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Oshkosh Corporation (OSK - Free Report) reported first-quarter 2024 adjusted earnings of $2.89 per share, beating the Zacks Consensus Estimate of $2.26. The bottom line also rose from $1.59 per share recorded in the year-ago period. Consolidated net sales climbed 12.2% year over year to $2.54 billion. The top line also surpassed the Zacks Consensus Estimate of $2.51 billion.
Oshkosh Corporation Price, Consensus and EPS Surprise
Access: The segment’s net sales rose 3.7% year over year to $1.24 billion due to enhanced sales volume in North America.
Operating income jumped 54.1% to $208.1 million (accounting for 16.8% of sales), owing to higher sales volume, pricing and an improved customer mix.
Defense: The segment’s net revenues increased 4.6% year over year to $536.9 million due to higher sales volume of aftermarket parts and Family of Medium Tactical Vehicle.
Operating income skyrocketed 564.7% from the prior-year figure to $11.3 million (2.1% of sales), owing to enhanced product mix and high sales volume.
Vocational: The segment’s net sales climbed 37.3% year over year to $772.4 million due to the inclusion of sales related to AeroTech’s acquisition and higher pricing.
Operating income surged 185.1% to $80.1 million (accounting for 10.4% of sales) due to improved pricing, the absence of a loss on the sale of the rear-discharge mixer unit and enhanced product mix.
Financials
Oshkosh had cash and cash equivalents of $69.9 million as of Mar 31, 2024, compared with $125.4 million as of Dec 31, 2023. The company recorded a long-term debt of $598.9 million, up from $597.5 million as of Dec 31, 2023.
OSK declared a quarterly cash dividend of 46 cents per share. The dividend will be paid out on May 28, 2024, to shareholders of record as of May 13, 2024.
Revised 2024 Guidance
The company now anticipates full-year 2024 sales to be around $10.7 billion, up from the prior estimate of $10.4 billion. It now expects adjusted earnings per share of $11.25, up from the prior guidance of $10.25.
The Zacks Consensus Estimate for GELYY’s 2024 sales suggests year-over-year growth of 36.6%. The EPS estimates for 2024 and 2025 have moved up 34 cents and 54 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for VLVLY’s 2024 earnings suggests year-over-year growth of 0.43%. The EPS estimates for 2024 and 2025 have improved 5 cents and 11 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for GOEV’s 2024 sales and earnings suggests year-over-year growth of 7,722.3% and 68.24%, respectively. The EPS estimates for 2024 and 2025 have improved $4.27 and $4.71, respectively, in the past 30 days.
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Oshkosh (OSK) Q1 Earnings Beat Estimates, Guidance Revised
Oshkosh Corporation (OSK - Free Report) reported first-quarter 2024 adjusted earnings of $2.89 per share, beating the Zacks Consensus Estimate of $2.26. The bottom line also rose from $1.59 per share recorded in the year-ago period. Consolidated net sales climbed 12.2% year over year to $2.54 billion. The top line also surpassed the Zacks Consensus Estimate of $2.51 billion.
Oshkosh Corporation Price, Consensus and EPS Surprise
Oshkosh Corporation price-consensus-eps-surprise-chart | Oshkosh Corporation Quote
Segmental Details
Access: The segment’s net sales rose 3.7% year over year to $1.24 billion due to enhanced sales volume in North America.
Operating income jumped 54.1% to $208.1 million (accounting for 16.8% of sales), owing to higher sales volume, pricing and an improved customer mix.
Defense: The segment’s net revenues increased 4.6% year over year to $536.9 million due to higher sales volume of aftermarket parts and Family of Medium Tactical Vehicle.
Operating income skyrocketed 564.7% from the prior-year figure to $11.3 million (2.1% of sales), owing to enhanced product mix and high sales volume.
Vocational: The segment’s net sales climbed 37.3% year over year to $772.4 million due to the inclusion of sales related to AeroTech’s acquisition and higher pricing.
Operating income surged 185.1% to $80.1 million (accounting for 10.4% of sales) due to improved pricing, the absence of a loss on the sale of the rear-discharge mixer unit and enhanced product mix.
Financials
Oshkosh had cash and cash equivalents of $69.9 million as of Mar 31, 2024, compared with $125.4 million as of Dec 31, 2023. The company recorded a long-term debt of $598.9 million, up from $597.5 million as of Dec 31, 2023.
OSK declared a quarterly cash dividend of 46 cents per share. The dividend will be paid out on May 28, 2024, to shareholders of record as of May 13, 2024.
Revised 2024 Guidance
The company now anticipates full-year 2024 sales to be around $10.7 billion, up from the prior estimate of $10.4 billion. It now expects adjusted earnings per share of $11.25, up from the prior guidance of $10.25.
Zacks Rank & Other Key Picks
OSK currently carries a Zacks Rank #2 (Buy).
Some other top-ranked players in the auto space are Geely Automobile Holdings Limited (GELYY - Free Report) , Volvo (VLVLY - Free Report) and Canoo Inc. (GOEV - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for GELYY’s 2024 sales suggests year-over-year growth of 36.6%. The EPS estimates for 2024 and 2025 have moved up 34 cents and 54 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for VLVLY’s 2024 earnings suggests year-over-year growth of 0.43%. The EPS estimates for 2024 and 2025 have improved 5 cents and 11 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for GOEV’s 2024 sales and earnings suggests year-over-year growth of 7,722.3% and 68.24%, respectively. The EPS estimates for 2024 and 2025 have improved $4.27 and $4.71, respectively, in the past 30 days.