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Oshkosh Corp. profits nearly doubles

6:58 PM, Jul. 30, 2013  |  Comments
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Oshkosh Corp., which makes heavy vehicles for military, emergency and commercial users, said Tuesday that its quarterly profit nearly doubled on higher prices and better sales of booms used in construction.

Net income in the fiscal third quarter, which ended June 30, was $148.4 million, or $1.67 per share, compared with $77.1 million, or 84 cents per share, a year earlier. Revenue rose 2 percent to $2.20 billion.

The company, which is the parent of fire truck maker Pierce Manufacturing Inc., raised its earnings forecast for the full fiscal year, which ends in September, to a range of $3.60 to $3.70 per share. Analysts were expecting $3.13 per share.

The company said its access-equipment business, which makes booms and elevated work platforms for the construction industry, recorded higher sales and margins, offsetting challenges in its defense business, which was hurt by reduced U.S. defense spending.

The company said $204.3 million in sales in its fire and emergency business, which includes Pierce, represented to an 11 percent drop when compared to $246.1 million in sales the same quarter a year ago.

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