IN THE NEWS: Oshkosh Reports Strong Third Quarter

Oshkosh Corporation reported fiscal 2010 third quarter net sales of $2.44 billion and net income of $211.2 million, or $2.31 per share.

The results were a significant improvement from 2009’s third quarter, when the company said it had net sales of $1.22 billion and a loss from continuing operations of $21.2 million.

“Our dedicated and committed employees worked hard to deliver third quarter records for revenue, operating income and EPS, led once again by strong performance in our defense segment,” said Robert G. Bohn, Oshkosh’s chairman and chief executive officer. “We further improved our balance sheet during the quarter with debt reduction of $175 million.”

One segment that did not do well in the third quarter was fire and emergency, which includes the Pierce and Medtec brands. The fire and emergency segment had sales of $243.3 million, a reduction of 15.6 percent compared to the third quarter of 2009.

The decrease in sales, according to Oshkosh, reflected lower shipments for most businesses in the segment due to softer demand attributed to declining municipal budgets in the U.S. and overall economic weakness, combined with the timing of shipments in airport products.

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