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Oshkosh profit rises better-than-expected 73 percent

Posted : Thu, 01 Nov 2007 11:48:01 GMT
Author : Reuters
Category : US (Business)
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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)


(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.

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