UPDATE 1-Housing rebound helps Oshkosh post higher profit, raises view
CHICAGO, April 30 (Reuters) - Oshkosh Corp on Tuesday reported a higher quarterly profit and raised its forecast for the full year as the housing recovery in the United States prompted builders to buy more of the company's aerial work platforms, telehandlers and concrete mixers.
The maker of specialty trucks and construction equipment said higher prices, operational efficiencies and improved margins boosted quarterly profit.
Oshkosh earned $85.4 million, or 96 cents a share, in its fiscal second quarter, ended March 31, up from $42.8 million, or 47 cents a share, a year earlier.
Analysts, on average, expected 89 cents a share, according to Thomson Reuters I/B/E/S.
Sales fell 3.8 percent to $1.98 billion, largely due to lower sales of tactical vehicles to the military.
Oshkosh raised its full-year profit forecast to a range of $2.90 to $3.15 a share from a previous estimate of $2.80 to $3.05.
Oshkosh said sales of its concrete mixers rose to their highest level in five years, "benefiting mainly from improvements in the domestic housing market."
- U.S. Senate bill proposes sweeping curbs on NSA surveillance
- EU and U.S. announce new sanctions on Russia over Ukraine
- Guilt may spoil restorative effects of entertainment
- Water main break, geyser flood UCLA campus, strand motorists |
- At least 43 Palestinians killed as Israel maintains pressure on Gaza |