OSHKOSH, Wis. (AP) -- Oshkosh Corp. said Friday its fiscal 2011 first-quarter earnings fell 41 percent mostly due to lower vehicle sales as it completed a huge defense contract.
The specialty vehicle maker earned $99.6 million, or $1.09 per share, compared with $169.6 million, or $1.87 per share, a year earlier. The most recent quarter's results include 13 cents per share in restructuring charges.
Revenue fell 30 percent to $1.7 billion from $2.43 billion in the year-ago quarter. This was mostly related to the completion of orders for a large military contract. Sales under the MRAP-All Terrain Vehicles contract fell $589.3 million as Oshkosh delivered the final 322 M-ATVs from the initial 8,079 vehicles awarded during fiscal 2009 and 2010.
Total defense segment sales dropped 40 percent to $1.11 billion.
The Oshkosh, Wis., company is transitioning to delivery of a new group of medium tactical vehicles for the U.S. Army. The company said this will hurt quarterly earnings but it still expects to make a profit in every quarter this year.
Fire and emergency segment sales fell 10.5 percent to $201.5 million due to lower shipments of firefighting equipment because of lower domestic municipal spending.
Commercial segment sales sank 22.9 percent to $119.5 million due to delayed orders from large waste haulers.
The specialty vehicle maker earned $99.6 million, or $1.09 per share, compared with $169.6 million, or $1.87 per share, a year earlier. The most recent quarter's results include 13 cents per share in restructuring charges.
Revenue fell 30 percent to $1.7 billion from $2.43 billion in the year-ago quarter. This was mostly related to the completion of orders for a large military contract. Sales under the MRAP-All Terrain Vehicles contract fell $589.3 million as Oshkosh delivered the final 322 M-ATVs from the initial 8,079 vehicles awarded during fiscal 2009 and 2010.
Total defense segment sales dropped 40 percent to $1.11 billion.
The Oshkosh, Wis., company is transitioning to delivery of a new group of medium tactical vehicles for the U.S. Army. The company said this will hurt quarterly earnings but it still expects to make a profit in every quarter this year.
Fire and emergency segment sales fell 10.5 percent to $201.5 million due to lower shipments of firefighting equipment because of lower domestic municipal spending.
Commercial segment sales sank 22.9 percent to $119.5 million due to delayed orders from large waste haulers.
