Oshkosh Doubles Revenue, Swings To Profit (OSK)

Specialty vehicle manufacturer Oshkosh Corporation OSK on Monday morning released financial results that easily beat Wall Street expectations. Oshkosh Corporation (OSK) reported that its fiscal 3rd quarter net income came in at $211.2 million, or $2.31 per share, compared to a loss from continuing operations of $21.2 million, or 28 cents per share, a year earlier. Revenue doubled to $2.44 billion, up from $1.22 billion a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of $1.92 per share, on revenue of $2.3 billion. "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 chairman and chief executive officer Robert G. Bohn. "We further improved our balance sheet during the quarter with debt reduction of $175 million. Over the past two years we have retired $1.5 billion of debt as a result of strong free cash flow and $358 million of proceeds from a stock offering. Debt reduction will remain the primary use for free cash flow by Oshkosh for the near term." Oshkosh Corporation closed the previous trading day at $34.38 per share. Analysts covering the company's stock have a consensus price target of $45.57 per share. Read more from Benzinga's Company news. See Some of the Top Moving Indexes Here.