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You say that as if it's a bad thing! This is a great one right now.
Oshkosh Stock Hits New 52-Week High.... again.
Yeah yeah yeah.... Rub it in... The fear mongering got the best of me early by $24,000.00. I should sue congress.........
Oshkosh Stock Hits New 52-Week High (OSK)
Those fire trucks must be moving....
Oshkosh reported net income of $46.2 million, or $0.51 per share, a year-over-year gain of 18.6 percent, and smashing expectations by nearly 20 cents. Revenues decreased 6.31 percent to $1.76 billion, but still came in slightly ahead of expectations. Consolidated operating income grew to 4.6 percent of sales, or $80.6 million, compared to 4 percent of sales a year ago.
“Our strong first quarter performance and other positive developments, give us confidence to raise our full-year outlook for adjusted diluted earnings per share to a range of $2.80 to $3.05,” Szews added.
Oshkosh’s access equipment segment and its fire and emergency segment performed the strongest last quarter. Access equipment grew its sales 15.1 percent, while fire and emergency grew 20.7 percent. While economic headwinds may have buffeted the company in the past, it’s clear that Oshkosh is seeing tremendous success as a result of recovering conditions combined with leaner, more efficient operations.
Apparently Oshkosh is thumbing it's nose at congresses upcoming 600 billion dollar defense cut.
As of today I damn near left 20k on the table because of their fear mongering incompetency.
F'ing C-suckers!!!!
Sounds about right. When you're broke, what do you do? Keep spending ungodly amounts of money at someone else's expense for unnecessary items. Put 'em in storage until they become obsolete. Most important thing is, you can brag about having them. Typical America.....
Apparently the military is going to replace all its HUMVEES with a new vehicle and there are tens of thousands of them. OSK has the inside track to getting this contract which will bring in billions per year for many years.
Odd...... Done in Iraq.... Almost in Afghanistan... Towns, cities, counties, and states cutting budgets damn near to austerity levels... New construction decimated... A 600 billion dollar auto-defense cut less than 3 months away.... With another 600 billion dollar across the board cut on it's coattails...
This had the schit kicked out of it, beat down to 4 bucks a share for the banking and housing industries troubles and this guy wants to buy it at a premium.....
WTF!?!?! Boggles the mind.... But then... Nothing seems as it is anymore... The whole US economy is based on smoke and mirrors.
As of today, looks like I sold 10-12 bucks too soon. And my full service broker raped me for 350 bucks in the process.... C-Sucker..
Icahn Makes Offer to Acquire Oshkosh in $3 Billion Deal
By Brendan McGarry - Oct 11, 2012
Carl Icahn, the billionaire activist investor, offered to buy Oshkosh Corp. (OSK) for about $3 billion, saying management of the military vehicles supplier has failed to deliver on pledges to improve profitability.
The $32.50-a-share offer is 21 percent more than the Oshkosh, Wisconsin-based company’s Oct. 10 closing price, Icahn said today in a statement. Icahn said he intends to nominate directors for election to Oshkosh’s board at the company’s annual meeting, with his offer conditional on those directors being elected.
Oshkosh, which supplies blast-resistant trucks to the U.S. Army and Marine Corps, posted a 66 percent drop in net income last year as its sales shrank with the end of the war in Iraq and the U.S.’s plans to withdraw troops from Afghanistan. Icahn, Oshkosh’s largest investor with a 9.5 percent stake, has criticized the firm’s executives for the poor performance.
“Management has taken a passive attitude to the future of this company, willing to sit back and watch what happens to the defense, housing and construction industries,” Icahn said in the statement. “Oshkosh needs proactive shareholders to bring a proactive management team together to weather a volatile economy, a shrinking defense industry and a budget constrained municipal environment.”
No Merger
Oshkosh rose 11 percent to close at $29.90 in New York, after gaining as much as 17 percent. The shares have advanced 40 percent this year.
Icahn’s 14.9 percent stake in Navistar International Corp. (NAV) has fueled speculation of a merger between the two truck makers. Navistar rose as much as 6.7 percent today on news of his offer for Oshkosh. They gained 2.8 percent to close at $22.61 in New York.
Icahn, 76, known for lobbying for change at the companies in which he invests, this week reached an agreement with Navistar to gain seats on the company’s board.
Icahn has said Oshkosh should consider selling the JLG business, which makes construction lift equipment. Oshkosh shareholders on Jan. 27 rejected his attempt to install six candidates onto its 13-member board.
In an interview today on Bloomberg TV, Icahn rejected the idea of combining the defense segments of Oshkosh and Lisle, Illinois-based Navistar.
Unsolicited Offer
“There’s no chance of that,” he said. “We’re not interested in that. The real interest in Oshkosh has to do with the JLG division and that has nothing to do with Navistar so there really is no relationship.”
It’s time for Oshkosh Chief Executive Officer Charles Szews “to say adios,” Icahn said.
Icahn didn’t make a formal offer to the company and only announced his intention to do so, said John Daggett, an Oshkosh spokesman.
“We don’t have anything,” he said in a telephone interview. “It’s not an actual offer in hand yet.”
In a statement issued after Icahn’s announcement, Oshkosh advised shareholders to “take no action at this time” until its board reviewed the unsolicited bid.
The company said it will consult with financial and legal advisers and notify shareholders of its position within 10 business days of receiving an offer. Goldman Sachs Group Inc. (GS), based in New York, is serving as financial adviser and Skadden, Arps, Slate, Meagher & Flom LLP and Foley & Lardner LLP are serving as legal advisers, Oshkosh said.
‘Nice Growth’
“I wouldn’t sell to Icahn,” Walter Liptak, an analyst for Chicago-based Barrington Research, said in a telephone interview. “The value is too low.”
Liptak, who has an outperform rating on the stock, said Oshkosh outlined a “really nice growth track” over the next three years at a Sept. 14 presentation for analysts.
Demand for Oshkosh’s military trucks for the Iraq and Afghanistan wars made the company one of the Defense Department’s biggest contractors. Revenue surged almost seven- fold to $9.84 billion in fiscal 2010 from $1.45 billion in fiscal 2001, the year the U.S. began operations in Afghanistan.
That military business has waned with end of the war in Iraq and drawdown in Afghanistan. Oshkosh had $7.58 billion in revenue in fiscal 2011, more than half of which came from its defense segment. The company received $4.9 billion in direct, or prime, Pentagon contracts in the year ended Sept. 30, 2011, ranking No. 11, according to a Bloomberg Government ranking of the 200 largest contractors.
In July, the company’s shares gained the most in almost three years after Oshkosh raised its full-year forecast. Revenue from construction equipment helped boost results in the third quarter, the firm said at the time. Oshkosh’s heavy-duty vehicles include firefighting trucks and aircraft rescue vehicles.
Oshkosh was one of three companies that in August won contracts totaling more than $185 million with the U.S. Army to develop Humvee replacements. It also makes 2.5- and 5-ton capacity cargo trucks for the service.
OSK was awarded the development contract for the L-ATV. If they get the production contract they will get huge revenues for many years to come as the HUMVEES are all replaced.
Oshkosh Corporation Announces Presidential Changes
Oshkosh Corporation (NYSE: OSK), a leading manufacturer of specialty vehicles and vehicle bodies, today announces presidential changes at the corporate level and in two of its business segments, Access Equipment and Commercial.
Effective August 1, 2012, Wilson Jones, Oshkosh Corporation executive vice president and president of the Access Equipment segment, is promoted to president and chief operating officer (COO) of Oshkosh Corporation. In his new capacity, Jones will lead and direct all aspects of the Access Equipment, Fire & Emergency and Commercial segments, along with the Company’s Asian operations. He will report to Charlie Szews, current Oshkosh Corporation president and chief executive officer (CEO).
Charlie Szews will continue to serve as CEO and as a member of the Oshkosh Corporation Board of Directors. John Urias, Oshkosh Corporation executive vice president and president of the Defense segment, along with all other members of the corporate Executive Operating Team, will continue to report to Szews. Over time, as progress is made in executing the MOVE strategy, Jones will assume greater responsibilities including oversight of the Defense segment and certain corporate functions.
“This organizational change will allow the Company and the business segments to execute our MOVE strategy faster and more effectively as we pursue market growth, optimize our cost and capital structure, innovate and expand globally,” said Charlie Szews. “Wilson Jones has been an outstanding addition to our organization, championing change and pursuing sustainable growth opportunities to build upon our market leading positions and create value for our shareholders.”
Jones has led the Access Equipment segment since 2010. Under Jones’ leadership, the segment has accelerated global expansion and new product development in preparation for the global recovery in access equipment markets. Sales for the Access Equipment segment for full year fiscal 2012 are expected to be up 35 to 40 percent over fiscal 2011 totals.
Jones joined Oshkosh in 2005, and previously served as Oshkosh Corporation executive vice president and president of the Fire & Emergency segment from 2008 to 2010.
Succeeding Jones is Frank Nerenhausen, who will become president of the Access Equipment segment and remain an Oshkosh Corporation executive vice president. Nerenhausen currently is serving as Oshkosh Corporation executive vice president and president of the Commercial segment and McNeilus, positions he has held since 2010.
Nerenhausen has been a driving force in improving the operational efficiencies of the Commercial segment, promoting compressed natural gas powered vehicle initiatives and leading this segment to profitability in spite of extremely low industry volumes. He has held a number of key executive sales and finance positions during his 26-year career with Oshkosh Corporation.
Todd Fierro is being promoted to Oshkosh Corporation senior vice president and president of the Commercial segment and McNeilus.
Fierro joined McNeilus in 2011 as vice president of operations for the Commercial segment and has been instrumental in improving operating efficiencies and quality while launching the lean principles and tools of the Oshkosh Operating System throughout the McNeilus operations. He has held key manufacturing positions at several companies including Ford Motor Company.
“These executives are all highly qualified, proven business leaders with outstanding leadership skills who will deliver value for all of our shareholders and customers,” said Szews.
OSK JV with ABKI on Nano Metals Deal why does a big company do a JV with a small company must have some kind of technology. /b]
Oshkosh Corporation Reports Fiscal 2012 Second Quarter Results
Oshkosh Truck (NYSE:OSK)
Intraday Stock Chart
Today : Thursday 26 April 2012
Oshkosh Corporation (NYSE: OSK) today reported fiscal 2012 second quarter net income attributable to Oshkosh Corporation of $37.3 million, or $0.41 per diluted share, compared to $67.9 million, or $0.74 per diluted share, in the second quarter of fiscal 2011. Results for the second quarter of fiscal 2012 included after-tax charges of $0.02 per diluted share related to the proxy contest in connection with the Company’s 2012 annual shareholders’ meeting and $0.02 per diluted share related to the Company’s exit from its U.S. mobile medical trailer product line and workforce reductions at Pierce.
Consolidated net sales in the second quarter of fiscal 2012 were $2.08 billion, an increase of 18.9 percent compared to the prior year second quarter. Increased replacement driven demand for aerial work platforms and telehandlers in the access equipment segment and higher defense segment Family of Medium Tactical Vehicles (FMTV) sales were offset in part by the expected decline in sales of Family of Heavy Tactical Vehicles (FHTV) and aftermarket parts, also in the defense segment.
Consolidated operating income in the second quarter of fiscal 2012 was $75.9 million, or 3.7 percent of sales, compared to $132.4 million, or 7.6 percent of sales, in the prior year second quarter. Increased earnings on higher access equipment segment sales were more than offset by lower defense segment earnings that resulted from an adverse product mix.
“Strong performance by our access equipment segment drove quarterly results above our expectations," said Charles L. Szews, Oshkosh Corporation president and chief executive officer. “We believe customer actions and industry metrics point to a sustained recovery in global access equipment markets. Our success in responding to this recovery enables us to raise our performance outlook for the full fiscal year 2012.”
“We expect the execution of our MOVE strategy in fiscal 2012 will lead to a strong improvement in our Company’s earnings in fiscal 2013. During the second quarter, we continued to take steps toward optimizing the cost structures of our businesses. In our fire & emergency segment, we exited the U.S. mobile medical trailer product line, restructured our workforce at Pierce and made solid progress integrating multiple product lines in our Florida operations. In our commercial segment, we reconfigured our refuse collection vehicle production lines to improve production efficiencies and closed a fabrication facility. In the defense segment, we continued to reduce our costs on the FMTV contract. And, we launched innovative new products like our Rental Series scissor lifts to address cost conscious segments of the access equipment market,” said Szews.
Factors affecting second quarter results for the Company’s business segments included:
Access Equipment – Access equipment segment sales increased 61.4 percent to $760.4 million for the second quarter of fiscal 2012 compared to the prior year second quarter principally as a result of higher unit volumes and the realization of previously announced price increases. Sales grew by double-digit percentages compared to the prior year quarter in all major regions of the globe, with the largest increase in North America driven largely by replacement of aged equipment.
In the second quarter of fiscal 2012, access equipment segment operating income increased 285.3 percent to $68.4 million, or 9.0 percent of sales, compared to prior year second quarter operating income of $17.7 million, or 3.8 percent of sales. The increase in operating results reflected higher volume, the realization of previously announced price increases, improved product mix and improved absorption related to higher sales volume, offset in part by higher raw material costs and higher new product development spending.
Defense – Defense segment sales increased 1.5 percent to $987.3 million for the second quarter of fiscal 2012 compared with the prior year second quarter. The increase was primarily due to higher FMTV unit sales, offset by lower FHTV unit sales and lower aftermarket parts sales.
In the second quarter of fiscal 2012, defense segment operating income decreased 70.4 percent to $41.9 million, or 4.2 percent of sales, compared to prior year second quarter operating income of $141.6 million, or 14.6 percent of sales. The decrease in operating income was largely due to adverse changes in the product mix. Benefits from revenue and cost estimate changes of $15.2 million recognized in the second quarter of fiscal 2011 on undefinitized MRAP All-Terrain Vehicle (M-ATV) change orders also negatively impacted comparisons to the prior year period. The Company recorded higher profit margins on the FMTV program during the second quarter compared to the first quarter of fiscal 2012, although the profit margins remained in the low single digits.
Fire & Emergency – Fire & emergency segment sales for the second quarter of fiscal 2012 increased 2.4 percent from the prior year quarter to $181.5 million. The increase in sales primarily reflected increased intersegment production for the defense segment.
The fire & emergency segment reported an operating loss of $11.3 million, or 6.2 percent of sales, for the second quarter of fiscal 2012 compared to an operating loss of $6.6 million, or 3.7 percent of sales, in the prior year quarter. Operating results for the second quarter of fiscal 2012 included charges and severance costs totaling $2.4 million related to exiting the U.S. mobile medical trailer product line and workforce reductions at Pierce, as well as $2.6 million of litigation and environmental remediation charges. Operating results during the second quarter of fiscal 2012 continued to be negatively impacted by inefficiencies related to the transition of ambulance production to the Company’s facilities in Florida following factory consolidations in fiscal 2011.
Commercial – Commercial segment sales increased 10.6 percent to $167.7 million in the second quarter of fiscal 2012 compared to the prior year quarter. The increase in sales was primarily attributable to increased demand for aftermarket parts & service, increased concrete placement vehicle demand over very low prior year volumes and higher refuse collection vehicle demand, offset in part by lower intersegment production for the defense segment.
The commercial segment reported operating income of $3.9 million, or 2.3 percent of sales, for the second quarter of fiscal 2012 compared to $5.3 million, or 3.5 percent of sales, in the prior year quarter. The decrease in operating income primarily resulted from weaker overhead absorption on lower production volumes and higher personnel costs largely due to the elimination of employee furloughs, offset in part by earnings on the higher sales volume.
Corporate – Corporate operating expenses increased $1.5 million to $27.0 million for the second quarter of fiscal 2012 compared to the prior year quarter. Corporate operating expenses in the second quarter of fiscal 2012 included $3.6 million of costs related to the proxy contest in connection with the Company’s 2012 annual shareholders’ meeting.
Interest Expense Net of Interest Income – Interest expense net of interest income decreased $3.1 million to $17.6 million in the second quarter of fiscal 2012 compared to the prior year quarter. The decrease was largely due to the expiration of the Company’s interest rate swap in December 2011. Second quarter fiscal 2011 interest expense included $3.0 million of expense related to the Company’s interest rate swap. The Company repaid $32.5 million of debt during the second quarter of fiscal 2012.
Provision for Income Taxes – The Company recorded income tax expense of $21.6 million in the second quarter of fiscal 2012, or 36.2 percent of pre-tax income, compared to 39.5 percent of pre-tax income in the prior year quarter. The second quarter fiscal 2011 effective tax rate was negatively impacted by the effect of unbenefitted losses in foreign tax jurisdictions.
Six-month Results
The Company reported net sales for the first six months of fiscal 2012 of $3.95 billion and net income attributable to Oshkosh Corporation of $76.2 million, or $0.83 per share. This compares with net sales of $3.45 billion and net income attributable to Oshkosh Corporation of $167.5 million, or $1.83 per share, in the first six months of the prior year. The decrease in net income attributable to Oshkosh Corporation was primarily attributable to changes in the defense segment where an adverse product mix negatively impacted operating income comparisons, offset in part by improved access equipment segment results.
Updated Fiscal 2012 Expectations
The Company is increasing its outlook for fiscal 2012 primarily due to stronger than expected orders and sales in the access equipment segment in the second quarter of fiscal 2012. The Company now expects sales in the access equipment segment will be 35 percent to 40 percent higher in fiscal 2012 compared to fiscal 2011 with operating income margins of 7.5 percent to 8.0 percent in the segment. In addition, the Company has reduced expectations for the fire & emergency segment’s operating income to approximately breakeven as a result of second quarter results in this segment. The Company will discuss these changes and other changes to the Company’s fiscal 2012 outlook during a conference call later today.
Conference Call
The Company will comment on second quarter earnings during a conference call at 9:00 a.m. EDT this morning. Slides for the call will be available on the Company’s website beginning at 7:00 a.m. EDT this morning. The call will be webcast simultaneously over the Internet. To access the webcast, listeners can go to www.oshkoshcorporation.com at least 15 minutes prior to the event and follow instructions for listening to the broadcast. An audio replay of the call and related question and answer session will be available for 12 months at this website.
I am intrigued by OSK because I live around 50 miles from Oshkosh and actually know people who work there.
Looking forward to the Q2 results, I will be watching the webcast.
Oshkosh Corporation to Announce Second Quarter Earnings April 26, 2012
Today : Tuesday 17 April 2012
Oshkosh Corporation (NYSE: OSK), a leading manufacturer of specialty vehicles and vehicle bodies, will issue its second quarter fiscal 2012 financial results on April 26, 2012.
The results will be discussed during a webcast beginning at 9:00 a.m. ET. To access the webcast, investors should go to www.oshkoshcorporation.com at least 15 minutes prior to the event.
Oshkosh Corp. receives $60 million Army contract
The Business Journal
Date: Monday, April 16, 2012, 2:51pm CDT
Oshkosh Corp. has received a $60.1 million fixed-price contract from the U.S. Army that will provide for the modification of an existing contract for medium tactical vehicles.
Work will be conducted at Oshkosh Corp. facilities in Oshkosh, with an estimated completion date of September 2014. The U.S. Army Contracting Command in Warren, Mich., is overseeing the contracting activity.
Oshkosh Corp. is a manufacturer of specialty trucks and truck bodies.
At the end of March, the U.S. Army put in a request for more than 2,500 family of medium tactical vehicles (FMTV) to Oshkosh Defense, a division of Oshkosh Corp. (NYSE: OSK).
The Army has ordered more than 29,000 FMTV trucks and trailers from Oshkosh Defense under a contract expiring in 2015. That latest request of FMTVs is estimated to cost more than $294 million and is scheduled to be complete in February 2014.
Oshkosh's Enticing Valuation Also Offers A Potentially Lucrative Merger Kicker
by: Morningstar February 12, 2012
We've concluded that Oshkosh (OSK) could be worth between $43 and $46 per share if activist investor Carl Icahn--who owns nearly 10% of both companies' outstanding shares--succeeds in persuading Navistar (NAV) to acquire the specialty vehicle manufacturer. We think Navistar could offer an acquisition premium of between $8 and $11 per share (or between 35% and 45%) above Oshkosh's current market price for the incremental synergies. We see three major categories where Navistar could extract value: manufacturing synergies, truck chassis synergies, and engine synergies.
Cuts will be coming but the key is where they will be made and which programs will be cut.
I also expect congress to restore some of the cuts to defense.
~ $OSK ~ Earnings posted, pending or coming soon! In Charts and Links Below!
~ $OSK ~ Earnings expected on Tuesday *
This Week In Earnings: Earnings are coming or are already posted! This is what the charts look like! If you play the earnings these posts can be very helpful to you!
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.
http://stockcharts.com/h-sc/ui?s=OSK&p=D&b=3&g=0&id=p88783918276&a=237480049
http://stockcharts.com/h-sc/ui?s=OSK&p=W&b=3&g=0&id=p54550695994
~ Barchart: http://barchart.com/quotes/stocks/OSK?
~ OTC Markets: http://www.otcmarkets.com/stock/OSK/company-info
~ Google Finance: http://www.google.com/finance?q=OSK
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=OSK#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=OSK+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=OSK
Finviz: http://finviz.com/quote.ashx?t=OSK
~ BusyStock: http://busystock.com/i.php?s=OSK&v=2
~ CandlestickChart: http://www.candlestickchart.com/cgi/chart.cgi?symbol=OSK&exchange=US
~ Investorshub Trades: http://ih.advfn.com/p.php?pid=trades&symbol=OSK
~ Investorshub Board Search: http://investorshub.advfn.com/boards/getboards.aspx?searchstr=OSK
~ Investorshub PostStream Search: http://investorshub.advfn.com/boards/poststream.aspx?ticker=OSK
~ Investorshub Goodies Search: http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=18582&srchyr=2011&SearchStr=OSK
~ Investorshub Message Search: http://investorshub.advfn.com/boards/msgsearch.aspx?SearchStr=OSK
~ MarketWatch: http://www.marketwatch.com/investing/stock/OSK/profile
~ E-Zone Chart: http://www.windchart.com/ezone/signals/?symbol=OSK
~ 5-Min Wind: http://www.windchart.com/stockta/analysis?symbol=OSK
~ 10-Min Wind: http://www.windchart.com/stockta/analysis?symbol=OSK&size=l&frequency=10&color=g
~ 30-Min Wind: http://www.windchart.com/stockta/analysis?symbol=OSK&size=l&frequency=30&color=g
~ 60-Min Wind: http://www.windchart.com/stockta/analysis?symbol=OSK&size=l&frequency=60&color=g
http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916
*If the earnings date is in error please ignore error. I do my best.
Just took a gander.... The proposed auto-cuts ($1,200,000,000,000.00) don't begin until January 2013.
Half of that, $600,000,000,000.00, in defense cuts.
Good deal. I was expecting OSK to get crushed with the automatic defense cuts in November when the super duper special congressional committee couldn't come to an agreement over a budget.
OSK is heading back up nicely. Makes me happy :)
I wish there was some way to turn hindsight into foresight.
Some more 20/20.... Sold 6 bucks too soon........... :~(
The Union has OK'd a strike although they say it is not what they hope for. This could get ugly in the coming weeks.
250 Union employees picketed yesterday over contract negotiations. Both sides are said to be far apart and this has been going on for over 3 weeks....
Golden Decade Ends
Congress agreed last month to cut military spending by $350 billion over the next 10 years. The defense budget will automatically be cut by another $500 billion over that period if lawmakers fail to reach a deficit-cutting deal by November.
http://www.huffingtonpost.com/2011/08/15/defense-industry-profits-911_n_927596.html
Yes sir... And AIB.... I was up like 30k at one point... When it hit 10.50 or so. Close to 30k here too... At it's peak..
Yes.... hindsight is always 20/20
Been thinking that for quite some time.... May be time to bail... $10.00+ ago would have been the wise move...
On Point with that.
Even with the new orders, the long range prospects for OSK seem to be a bit dim. Defense cuts are likely to affect the bottom line for some time to come and the civilian side of things are going to take a while to recover. Cities don't have a lot of cash to be buying fire and garbage trucks in large quanities even though they will have to replace a number of them as they wear out beyond the ability to keep nursing them old ones along.
Oshkosh Defense to Deliver Nearly 7,000 Additional FMTV Trucks and Trailers to the U.S. Army
U.S. Army and Oshkosh collaborate to accelerate production and reach new levels of quality
Oshkosh has delivery orders for nearly 26,000 FMTV trucks and trailers (Photo: Business Wire) View Multimedia Gallery
Press Release Source: Oshkosh Corporation On Monday August 1, 2011, 8:00 am EDT
OSHKOSH, Wis.--(BUSINESS WIRE)-- Oshkosh Defense, a division of Oshkosh Corporation (NYSE:OSK - News), will deliver nearly 7,000 additional Family of Medium Tactical Vehicles (FMTV) trucks and trailers to the U.S. Army following an order from the U.S. Army TACOM Life Cycle Management Command (LCMC). Oshkosh has now received orders for nearly 26,000 FMTV trucks and trailers, and is delivering vehicles to meet the Army’s delivery schedule.
“We continue to support the Army on this successful program with the on-time delivery of very high-quality, Oshkosh-built FMTV trucks and trailers,” said Mike Ivy, vice president and general manager of Army Programs for Oshkosh Defense. “Our robust manufacturing capabilities, combined with the exceptional value Oshkosh brings to this program as a specialty vehicle manufacturer, prompted the Army to order more vehicles at an earlier point in the program than they had anticipated before the award to Oshkosh.”
The FMTV supports Army and National Guard units at home and abroad in combat operations, relief efforts, unit-resupply missions and other functions. The FMTV is a series of 17 models ranging from 2.5-ton to 10-ton payloads. Vehicles have a parts commonality of more than 80 percent, resulting in streamlined maintenance, training, sustainment and overall cost efficiency.
Oshkosh has more than 90 years of experience mobilizing the U.S. military, and the company is the only supplier of the Army’s medium and heavy tactical wheeled vehicle fleets. Oshkosh incorporated its rigorous quality checks and production standards into its work on the FMTV program to ensure delivery of high-quality trucks and trailers.
This is the latest order under the five-year FMTV contract awarded to Oshkosh Defense for the production of trucks and trailers, as well as support services and training, through calendar year 2015. The order is valued at more than $904 million and deliveries are scheduled to be completed in June 2013.
Benchmark downgraded Oshkosh (NYSE: OSK) to Sell. At the same time, Benchmark reduced its price target on the company's stock to $20, following a downward revision of the company's earnings per share estimates.
In a research report published today, Benchmark states, "We are downgrading OSK to a SELL with a new price target of $20. Our PT is based on a 3.8x FY12 EV/EBITDA multiple. We believe OSK is facing challenges in ramping up FMTV production based on discussions with Washington sources and believe this will likely lead to downside in FY11/12 estimates. We are lowering our FY12 EPS estimate by $0.50 to $3.05 due to concerns about profitability on the FMTV program in FY12."
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1183127/benchmark-downgrades-oshkosh-to-sell-reduces-pt-to-20#ixzz1PpHPT5gJ
Oshkosh Defense to Deliver Additional M-ATV Protection Kits Friday February 11, 2011, 9:12 am EST
OSHKOSH, Wis.--(BUSINESS WIRE)-- Oshkosh Defense, a division of Oshkosh Corporation (NYSE:OSK - News), will deliver more than 2,000 MRAP All-Terrain Vehicle (M-ATV) underbody improvement kits following an order from the U.S. Army TACOM Life Cycle Management Command.
“The Oshkosh M-ATV’s modular design allows for easy integration of these add-on protection kits and is part of our commitment to providing the military with the utmost protection,” said Charlie Szews, Oshkosh Corporation president and chief executive officer. “The protection kits enhance the vehicles’ MRAP-level survivability on the battlefield and help shield troops from IEDs and other threats.”
The M-ATV family of vehicles is built with factory-installed armor, and is also able to accept add-on armor and protection kits. The vehicle can incorporate protection kits while maintaining its full payload capacity of 4,000 pounds and a 70 percent off-road profile capability, thanks to the use of the Oshkosh TAK-4® independent suspension system.
The award has a ceiling price of nearly $102 million. Deliveries under this order are expected to finish by September 2011. Oshkosh Defense has received awards to date for nearly 8,400 M-ATVs, as well as spare parts kits, upgrade kits and aftermarket support.
The budget adds about $1.4 billion to buy more Boeing Co. Army AH-64 Apache helicopters, drones from other companies and more Family of Medium Tactical Vehicles made by Oshkosh Corp.
Official: Obama to call for 5-year spending freeze
A White House official says President Barack Obama will call for a five-year freeze in non-security, discretionary spending during his State of the Union address.
WASHINGTON – A White House official says President Barack Obama will call for a five-year freeze in non-security, discretionary spending during his State of the Union address.
The official says the proposal will be part of the president's plans to reduce the deficit that he will outline in Tuesday's primetime address. The official says Obama will also call for lawmakers to back a five-year plan put forth by Defense Secretary Robert Gates to save $78 billion in defense spending.
Obama is under pressure from the public and lawmakers to cut spending. Several Republican lawmakers have proposed cutting $100 billion from Obama's budget for the current year.
The official spoke on the condition of anonymity because he was not authorized to speak publicly ahead of the president's speech.
http://www.thenewstribune.com/2011/01/25/1516330/official-obama-to-call-for-5-year.html
We'll see, but we have discussed the backlog from cities on several occasions. Lots of cities have put off capital equipment purchases but those fire trucks and garbage trucks are just getting older and can't be held together with baling wire forever.
I agree. This one could go to $50.00 very soon.
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Oshkosh Defense to Provide Additional M-ATV Protection Kits
Monday January 10, 2011, 3:43 pm EST
OSHKOSH, Wis.--(BUSINESS WIRE)-- Oshkosh Defense, a division of Oshkosh Corporation (NYSE:OSK - News), will deliver 800 protection kits for the MRAP All-Terrain Vehicle (M-ATV) following an order from the U.S. Army TACOM Life Cycle Management Command (LCMC).
“These protection kits are part of our ongoing work with the military to deliver exceptional M-ATV survivability against evolving threats on the modern battlefield,” said Charlie Szews, Oshkosh Corporation president and chief executive officer. “The rapid production and delivery of these kits is the result of a close collaboration with our customer and our shared commitment to the Warfighters. Oshkosh is dedicated to supporting those who serve with world-class protection and mobility solutions.”
The M-ATV is produced with factory-installed armor and also can accept add-on armor and protection kits. The vehicle’s modular design allows bolt-on armor to be installed or repaired in the field. Using the Oshkosh TAK-4® independent suspension system, the M-ATV can incorporate add-on protection kits while maintaining its full payload capacity of 4,000 pounds and a 70 percent off-road profile capability.
Oshkosh produces the M-ATV base, as well as tactical ambulance and Special Forces Vehicle (SFV) variants, for the U.S. military. The company has received awards to date for nearly 8,400 M-ATVs, as well as spare parts kits, upgrade kits and aftermarket support. Deliveries under this order are scheduled to be completed in summer 2011. The order has a ceiling price of $80 million.
I read the story about the ambulances. OSK will do well as long as the US keeps fighting these unwinnable wars.
Recent headlines....
Wednesday, December 08, 2010
Oshkosh management to meet with Jefferies
12:17:02 PM | Theflyonthewall.com
Oshkosh recommended at Goldman7:35:25 AM | Theflyonthewall.com
Tuesday, December 7, 2010
Oshkosh target raised to $45 from $40 at Barrington12/7/10 | Theflyonthewall.com
Rising Star Buy: Oshkosh
12/7/10 View all Related Articles > | The Motley Fool
Monday, December 6, 2010
Oshkosh M-ATV ambulances ordered by the U.S. Military
12/6/10 | Theflyonthewall.com
U.S. Military Orders First M-ATV Ambulances from Oshkosh Defense12/6/10 | Business Wire
Equity Research on Oshkosh Corporation and Wabash National Corporation - Trucking Industry Rejuvenated
12/6/10 | Marketwire
Friday, December 3, 2010
Oshkosh awarded $100M firm fixed price contract12/3/10 | Theflyonthewall.com
Oshkosh awarded $255M firm fixed price contract12/3/10 | Theflyonthewall.com
Oshkosh awarded $413.3M firm fixed price contract12/3/10 | Theflyonthewall.com
Thursday, December 2, 2010
Force Protection: So Cheap, So Many Questions
12/2/10 | The Motley Fool
Growth With Value Left(ALB, PKX, NUE, OSK)
12/2/10 | Investopedia
Wednesday, December 1, 2010
Will Force Protection Bomb Next Quarter?
12/1/10 | The Motley Fool
Is Oshkosh Going to Bomb?
12/1/10 | The Motley Fool
Don't Get Too Worked Up Over Oshkosh's Earnings http://www.fool.com/investing/general/2010/11/29/dont-get-too-worked-up-over-oshkoshs-earnings.aspx
Seth Jayson
November 29, 2010
Although business headlines still tout earnings numbers, many investors have moved past net earnings as a measure of a company's economic output. That's because earnings are very often less trustworthy than cash flow, since earnings are more open to manipulation based on dubious judgment calls.
Earnings' unreliability is one of the reasons Foolish investors often flip straight past the income statement to check the cash flow statement. In general, by taking a close look at the cash moving in and out of the business, you can better understand whether the last batch of earnings brought money into the company, or merely disguised a cash gusher with a pretty headline.
Calling all cash flows
When you are trying to buy the market's best stocks, it's worth checking up on your companies' free cash flow (FCF) once a quarter or so, to see whether it bears any relationship to the net income in the headlines. That brings us to Oshkosh (NYSE: OSK), whose recent revenue and earnings are plotted below.
Source: Capital IQ, a division of Standard & Poor's. Data is current as of last fully reported fiscal quarter. Dollar values in millions. FCF = free cash flow. FY = fiscal year. TTM = trailing 12 months.
Over the past 12 months, Oshkosh generated $530.2 million in FCF on net income of $790.0 million. That means it turned 5.4% of its revenue into FCF. That sounds OK. Still, it always pays to compare that figure to sector and industry peers and competitors, to see how your company stacks up.
Company
TTM Revenue
TTM FCF
TTM FCF Margin
Oshkosh $9,842 $530 5.4%
Honeywell International (NYSE: HON) $32,401 $3,881 12.0%
Navistar International (NYSE: NAV) $12,058 $737 6.1%
Terex (NYSE: TEX) $4,288 ($599) (14.0%)
Source: Capital IQ, a division of Standard & Poor's. Data is current as of last fully reported fiscal quarter. Dollar values in millions. FCF = free cash flow. TTM = trailing 12 months.
All cash is not equal
Unfortunately, the cash flow statement isn't immune from nonsense, either. That's why it pays to take a close look at the components of cash flow from operations, to make sure that the cash comes from high-quality sources. They need to be real and replicable in the upcoming quarters, rather than being offset by continual cash outflows that don't appear on the income statement (such as major capital expenditures).
For instance, cash flow based on cash net income and adjustments for non-cash income-statement expenses (like depreciation) is generally favorable. An increase in cash flow based on stiffing your suppliers (by increasing accounts payable) or shortchanging Uncle Sam on taxes will come back to bite investors later. The same goes for decreasing accounts receivable; this is good to see, but it's ordinary in recessionary times, and you can only increase collections so much.
So how does the cash flow at Oshkosh look? Take a peek at the chart below, which flags questionable cash flow sources with a red bar.
Source: Capital IQ, a division of Standard & Poor's. Data is current as of last fully reported fiscal quarter. Dollar values in millions. TTM = trailing 12 months.
When I say "questionable cash flow sources," I mean items such as changes in taxes payable, tax benefits from stock options, and asset sales, among others. That's not to say that companies booking these as sources of cash flow are weak, or are engaging in any sort of wrongdoing, or that everything that comes up questionable in my graph is automatically bad news. But whenever a company is getting more than, say, 10% of its cash from operations from these dubious sources, investors ought to make sure to refer to the filings and dig in.
With questionable cash flows amounting to only (0.6%) of operating cash flow, Oshkosh's cash flows look clean. Within the questionable cash flow figure plotted in the TTM period above, changes in taxes payable provided the biggest boost, at 3.4% of cash flow from operations. Overall, the biggest drag on FCF came from changes in accounts receivable, which consumed 54.8% of cash from operations.
Oshkosh Corporation Announces Grand Opening of Tianjin, China Plant
Monday October 25, 2010, 6:00 am EDT
OSHKOSH, Wis.--(BUSINESS WIRE)-- Oshkosh Corporation (NYSE:OSK - News) announced today the grand opening of its new manufacturing plant in Tianjin, China. This state-of-the-art facility is producing JLG access equipment for China and other Asian markets. The new factory marks yet another milestone in the Oshkosh commitment to the important Far East markets and further enhances the Corporation’s international presence.
“The completion of the Tianjin facility gives Oshkosh Corporation and JLG, our access equipment business and the world leader in aerial access equipment, a strategic advantage to better serve our Asian customers,” said Charles L. Szews, Oshkosh Corporation president and chief operating officer. “It allows us to quickly respond to customer requirements in this very important market.”
Construction on the Tianjin plant was completed in the spring of 2010. Since then, JLG has gradually introduced additional product models into the plant for local fabrication and assembly. The facility utilizes the latest in manufacturing, subassembly, fabrication and paint technologies.
“With the Tianjin plant, we have brought together the most advanced manufacturing processes to continue our long, proud tradition of building the best access equipment in the world,” said Szews. “Producing in the region will allow rapid product delivery to customers, and complement our other manufacturing locations.”
Oshkosh has a rich history in China. The Company first entered the Chinese market in 1982, when it began supplying Aircraft Rescue and Fire Fighting (ARFF) vehicles. In 2002, a JLG sales office was opened in Hong Kong, followed in 2006 with an Oshkosh corporate office in Beijing. In 2008, Oshkosh opened an additional corporate office in Shanghai, primarily dedicated to sourcing parts and components for the manufacturing of Oshkosh and JLG products. Tianjin is a municipality located in northeast China, two hours from Beijing.
Today, many different Oshkosh Corporation products are in use throughout China, including ARFF and snow removal vehicles, fire trucks, tow trucks, mobile communications vehicles and access equipment. JLG equipment is in use at some of the largest and busiest shipyards, construction, building maintenance, and aviation and aerospace sectors. More than 100 Oshkosh ARFF products are in operation at major airports such as Shanghai Pudong Airport, Hangzhou Airport, Quzhou Airport, Ningbo Airport, Beijing Capital International Airport and Tibet Lasha International Airport, the worlds’ highest airport at 4,500 meters. In 2010, Pierce Manufacturing, a subsidiary of Oshkosh Corporation, received delivery orders for new fire trucks from the Nanjing, Jiangsu Province Fire Bureau.
In addition to China, Oshkosh has manufacturing operations in nine countries including Australia, Belgium, Brazil, Canada, France, Mexico, Netherlands, Romania and the United States. Sales and service centers are strategically located throughout the world.
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The Wisconsin-based company was chosen over competitors Lockheed Martin Corp. LMT -0.78 % and AM General LLC to build as many as 55,000 Joint Light Tactical Vehicles, or JLTVs, over the next 25 years to replace part of the Humvee fleet and some larger military trucks. The JLTV is one of the Army’s highest priorities and follows a series of budget cuts and shifting requirements that prompted the Pentagon to cancel helicopter, artillery and communications programs, after investing billions of dollars.
Oshkosh has a long history of producing military vehicles and offered a brand-new design to meet the Army’s requirements for a four-wheeled truck to carry two or four personnel that is resistant to mines and roadside bombs, but also is light enough to be carried by air.
“It’s a historic win for us,” Oshkosh Chief Executive Charles Szews said in an interview, adding that the defense business “supports the whole infrastructure for the company.”
The deal gives Oshkosh a stable, long-running contract for assembly work to offset other, volatile business lines, including specialty vehicles such as firetrucks and cement mixers.
The company’s defense unit has struggled in recent years in the face of shrinking Pentagon spending on military trucks. The company laid off hundreds of assembly workers to lower expenses even as the company moved ahead with development work on its JLTV proposal.
“It’s the difference between having a viable defense business for the next five or 10 years and having a big question mark,” said Jefferies analyst Stephen Volkmann.
The new trucks will replace many of the 120,000 Humvee trucks built by AM General that have been worn out by use in Iraq and Afghanistan, and promise greater protection against mines and roadside bombs, as well as more range and durability to move troops and gear. They are also lighter than the Mine-Resistant Ambush-Protected vehicles introduced in Iraq.
The JLTV program was launched in 2007 and the Army, bruised by a series of cost overruns and canceled programs, stuck to its $250,000 price cap for each JLTV. Army officials said all three bids came in below the cap, with the average price of vehicles equipped with communications and other equipment expected to come in under $399,000, taking the total program cost to $30 billion.
The price cap pushed the three companies to use as many commercial, off-the-shelf parts as possible to lower production and maintenance costs. Oshkosh uses engines from General Motors Co. GM -1.06 % , with Allison Transmission Holdings Inc. ALSN 1.27 % supplying the gearboxes.
The Army plans to acquire 49,909 of the vehicles alongside 5,500 for the Marines, and has the option to choose another contractor for future production runs.
The final bidders emerged from a pack that included Navistar International Corp. NAV 0.85 % , General Dynamics Corp. GD 0.79 % and Ford Motor Co. F -0.62 % The trio made their final submissions in January after building a series of prototypes that the Army tested. The companies touted their offerings in a series of radio and print ads in Washington, D.C., and in Michigan, home to the Army’s contracting command.
Lockheed said it would await a debriefing from the Army before deciding whether to protest the award to Oshkosh. The potential loss is more of a blow for AM General, which has subsisted on a diet of Humvee exports and a recent deal to assemble vehicles for Mercedes-Benz at its plant in Mishawaka, Ind. The company had no immediate comment Tuesday.
—Bob Tita contributed
to this article.
Write to Doug Cameron at doug.cameron@wsj.com
http://www.wsj.com/articles/oshkosh-wins-6-7-billion-military-contract-to-replace-humvee-1440537576
Company web site: http://www.oshkoshcorporation.com/
Company Profile
Oshkosh Corporation (Oshkosh) is a designer, manufacturer and marketer of a range of specialty vehicles and vehicle bodies, including defense trucks, access equipment, fire & emergency vehicles and concrete mixers and refuse collection vehicles. The Company operates in four business segments: defense, access equipment, fire & emergency, and commercial. It manufactures defense trucks under the Oshkosh brand name, and is a manufacturer of severe-duty heavy- and medium-payload tactical trucks for the United States Department of Defense (DoD). The Company is also the manufacturer of aerial work platforms under the JLG brand name. Under the Pierce brand name, the Company manufactures fire apparatus assembled on both custom and commercial chassis. The Company manufactures aircraft rescue and fire fighting (ARFF) and airport snow removal vehicles under the Oshkosh brand name and ambulances under the Medtec brand name.
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