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Oshkosh (OSK) Raises Guidance After 1Q Non-Defense Segment Gains

 January 25, 2013 08:10 AM

(By Balachander) Oshkosh Corp. (NYSE: OSK) lifted its full-year guidance after the maker of specialty vehicles and vehicle bodies posted an increase in quarterly earnings, helped by margin improvement in all non-defense segments.

Shares jumped 7.00 percent in premarket trading on Friday following the news.

On an adjusted basis, earnings per share (EPS) jumped 54 percent to 60 cents for the first quarter.

Net earnings increased 16 percent to $46.2 million.

Net sales dropped 6 percent to $1.76 billion. Cost of sales fell 8.5 percent.

Wall Street analysts, on average, expected EPS of 32 cents on sales of $1.73 billion.

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"Each of our non-defense segments improved its operating income margins compared to the prior year quarter, favorably positioning our company to deliver on our long-range goals," commented CEO Charlie Szews.

Sales at the company's access equipment and fire & emergency segments rose 15 percent and 21 percent, respectively. Commercial segment sales grew 3.3 percent. Sales in the defense segment dropped 21 percent because of lower M-ATV and related aftermarket parts shipments.

Looking ahead for the full year, the company now expects adjusted EPS from continuing operations in the range of $2.80 to $3.05 from prior expectations of $2.35 to $2.60, while analysts expect $2.63.

Total operating expenses increased 13 percent for the first quarter.

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In the preceding fourth quarter, Oshkosh's adjusted earnings from continuing operations nearly jumped 32 percent to $60 million. Sales fell 2.3 percent to $2.06 billion due to lower sales in the defense segment.

OSK shares, which have been trading in the 52-week range of $18.49 to $34.98, closed at $34.58 on Thursday.

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