OSHKOSH, Wis. - Oshkosh Corporation (NYSE: NYSE:OSK), a prominent manufacturer of specialty vehicles and equipment, has reported a substantial increase in its first quarter earnings for 2024.
The company announced an adjusted earnings per share (EPS) of $2.89, which is a significant 77% increase from the $1.63 reported in the first quarter of the previous year. This figure also surpassed analyst expectations by $0.64, as the consensus estimate stood at $2.25.
The company's revenue saw a healthy increase as well, reaching $2.54 billion for the quarter, which is a 12% rise from the previous year's $2.27 billion. This performance exceeded the consensus estimate of $2.49 billion, indicating a robust financial period for Oshkosh.
The increase in sales was primarily attributed to the AeroTech acquisition, which contributed $176.1 million, improved organic volume, and improved pricing, despite the sale of the rear-discharge concrete mixer business.
Oshkosh's operating income for the quarter rose dramatically by 98.5% to $259.7 million, or 10.2% of sales, compared to $130.8 million, or 5.8% of sales, in the same quarter of the previous year. The improvement was mainly due to favorable price/cost dynamics, a favorable mix, higher organic sales volume, and the absence of a loss on the sale of a business.
John Pfeifer, president and CEO of Oshkosh Corporation, commented on the company's performance, stating, "We're off to a strong start in 2024, as we grew adjusted operating income by over 80 percent leading to adjusted earnings per share of $2.89 in the first quarter. Our results were driven by outstanding execution as well as healthy demand and strategic acquisitions." Pfeifer also highlighted the company's focus on new technologies in electrification, autonomy, and digital products, including the production of the USPS Next Generation Delivery Vehicle and a pre-production pilot of the all-electric Volterra ZSL refuse and recycling vehicle.
In light of the strong first quarter results, Oshkosh has raised its full-year earnings per share outlook to be in the range of $10.55 per share and adjusted earnings per share outlook to be in the range of $11.25 per share. This updated guidance reflects the company's confidence in its operational execution and solid market demand.
The company's Access segment reported a 3.7% increase in sales to $1.24 billion, while the Defense segment saw a 4.6% rise to $536.9 million. The Vocational segment experienced a significant 37.3% increase in sales to $772.4 million, largely due to the AeroTech acquisition.
Oshkosh's Board of Directors has declared a quarterly cash dividend of $0.46 per share of Common Stock, payable on May 28, 2024, to shareholders of record as of May 13, 2024.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.