Specialty truck maker Oshkosh Truck Corp., based in Oshkosh, WI, said its income and revenue for its 2001 fiscal year increased over 2000, helped largely by fire and rescue and defense product sales.
Oshkosh said its fiscal 2001 income increased 5% to $50.9 million on sales of $1.44 billion, compared to income of $48.5 million and sales of $1.33 billion in fiscal 2000. For the fourth quarter of Oshkosh’s fiscal 2001, income jumped 21% to $17.6 million on sales of $414 million, compared to income of $14.6 million and sales of $359 million in the fourth quarter of fiscal 2000.
"We are quite pleased with the fiscal 2001 results in the context of the current economic environment," said Robert G. Bohn, president & CEO of Oshkosh. "Even though we were helped by a one-time foreign currency exchange gain, our base business was up 8% in the fourth quarter."
He added that fire and emergency sales increased by 15% to $125.3 million for Oshkosh’s fourth quarter, with defense sales increasing 39% to $149.8 million. Commercial sales, however, decreased 3% to $139.1 million for the fourth quarter. Despite rising refuse product sales of 7%, Oshkosh said commercial sales took a major hit from a 27% reduction in concrete truck product sales.
"While the tragic events of September 11 intensified the softening in several of our markets, we hold firm on our fiscal 2002 earnings estimates, since we had already assumed a moderate recession. However, if economic conditions continue to deteriorate, we may reduce estimates in future quarters," Bohn added.