The Oshkosh Corp. reported a strong fiscal 2021 third quarter as the manufacturer saw its sales and net income increase over the same period last year when the pandemic slowed sales, especially in its access equipment segment.
In fiscal 2021, third quarter net income was $213.9 million compared to $80.2 million in fiscal 2020. The 2021 third quarter results included a $69.9 million tax benefit associated with the carryback of a U.S. net operating loss to prior years with higher federal statutory rates and an after-tax charge of $1.4 million associated with restructuring actions in the access equipment segment.
Consolidated net sales in the third quarter of fiscal 2021 increased 39.7 percent to $2.21 billion as a result of higher sales in all segments. The largest increase was in access equipment, and commercial segments were impacted in the third quarter of fiscal 2020 due to low demand during the COVID-19 pandemic. In the third quarter, the access equipment segment reported sales increases of 237.3 percent between 2020 and 2021.
Consolidated operating income in the third quarter of fiscal 2021 increased 71.8 percent to $203.8 million, or 9.2 percent of sales, compared to $118.6 million, or 7.5 percent of sales, in the third quarter of fiscal 2020. The increase was primarily due to the impact of higher consolidated sales volume, favorable absorption as a result of higher production levels and lower restructuring-related costs, offset in part by higher incentive compensation costs, higher material costs and the return of spending related to temporary cost reductions in the prior year.
For more details on Oshkosh’s latest financials, click here.
