10% to $2.39 billion. The figure surpassed the Zacks Consensus Estimate of $2.30 billion. This upside can be attributed to higher sales in all the segments.
In the third quarter of fiscal 2019, consolidated operating income augmented 15.5% year over to $257.8 million (10.8% of sales).
Segmental Details
Net sales in the Access equipment increased 7.7% year over year to $1.25 billion, driven by rise in sales volume and higher pricing. In the quarter under review, operating income increased 27.2% to $189.9 million (15.2% of sales).
The Defense segment’s net sales increased 15.5% to $511.1 million, owing to higher sales to the U.S. government. Operating income fell 38.8% to $29.5 million (5.8% of sales).
Net sales in the Fire & Emergency segment rose 20.2% to $341 million. The upside was driven by sales of higher content units, application of new revenue recognition standard and improved pricing. Operating income increased 38.9% to $50.7 million (14.9% of sales).
Net sales in the Commercial segment inched up 0.3% to $296 million on the application of the new revenue recognition standard. The segment’s operating income declined to $21.5 million (7.3% of sales) from $25.1 million (8.5% of sales) in the year-ago quarter.
Financial Details
Oshkosh had cash and cash equivalents of $152.2 million as of Jun 30, 2019 compared with $454.6 million as of Sep 30, 2018. The company’s long-term debt was $818.7 million in the third quarter of fiscal 2019, similar to the figure recorded at the end of fiscal 2018.
In the first nine months of fiscal 2019, Oshkosh’s net cash provided by operating activities was $105.8 million compared with $220.2 million in the year-ago period.
Share Buyback Update
During the quarter ended on Jun 30, the company repurchased 1,166,914 shares of common stock for $88.9 million.
On May 7, 2019, the Board of Directors increased the company’s remaining common stock repurchase authorization to 10 million shares.
Dividend Announcement
Oshkosh’s board declared a quarterly cash dividend of 27 cents per share to shareholders. The amount will be paid on Sep 3 to shareholders as of Aug 19, 2019.
Oshkosh Corporation Price, Consensus and EPS Surprise
Oshkosh Corporation price-consensus-eps-surprise-chart | Oshkosh Corporation Quote
Fiscal 2019 Outlook
For fiscal 2019, the company anticipates consolidated operating income in the range of $760-$775 million, up from the previously stated view of $725-$755 million. Further, adjusted earnings per share are projected in the band of $7.90-$8.10 compared with $7.50-$7.80 mentioned earlier.
Zacks Rank & Stocks to Consider
Currently, Oshkosh has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space worth considering are Copart, Inc (CPRT - Free Report) , CarMax, Inc (KMX - Free Report) and Gentex Corporation (GNTX - Free Report) . While Copart sports a Zacks Rank #1 (Strong Buy), CarMax and Gentex carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Copart has an expected long-term growth rate of 20%. In the past year, shares of the company have rallied 33.3%.
CarMax has an expected long-term growth rate of 12.6%. In the past year, shares of the company have moved up 17.9%.
Gentex has an expected long-term growth rate of 5%. In the past year, shares of the company have returned 18.7%.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +98%, +119% and +164% in as little as 1 month. The stocks in this report could perform even better.
See these 7 breakthrough stocks now>>