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Why Is Oshkosh (OSK) Up 1.4% Since Last Earnings Report?
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It has been about a month since the last earnings report for Oshkosh (OSK - Free Report) . Shares have added about 1.4% in that time frame, underperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Oshkosh due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
Oshkosh Q2 Earnings & Sales Beat Estimates
Oshkosh reported second-quarter 2024 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.
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.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed an upward trend in estimates revision.
VGM Scores
Currently, Oshkosh has a subpar Growth Score of D, a grade with the same score on the momentum front. However, the stock was allocated a grade of B on the value side, putting it in the top 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Oshkosh has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Oshkosh belongs to the Zacks Automotive - Original Equipment industry. Another stock from the same industry, Gentex (GNTX - Free Report) , has gained 1.9% over the past month. More than a month has passed since the company reported results for the quarter ended June 2024.
Gentex reported revenues of $572.93 million in the last reported quarter, representing a year-over-year change of -1.8%. EPS of $0.37 for the same period compares with $0.47 a year ago.
For the current quarter, Gentex is expected to post earnings of $0.52 per share, indicating a change of +15.6% from the year-ago quarter. The Zacks Consensus Estimate has changed -0.6% over the last 30 days.
Gentex has a Zacks Rank #4 (Sell) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C.
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Why Is Oshkosh (OSK) Up 1.4% Since Last Earnings Report?
It has been about a month since the last earnings report for Oshkosh (OSK - Free Report) . Shares have added about 1.4% in that time frame, underperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Oshkosh due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
Oshkosh Q2 Earnings & Sales Beat Estimates
Oshkosh reported second-quarter 2024 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.
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.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed an upward trend in estimates revision.
VGM Scores
Currently, Oshkosh has a subpar Growth Score of D, a grade with the same score on the momentum front. However, the stock was allocated a grade of B on the value side, putting it in the top 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Oshkosh has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Oshkosh belongs to the Zacks Automotive - Original Equipment industry. Another stock from the same industry, Gentex (GNTX - Free Report) , has gained 1.9% over the past month. More than a month has passed since the company reported results for the quarter ended June 2024.
Gentex reported revenues of $572.93 million in the last reported quarter, representing a year-over-year change of -1.8%. EPS of $0.37 for the same period compares with $0.47 a year ago.
For the current quarter, Gentex is expected to post earnings of $0.52 per share, indicating a change of +15.6% from the year-ago quarter. The Zacks Consensus Estimate has changed -0.6% over the last 30 days.
Gentex has a Zacks Rank #4 (Sell) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C.