Workflow
Why Is Oshkosh (OSK) Up 1.4% Since Last Earnings Report?
OSKOshkosh (OSK) ZACKS·2024-08-30 16:37

Core Insights - Oshkosh reported Q2 2024 adjusted earnings of 3.34pershare,exceedingtheZacksConsensusEstimateof3.34 per share, exceeding the Zacks Consensus Estimate of 3, and up from 2.69inthepreviousyear[2]−Consolidatednetsalesincreasedby182.69 in the previous year [2] - Consolidated net sales increased by 18% year over year to 2.85 billion, surpassing the Zacks Consensus Estimate of 2.77billion[2]SegmentPerformance−∗∗AccessSegment∗∗:Netsalesrose5.92.77 billion [2] Segment Performance - **Access Segment**: Net sales rose 5.9% year over year to 1.41 billion, exceeding the Zacks Consensus Estimate of 1.39billion.Operatingincomeincreasedby16.41.39 billion. Operating income increased by 16.4% to 246.5 million, accounting for 17.5% of sales, surpassing the estimate of 200million[3]−∗∗DefenseSegment∗∗:Netrevenuesincreasedby20.2200 million [3] - **Defense Segment**: Net revenues increased by 20.2% year over year to 598.7 million, exceeding the Zacks Consensus Estimate of 555million.However,thesegmentincurredanoperatinglossof555 million. However, the segment incurred an operating loss of 39.9 million, contrasting with the expected operating income of 5.59millionduetointangibleassetimpairments[4]−∗∗VocationalSegment∗∗:Netsalesclimbed43.55.59 million due to intangible asset impairments [4] - **Vocational Segment**: Net sales climbed 43.5% year over year to 843.1 million, surpassing the Zacks Consensus Estimate of 811million.Operatingincomesurged76811 million. Operating income surged 76% to 106.5 million, accounting for 12.6% of sales, exceeding the estimate of 88million[5]FinancialOverview−AsofJune30,2024,Oshkoshhadcashandcashequivalentsof88 million [5] Financial Overview - As of June 30, 2024, Oshkosh had cash and cash equivalents of 141.4 million, up from 125.4millionasofDecember31,2023.Long−termdebtincreasedslightlyto125.4 million as of December 31, 2023. Long-term debt increased slightly to 599.1 million from 597.5million[6]−Thecompanydeclaredaquarterlycashdividendof46centspershare,payableonAugust30,2024,toshareholdersofrecordasofAugust16,2024[6]RevisedGuidance−Oshkoshanticipatesfull−year2024salestobearound597.5 million [6] - The company declared a quarterly cash dividend of 46 cents per share, payable on August 30, 2024, to shareholders of record as of August 16, 2024 [6] Revised Guidance - Oshkosh anticipates full-year 2024 sales to be around 10.7 billion and adjusted earnings per share to be 11.75,upfromthepreviousguidanceof11.75, up from the previous guidance of 11.25 [7] Market Sentiment - There has been an upward trend in estimates revision for Oshkosh, with a current VGM Score of C, indicating a subpar Growth Score of D and a Momentum Score of D, but a strong Value Score of B [8] - The stock has a Zacks Rank 3 (Hold), suggesting an expectation of in-line return in the coming months [9] Industry Context - Oshkosh operates within the Zacks Automotive - Original Equipment industry, where another player, Gentex, has seen a 1.9% gain over the past month. Gentex reported revenues of $572.93 million, reflecting a year-over-year decline of 1.8% [10]