RTTNews | Jan 26, 2022 07:55AM EST

07:55 Wednesday, January 26, 2022 (RTTNews.com) - Oshkosh Corp. (OSK), a provider of mission-critical vehicles and essential equipments, reported Wednesday that its first-quarter net income plunged to $6.2 million or $0.09 per share from last year's $69.5 million or $1.01 per share.

The prior year's adjusted net income was $77.9 million, or $1.13 per share.

Consolidated net sales for the latest first quarter increased 13.7 percent to $1.79 billion from prior year's $1.58 billion. The sales were driven by demand for access equipment in North America, offset in part by lower Fire & Emergency segment sales.

On average, analysts polled by Thomson Reuters expected earnings of $0.49 per share for the quarter on sales of $1.68 billion. Analysts' estimates typically exclude special items.

Looking ahead for fiscal 2022, the company expects earnings per share in the range of $5.75 to $6.75 on projected net sales between $8.0 billion and $8.5 billion. These estimates reflect operating income between $545 million and $625 million.

The outlook reflects strong customer demand, significant price realization in backlog, improved visibility to input costs and continued efforts to manage supply chain dynamics.

John Pfeifer, Oshkosh president and chief executive officer, said, "Our positive long-term outlook and strong business foundation are built on our People First culture.... Confidence in our long-term outlook is evident as we returned $150 million to shareholders through share repurchases during the three months ended December 31, 2021."

Further, the Board of Directors declared a quarterly cash dividend of $0.37 per share of Common Stock. The dividend will be payable on February 25 to shareholders of record as of February 11.

In pre-market activity on the NYSE, Oshkosh shares were losing around 3.23 percent to trade at 4113.

Read the original article on RTTNews ( https://www.rttnews.com/3257399/oshkosh-q1-profit-down-misses-estimates-initiates-fy22-outlook.aspx)

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