Oshkosh Truck Corp. said that its third-quarter net income decreased 10.2% to $13.7 million on sales of $404 million, compared with net income of $15.3 million on sales of $392 million for last year's third quarter.
The company said the decline in net income is largely attributed to a soft concrete placement market that substantially impacted sales and operating income for Oshkosh's commercial segment.
Oshkosh president & CEO Robert G. Bohn said the company's third quarter performance reflects double-digit sales and operating income growth in its fire and emergency and defense businesses, which tempered continued weakness in concrete placement market conditions.
“Five years ago we made a strategic commitment to become a diversified industrial company with less dependence on any single business segment,” Bohn said. “This year it has proven to be the right decision as the domestic concrete placement market has cooled down after two years of tremendous growth.”
Sales increased 3.2% in the third quarter. Operating income decreased 4.5% to $27.5 million, or 6.8% of sales, compared to $28.8 million, or 7.4% of sales, in the prior year's third quarter.
