Oshkosh Earnings

Oshkosh Corp. this morning released its earnings report for the last quarter of fiscal year 2012, reporting income from continuing operations of $77.6 million compared to $40.3 million during the same quarter last year.

On defense sales, the company said:

Defense segment sales decreased 18.6 percent to $953.7 million for the fourth quarter of fiscal 2012 compared with the prior year fourth quarter. The decrease was primarily due to expected lower shipments under the Family of Heavy Tactical Vehicles and MRAP All-Terrain Vehicle programs, as well as lower aftermarket parts sales, offset in part by higher Family of Medium Tactical Vehicles (FMTV) unit sales.

In the fourth quarter of fiscal 2012, defense segment operating income decreased 12.6 percent to $62.0 million, or 6.5 percent of sales, compared to prior year fourth quarter operating income of $71.0 million, or 6.1 percent of sales. The decrease in operating income was largely due to lower sales volumes offset in part by a favorable year-end LIFO reserve adjustment and improved margins under the FMTV contract. The defense segment also benefited in the fourth quarter of fiscal 2012 from favorable cost estimate changes upon the definitization of contracts.

View Oshkosh's full statement, as well as the quarterly statements of other defense contractors.