Oshkosh Corporation, a leading manufacturer of specialty vehicles which counts Pierce among its brands, reported fiscal 2010 fourth quarter net sales of $2.11 billion and income from continuing operations of $116.6 million, or $1.28 per share.
“We completed a record fiscal year on a high note with strong fourth quarter results,” said Oshkosh Chairman and Chief Executive Officer Robert G. Bohn. “We delivered all-time records in fiscal 2010 for revenues, operating income and net income. This performance, coupled with our improved balance sheet as a result of our substantial debt repayment during fiscal 2010, puts us in a strong position as we prepare for the gradual economic recovery.”
He said the company has a solid foundation entering fiscal 2011 with its defense business supported by a strong backlog. “We also continue to see signs that lead us to believe that our non-defense businesses will generally deliver improved results in fiscal 2011,” he said.
Fiscal 2010 fourth quarter sales for Oshkosh’s Fire & Emergency segment decreased 5.6 percent to $254.7 million compared with the prior year quarter. The decrease in sales, according to the company, primarily reflected lower shipments of firefighting apparatus due to softer demand in the United States as a result of declining municipal budgets.
Operating income for the Fire & Emergency segment decreased 37.3 percent in the fourth quarter of fiscal 2010 to $22 million, or 8.6 percent of sales, compared with the prior year quarter operating income of $35.1 million, or 13 percent of sales.
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