Oshkosh posts higher profit; raises view on construction sales
CHICAGO (Reuters) - Specialty truck maker Oshkosh Corp (OSK.N) reported a sharply higher quarterly profit on Tuesday and raised its full-year outlook, citing strong sales of construction booms and other aerial access equipment.
Like Terex Corp (TEX.N), which reported last week, Oshkosh's results provided fresh evidence that demand from builders and the companies that lease equipment to them continues to recover after collapsing during the recession.
Oshkosh reported a fiscal third-quarter profit of $148.4 million, or $1.67 a share, up from $77.1 million, or 84 cents a share, a year before.
Sales rose 2.1 percent to $2.2 billion, Oshkosh said.
On average, analysts expected the company to report a profit of $1.08 a share on sales of $2.1 billion, according to Reuters estimates.
Oshkosh said sales of access equipment -- the telehandlers, scissor lifts and aerial platforms that move workers and material into elevated and hard-to-reach areas -- jumped 15.6 in the third quarter.
The company said the increase in sales was principally driven by demand from builders and leasing companies in North America that had until now been reluctant to replace equipment.
Oshkosh said it now expects to earn full-year adjusted earnings per share in a range of $3.60 to $3.70 a share, up from a previous estimated range of $2.90 to $3.15 a share.
(Reporting by James B. Kelleher; Editing by Gerald E. McCormick and Sofina Mirza-Reid)
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