Oshkosh revenue jumps on JLTV, Pratt Miller

By Ethan Sterenfeld / July 30, 2021 at 1:29 PM

Oshkosh Defense's revenue and operating income grew by double digits in the most recent quarter, on the back of increased Joint Light Tactical Vehicle sales and the inclusion of Pratt Miller results, Oshkosh announced July 29.

Oshkosh Defense had net sales of $710 million and operating income of $60 million in the most recent quarter, according to the company. These figures are 27% and 44% higher, respectively, than the same period last year.

Oshkosh Defense includes defense products under the Oshkosh name, Pratt Miller and the company’s contract to build delivery trucks for the Postal Service. Oshkosh announced in December that it would buy Pratt Miller, an engineering firm with expertise in electric vehicles and robotics.

Higher JLTV sales volumes improved revenue, Michael Pack, Oshkosh’s chief financial officer, told analysts. JLTV costs have been roughly 17% less per vehicle than the Army initially predicted, so the service has increased purchases under its contract with Oshkosh.

Oshkosh reported $2.2 billion in net sales in the most recent quarter across all its segments, up 39.7% from the same period a year earlier, when sales fell dramatically. Adjusted operating income was $205 million for the quarter, up 59% from a year earlier.