OSHKOSH — The Oshkosh Corp. a reported fiscal 2021 fourth quarter net income of $89.7 million, or $1.30 per diluted share, compared with $100.0 million, or $1.46 per diluted share, in the fourth quarter of fiscal 2020.
During the fourth quarter, Oshkosh achieved revenue growth of 15.6 percent. However, adjusted operating income declined by 16 percent in the quarter as a result of higher input costs and the return of spending related to temporary cost reductions in the prior year, said John C. Pfeifer, president and CEO of Oshkosh.
To address extreme input costs, Oshkosh implemented multiple price increases during the year. The company expects higher prices to largely catch up with higher costs late in the second quarter of fiscal 2022. Despite significant supply chain disruptions and higher material costs in the latter half of fiscal 2021, Oshkosh completed the year with fourth quarter fiscal 2021 revenues of $2.06 billion and operating income of $104.2 million, Pfeifer said.
Oshkosh overcame pandemic-related challenges and won major new programs in the defense segment, introduced new electric-powered vehicles and delivered double-digit revenue and earnings growth, he said. The company reported fiscal 2021 diluted earnings per share of $6.83 and adjusted diluted earnings per share of $5.75, increases of 44.7 percent and 16.4 percent, respectively, compared with fiscal 2020.
Results for the fourth quarter of fiscal 2021 included an $11.7 million tax benefit associated with the release of a valuation allowance on deferred tax assets in Europe, and a $5.4 million tax benefit associated with the carryback of a U.S. net operating loss to prior years with higher federal statutory rates. Results for the fourth quarter of fiscal 2020 included a $14.2 million after-tax gain on a business interruption insurance settlement, after-tax charges of $9.5 million related to restructuring actions, a $3.2 million after-tax gain related to a favorable arbitration settlement and a $2.8 million after-tax gain on the sale of a business. Excluding these items, adjusted net income was $72.6 million, or $1.05 per diluted share, and $89.3 million, or $1.30 per diluted share, for the fourth quarter of fiscal 2021 and 2020, respectively.
