Oshkosh Corp. has third-quarter loss

By Rick Barrett
Milwaukee Journal Sentinel

Oshkosh Corp. this morning said it lost money in the fiscal third quarter on a write-down of the value of its European trash-collection vehicles.

The specialty vehicle manufacturer said in the quarter ended June 30 it lost $84.3 million, or $1.14 per share, compared with earnings of $90.6 million, or $1.21 per share, a year earlier.

Without the impairment charges, the company said it would have earned $1.19 per share in the latest period. Analysts, who usually exclude charges from their calculations, had forecast earnings of $1.05 per share, according to a survey by Thomson Financial.

Sales rose to $1.97 billion from $1.85 billion a year ago, beating analysts' forecast of $1.89 billion.

Revenue in the defense business jumped 30 percent, to $489.5 million, due to an increase in sales of large tactical vehicles and armor kits.

The company, formerly known as Oshkosh Truck Corp., revised its outlook for the remainder of the year.

For the current quarter, ending Sept. 30, the company expects to earn 50 cents to 65 cents per share due to weak sales in the North American and European construction equipment markets. Analysts were expecting the company to earn 92 cents per share in the September quarter, according to a survey by Thomson Financial.

The company revised its fiscal 2008 guidance, saying it now expects to earn adjusted profit of $3.15 to $3.30 per share, excluding charges. Analysts had predicted profit excluding items of $3.44 per share.