Oshkosh profit rises better-than-expected 73 percent
|
|
|
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)
(c) Reuters 2007. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.
|
|
|
|
|
|
Related News
Five more US bank failures bring total for 2009 to 120
New York - Bank failures in the United States have risen to 120 this year as five more regional institutions were added to the list, the US agency that guarantees the safety of bank deposits said. United Commercial Bank in San Francisco with assets o...
US stocks climb slightly despite double-digit jobless rate
New York - US stocks posted mild gains Friday to end the week as investors shrugged off government figures that put the unemployment rate above 10 per cent. The Labour Department said the jobless rate hit 10.2 per cent in the month of October, the hi...
US joblessness hits 10.2 per cent, highest in 26 years - Summary
Washington - The US unemployment rate surged to 10.2 per cent in October, the highest in 26 years as another 190,000 people lost their jobs, the Labour Department reported Friday. The figure comes after a 9.8-per-cent jobless rate in September and wa...
US joblessness jumps to 10.2 per cent, highest since 1983 - Update
Washington - The US unemployment rate surged to 10.2 per cent in October, the highest in 26 years, as another 190,000 people lost their jobs during the month, the US reported Friday. The figure reported by US Labour Department came after the 9.8 per ...
US jobless rate jumps to 10.2 per cent
Washington - The US unemployment rate surged to 10.2 per cent in October as another 190,000 people lost their jobs, according to US Labour Department figures released Friday. The jobless rate stood at 9.8 per cent in September. Unemployment had been ...
Bulls stop James, edge Cavs - Summary
Los Angeles - The King couldn't deliver in the clutch. Luol Deng and Joakim Noah combined to deny LeBron James a potential game-winning drive in the final seconds as and the visiting Chicago Bulls snapped the Cleveland Cavaliers' three-game winning...
Mortgage lender Fannie Mae posts nearly 19-billion-dollar loss
Washington - US mortgage lender Fannie Mae said Thursday that it would seek 15 billion dollars in federal aid, after posting its ninth consecutive quarterly loss. Fannie Mae reported a net loss of 18.9 billion dollars in the third quarter of 2009, co...
|
|
|
|
|
|
|
|
