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Oshkosh Corporation (NYSE:OSK) reported sales rose 22.9% in Q4 as strong market fundamentals and elevated demand for the company's products drove high order rates in the quarter and a record backlog of more than $14B. EPS came in short of consensus estimates at $1.60 vs. $1.73 expected.
Access Equipment segment sales increased 28.9% during the quarter to $1.07B as a result of improved sales volume and higher pricing in response to higher input costs.
Fire & emergency segment sales increased 37.2% to $300M due to higher fire truck deliveries as bottlenecks in manufacturing eased during the quarter as well as higher pricing in response to higher input costs.
Consolidated operating income soared 253% to $147M to rep 6.7% of sales vs. 2.3% a year ago.
The company initiated FY23 guidance for revenue of $8.4B and EPS of $5.50. Oshkosh (OSK) also announced the formation of the new Oshkosh Corporation Vocational segment. The company is combining the Fire & Emergency segment and Commercial segment businesses into this new segment.
Shares of OSK traded down 0.70% premarket to $99.75 following the mixed Q4 report.