Oshkosh Corporation reported significant financial performance improvements for the third quarter and the first nine months of fiscal 2024, driven by increased net sales across its segments. For the three months ended September 30, 2024, net sales reached $2,741.4 million, a 9.2% increase from $2,509.9 million in the same period of 2023. For the nine months, net sales totaled $8,132.1 million, up from $7,191.1 million, marking a 13.1% growth.
Gross income for Q3 2024 was $506.0 million, compared to $468.1 million in Q3 2023, while gross income for the nine months increased to $1,522.1 million from $1,226.4 million. Operating income for Q3 rose to $266.2 million from $256.5 million, and for the nine months, it increased to $786.8 million from $622.2 million. However, net income for Q3 slightly decreased to $180.3 million from $183.7 million in the prior year, while net income for the nine months improved to $528.3 million from $447.2 million.
The Access segment, which includes aerial work platforms and telehandlers, reported net sales of $1,363.3 million for Q3 2024, up from $1,318.2 million in Q3 2023. The Vocational segment saw a notable increase in sales, reaching $814.0 million, a 17.6% rise from $692.6 million. The Defense segment also experienced growth, with net sales of $540.4 million, up from $474.6 million.
Strategically, Oshkosh completed the acquisition of AUSACORP S.L. (AUSA) for $114.0 million in September 2024, enhancing its Access segment. The company also acquired JBT AeroTech in August 2023 for $804.6 million, contributing to increased sales in the Access segment. The company reported a decrease in backlog, down 9.0% to $14.32 billion as of September 30, 2024, with the Access segment backlog decreasing significantly by 46.4%.
Financially, Oshkosh's cash and cash equivalents increased to $160.9 million from $125.4 million at the end of 2023. Total current assets rose to $5,058.0 million, while total liabilities increased to $3,457.6 million. The company’s total shareholders’ equity improved to $4,102.0 million from $3,705.3 million.
Oshkosh's effective tax rate for Q3 2024 was 23.8%, slightly higher than 22.9% in Q3 2023. The company anticipates full-year 2024 earnings per share to be approximately $10.00, down from a previous estimate of $10.45, with adjusted earnings per share expected to be around $11.35.
About OSHKOSH CORP
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