Increased sales in its fire and emergency and access equipment divisions helped Oshkosh Corp. beat Wall Street expectations with a strong second quarter.
The manufacturer reported higher sales and earnings for its fiscal 2021 second quarter. Net income for the quarter was $99.6 million compared to $68.6 million during the second quarter of fiscal 2020.
Consolidated net sales in the second quarter of fiscal 2021 increased 5.1 percent to $1.89 billion as a result of higher fire and emergency and access equipment segment sales, offset in part by lower sales in the defense segment.
Consolidated operating income in the second quarter of fiscal 2021 increased 5.4 percent to $140.8 million, or 7.5 percent of sales, compared to $133.6 million, or 7.4 percent of sales, in the second quarter of fiscal 2020.
The increase was primarily due to improved product mix, the impact of higher consolidated sales volume and lower spending resulting from the COVID-19 pandemic.
For the first six months of fiscal 2021, Oshkosh reported net sales of $3.47 billion and net income of $169.1 million, which compares to net sales of $3.49 billion and net income of $144.3 million during the first six months of fiscal 2020.