Midstate ties keep Oshkosh rolling amid 44% earnings drop
Wisconsin-based heavy truck manufacturer Oshkosh Corp.'s Central Pennsylvania ties in access equipment kept the company moving despite a 44 percent drop in the company's second-quarter earnings.
Oshkosh posted net income of $38 million, down from $67.7 million in the year-ago quarter. Earnings per diluted share were 41 cents, beating analyst estimates of 26 cents per share, according to Yahoo Finance.
Oshkosh's access equipment segment, which includes Fulton County-based JLG Industries Inc., led the company with a 61 percent increase in sales to $760 million. That translated to quarterly operating income of $68.4 million, a 286 percent increase from a year ago, according to the company.
JLG has a production facility in Southampton Township, Cumberland County. In February, the company landed a nearly $21 million contract to make forklifts for the Army.
The sore spot for Oshkosh continues to be its operating losses in the fire and emergency segment, as well as its losses at corporate. Fire and emergency lost $11.3 million while corporate lost $27 million in the quarter, according to the company.
Corporate expenses included $3.6 million for Oshkoshto fend off a hostile board takeover by billionaire Carl Icahn in a January proxy fight. Shareholders ultimately rejected Icahn's slate of directors.