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Oshkosh Corporation (OSK) has reported 31.51 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $19.20 million, or $0.26 a share in the quarter, compared with $14.60 million, or $0.19 a share for the same period last year. Revenue during the quarter dropped 3.24 percent to $1,211.40 million from $1,252 million in the previous year period. Gross margin for the quarter expanded 188 basis points over the previous year period to 16.49 percent. Total expenses were 97.01 percent of quarterly revenues, down from 97.58 percent for the same period last year. This has led to an improvement of 57 basis points in operating margin to 2.99 percent.
Operating income for the quarter was $36.20 million, compared with $30.30 million in the previous year period.
“We are pleased to report fiscal first quarter results that exceeded both the prior year and our expectations. This is a great way to kick off 2017, the year of our 100th anniversary at Oshkosh Corporation. Company-wide, our teams executed well. In particular, we experienced better than anticipated performance from our access equipment and defense segments,” said Wilson Jones, president and chief executive officer of Oshkosh Corporation.
Operating cash flow improves
Oshkosh Corporation has generated cash of $83.80 million from operating activities during the quarter, up 14.48 percent or $10.60 million, when compared with the last year period. The company has spent $22 million cash to meet investing activities during the quarter as against cash outgo of $18.20 million in the last year period. It has incurred capital expenditure of $21.80 million on net basis during the quarter, up 23.86 percent or $4.20 million from year ago period.
The company has spent $12.40 million cash to carry out financing activities during the quarter as against cash outgo of $66.60 million in the last year period.
Cash and cash equivalents stood at $369.60 million as on Dec. 31, 2016, up 996.74 percent or $335.90 million from $33.70 million on Dec. 31, 2015.
Working capital increases
Oshkosh Corporation has recorded an increase in the working capital over the last year. It stood at $1,058 million as at Dec. 31, 2016, up 19.72 percent or $174.30 million from $883.70 million on Dec. 31, 2015. Current ratio was at 1.79 as on Dec. 31, 2016, up from 1.65 on Dec. 31, 2015.
Cash conversion cycle (CCC) has decreased to 72 days for the quarter from 135 days for the last year period. Days sales outstanding went down to 64 days for the quarter compared with 66 days for the same period last year.
Days inventory outstanding has decreased to 55 days for the quarter compared with 112 days for the previous year period. At the same time, days payable outstanding went up to 47 days for the quarter from 42 for the same period last year.
Debt comes down
Oshkosh Corporation has recorded a decline in total debt over the last one year. It stood at $826.60 million as on Dec. 31, 2016, down 16.10 percent or $158.60 million from $985.20 million on Dec. 31, 2015. Total debt was 18.41 percent of total assets as on Dec. 31, 2016, compared with 22.34 percent on Dec. 31, 2015. Debt to equity ratio was at 0.42 as on Dec. 31, 2016, down from 0.55 as on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
