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Oshkosh (OSK) Falls 9.6% Since Q2 Earnings Beat Estimates
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Shares of Oshkosh Corporation (OSK - Free Report) have lost 9.6% since it reported second-quarter 2024 results. It reported adjusted earnings of $3.34 per share, beating the Zacks Consensus Estimate of $3. The bottom line also rose from $2.69 recorded in the year-ago period. Consolidated net sales climbed 18% year over year to $2.85 billion. The top line also surpassed the Zacks Consensus Estimate of $2.77 billion.
Oshkosh Corporation Price, Consensus and EPS Surprise
Access: The segment’s net sales rose 5.9% year over year to $1.41 billion and surpassed the Zacks Consensus Estimate of $1.39 billion due to enhanced sales volume in North America.
Operating income jumped 16.4% to $246.5 million (accounting for 17.5% of sales) and surpassed the Zacks Consensus Estimate of $200 million, owing to higher sales volume, pricing and an improved customer mix.
Defense: The segment’s net revenues increased 20.2% year over year to $598.7 million and surpassed the Zacks Consensus Estimate of $555 million due to higher sales volume of aftermarket parts and Family of Medium Tactical Vehicle and the commencement of NGDV production.
The segment incurred an operating loss of $39.9 million against the Zacks Consensus Estimate of operating income of $5.59 million due to intangible asset impairments at Pratt Miller.
Vocational: The segment’s net sales climbed 43.5% year over year to $843.1 million and surpassed the Zacks Consensus Estimate of $811 million due to the inclusion of sales related to AeroTech’s acquisition and higher organic sales volume.
Operating income surged 76% to $106.5 million (accounting for 12.6% of sales) and surpassed the Zacks Consensus Estimate of $88 million due to improved pricing and higher organic sales volume.
Financials
Oshkosh had cash and cash equivalents of $141.4 million as of Jun 30, 2024, compared with $125.4 million as of Dec 31, 2023. The company recorded a long-term debt of $599.1 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 Aug 30, 2024, to shareholders of record as of Aug 16, 2024.
Revised 2024 Guidance
The company anticipates full-year 2024 sales to be around $10.7 billion. It now expects adjusted earnings per share of $11.75, up from the prior guidance of $11.25.
The consensus estimate for DORM’s 2024 sales and earnings suggests year-over-year growth of 3.71% and 35.46%, respectively. EPS estimates for 2024 and 2025 have improved 51 cents and 37 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for BLBD’s 2024 sales and earnings suggests year-over-year growth of 17.58% and 215.89%, respectively. EPS estimates for 2024 and 2025 have improved 65 cents and 80 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for PLOW’s 2024 sales and earnings suggests year-over-year growth of 6.45% and 60.4%, respectively. EPS estimates for 2024 and 2025 have improved 15 cents and 2 cents, respectively, in the past 30 days.
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Oshkosh (OSK) Falls 9.6% Since Q2 Earnings Beat Estimates
Shares of Oshkosh Corporation (OSK - Free Report) have lost 9.6% since it reported second-quarter 2024 results. It reported adjusted earnings of $3.34 per share, beating the Zacks Consensus Estimate of $3. The bottom line also rose from $2.69 recorded in the year-ago period. Consolidated net sales climbed 18% year over year to $2.85 billion. The top line also surpassed the Zacks Consensus Estimate of $2.77 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 5.9% year over year to $1.41 billion and surpassed the Zacks Consensus Estimate of $1.39 billion due to enhanced sales volume in North America.
Operating income jumped 16.4% to $246.5 million (accounting for 17.5% of sales) and surpassed the Zacks Consensus Estimate of $200 million, owing to higher sales volume, pricing and an improved customer mix.
Defense: The segment’s net revenues increased 20.2% year over year to $598.7 million and surpassed the Zacks Consensus Estimate of $555 million due to higher sales volume of aftermarket parts and Family of Medium Tactical Vehicle and the commencement of NGDV production.
The segment incurred an operating loss of $39.9 million against the Zacks Consensus Estimate of operating income of $5.59 million due to intangible asset impairments at Pratt Miller.
Vocational: The segment’s net sales climbed 43.5% year over year to $843.1 million and surpassed the Zacks Consensus Estimate of $811 million due to the inclusion of sales related to AeroTech’s acquisition and higher organic sales volume.
Operating income surged 76% to $106.5 million (accounting for 12.6% of sales) and surpassed the Zacks Consensus Estimate of $88 million due to improved pricing and higher organic sales volume.
Financials
Oshkosh had cash and cash equivalents of $141.4 million as of Jun 30, 2024, compared with $125.4 million as of Dec 31, 2023. The company recorded a long-term debt of $599.1 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 Aug 30, 2024, to shareholders of record as of Aug 16, 2024.
Revised 2024 Guidance
The company anticipates full-year 2024 sales to be around $10.7 billion. It now expects adjusted earnings per share of $11.75, up from the prior guidance of $11.25.
Zacks Rank & Key Picks
OSK currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space are Dorman Products, Inc. (DORM - Free Report) , Blue Bird Corporation (BLBD - Free Report) and Douglas Dynamics, Inc. (PLOW - 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 consensus estimate for DORM’s 2024 sales and earnings suggests year-over-year growth of 3.71% and 35.46%, respectively. EPS estimates for 2024 and 2025 have improved 51 cents and 37 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for BLBD’s 2024 sales and earnings suggests year-over-year growth of 17.58% and 215.89%, respectively. EPS estimates for 2024 and 2025 have improved 65 cents and 80 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for PLOW’s 2024 sales and earnings suggests year-over-year growth of 6.45% and 60.4%, respectively. EPS estimates for 2024 and 2025 have improved 15 cents and 2 cents, respectively, in the past 30 days.