The manufacturer reported net income of $69.5 million, compared to $75.7 million during the same period a year ago. Consolidated net sales in the first quarter of fiscal 2021 decreased 7 percent to $1.58 billion as a result of a decrease in sales in its access equipment and commercial segments, offset in part by higher defense and fire and emergency segment sales.
The company reported earnings of $1.01 per diluted share.
“Several of our key manufacturing sites are located in areas of the United States that suffered from very high rates of COVID-19 spread in the fall of 2020. This caused high levels of absenteeism and brought challenges for many of our supply chain partners,” said Oshkosh Corp. CEO Wilson Jones. “In response, Oshkosh team members demonstrated strong execution by successfully controlling costs, managing our operations and delivering impressive results.”
During the quarter, Oshkosh Corp. received a Joint Light Tactical Vehicle order for just over $900 million that included JLTVs for three international customers as well as trailers and support kits. Jones said this is the third consecutive year the company received a large JLTV order. Oshkosh Corp. also acquired Pratt Miller, an advanced engineering, technology and innovation firm, during the first quarter.
While the company’s access equipment sector continues to lag in sales, which has been the case since the pandemic started, Jones remains optimistic about fiscal 2021.
“We are seeing improvement in our end markets and believe that we are well positioned to grow revenues in the back half of fiscal 2021 and retain a positive long-term outlook,” he said.
Click here to read the complete results from the first quarter of fiscal 2021.