Oshkosh profit rises better-than-expected 73 percent
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NEW YORK (Reuters) - Specialty truck maker Oshkosh Truck Corp posted a better-than-expected 73 percent rise in quarterly profit on Thursday, boosted by strong sales from the acquisition of JLG Industries Inc.The company reported a fiscal fourth-quarter net profit of $85.4 million, or $1.14 a share, compared with $49.2 million, or 66 cents a share, a year earlier.Sales rose 98 percent to $1.8 billion, boosted by $840 million in sales from JLG, a maker of aerial worker platforms and other equipment.Analysts, on average, expected Oshkosh to earn $1.07 a share on revenue of $1.84 billion, according to Reuters Estimates.However, the company said its European refuse business, Geesink Norba Group, underperformed. The company said it plans a major restructuring that may include layoffs as it seeks to return the business to profitability.The company took charges of $4.8 million in the fourth quarter related to a "facility rationalization plan" at Geesink Norba. It said it expects further charges in fiscal 2008.Oshkosh reaffirmed its fiscal 2008 earnings estimate of $4.15 to $4.35 per share. Wall Street analysts had been expecting the company to earn $4.72 per share, according to Reuters Estimates.(Reporting by Chris Reiter and Neetha Mahadevan in Bangalore, editing by Steve Orlofsky)
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