Oshkosh Corporation is announcing that the Company is increasing its fiscal 2016 financial estimates
OREANDA-NEWS. Oshkosh Corporation (NYSE: OSK), a leading manufacturer of specialty vehicles and vehicle bodies, is announcing at its Analyst Day being held today that the Company is increasing its fiscal 2016 financial estimates and expects to deliver year-over-year growth in revenue, operating income and earnings per share (EPS) in fiscal 2017.
“Oshkosh Corporation is a different integrated global industrial company that is delivering solid results, underscored by our updated fiscal 2016 estimates and confidence that we will build on this performance in fiscal 2017,” said Wilson R. Jones, Oshkosh Corporation president and chief executive officer. “Looking to next year, we anticipate increases in revenue, operating income and EPS despite expected lower sales and operating income in our access equipment segment.
“Longer-term, we expect strong free cash flow over the cycle to provide capital allocation alternatives that will benefit our shareholders. We expect to achieve our fiscal 2017 estimates through the continued execution and evolution of our MOVE strategy, which has delivered for customers and shareholders alike over the last several years. We look forward to sharing more about our objectives and plans to continue driving shareholder value this morning during our Analyst Day.”
The Company’s updated estimates for fiscal 2016 include:
- Revenues of $6.1 billion to $6.2 billion
- Adjusted operating income of $360 million to $375 million
- Adjusted EPS of $2.85 to $3.00
The Company now believes it will deliver stronger than previously expected performance in the fiscal fourth quarter of 2016 as a result of expected higher deliveries of M-ATVs in the Company’s defense segment, access equipment segment sales at the high end of prior expectations and a lower tax rate.
The Company’s initial estimates for fiscal 2017 include:
- Revenues of $6.5 billion to $6.7 billion
- Operating income of $390 million to $430 million
- EPS of $3.00 to $3.40
At the Company’s Analyst Day, the Oshkosh leadership team will review each of its four business segments and provide updates on expected segment performance in fiscal 2016 as well as discuss each segment’s initial outlook for fiscal 2017.
Fiscal 2016 adjusted results exclude expected restructuring charges of $27.0 million resulting from the Company's decision to outsource certain aftermarket parts distribution center and logistics operations in the U.S. and Europe in the Company's access equipment segment. The Company expects the EPS impact of these restructuring charges in fiscal 2016 will be $0.23. The Company expects to finalize the amounts of the charges resulting from these actions in the next several weeks, so actual amounts may be slightly different.
About Oshkosh Corporation
Oshkosh Corporation is a leading designer, manufacturer and marketer of a broad range of specialty access equipment, commercial, fire & emergency and military vehicles and vehicle bodies. Oshkosh Corporation manufactures, distributes and services products under the brands of Oshkosh®, JLG®, Pierce®,McNeilus®, Jerr-Dan®, Oshkosh Specialty Vehicles, Frontline™, CON-E-CO®, London® and IMT®. Oshkosh products are valued worldwide in businesses where high quality, superior performance, rugged reliability and long-term value are paramount.
|Fiscal 2016 Estimates|
|Adjusted amount presented||$||360.0||$||375.0|
|Earnings per share - diluted|
|Adjusted amount presented||$||2.85||$||3.00|
|Restructuring charges, net of tax||(0.23||)||(0.23||)|