Oshkoshin 2Q 2020

Oshkosh julkaisi fiskaalisen 3Q 2020 tulosraporttinsa torstaina 30.7. Pääkohdat:

• net income of $80.2 million, or $1.17 per diluted share, compared to $191.9 million, or $2.72 per diluted share.
  • Results for the third quarter of fiscal 2020 included after-tax charges of $8.4 million associated with restructuring actions.
• Excluding these charges, fiscal 2020 third quarter adjusted¹ net income was $88.6 million, or $1.29 per diluted share.
• net sales in the third quarter of fiscal 2020 decreased 33.9 percent to $1.58 billion compared to the third quarter of fiscal 2019 largely as a result of a 61 percent decrease in sales in the Access Equipment segment as the COVID-19 pandemic significantly impacted demand in this segment.
  • Access Equipment segment net sales in the third quarter of fiscal 2020 decreased 60.9 percent to $488.0 million. The decrease in sales was due to lower market demand resulting from the global economic downturn as a result of COVID-19.
  • Defense segment net sales for the third quarter of fiscal 2020 increased 7.1 percent to $547.5 million due to the continued ramp up of Joint Light Tactical Vehicle program sales to the U.S. government and higher aftermarket parts & service sales, offset in part by lower Family of Heavy Tactical Vehicle program sales.
  • Fire & Emergency segment net sales for the third quarter of fiscal 2020 decreased 8.9 percent to $310.7 million due to decreased production rates in response to workforce availability constraints and supplier parts shortages resulting from the COVID-19 pandemic, offset in part by the catch-up of units affected by a supplier issue that prevented shipment in the second quarter of fiscal 2020.
• operating income in the third quarter of fiscal 2020 decreased 54.0 percent to $118.6 million, or 7.5 percent of sales, compared to $257.8 million, or 10.8 percent of sales, in the third quarter of fiscal 2019.

Yhtiö joutuu etsimään säästöjä koronan takia:

While we performed well in the current volatile environment, we must stay vigilant as we seek to navigate the challenging conditions in our markets. Early in the pandemic, we announced a series of temporary cost reduction actions to deal with the conditions we were facing. With the ongoing uncertainty in the economy, we have announced several permanent cost actions to further simplify our businesses and reduce costs. In our Access Equipment segment, we are closing our facility in Romania and moving that production to factories in Pennsylvania, Mexico and China. In our Commercial segment, we are relocating concrete mixer production from Dodge Center, Minnesota and consolidating production in our other North American facilities to simplify whole goods manufacturing in this segment.

“Once fully implemented, we expect these actions to generate $30 million to $35 million of annual pre-tax savings, with some benefits in fiscal 2021 and the full impact in fiscal 2022. We expect pre-tax implementation costs of $35 million to $40 million, including approximately $20 million of non-cash charges.

Kvartaaliosinkoa tulee 0.3 euroa ja maksetaan syyskuun alussa. Yhtiö ei antanut mitään ennusteita.

Kun helmikuussa mietin strategiaani tulevan koronan aihauttaman markkinapaniikin takia mietin että salkkuni on koronankestävä, siellä ei ole oikeastaan mitään mihin korona voisi suoranaisesti vaikuttaa. Noh, ei se nyt ihan niin mennyt. Oshkoshin Access – puoli meni tässä analyysissä pieleen. Se jäi huomaamatta silloin. Osake on laskenut vuodenvaihteen 94.7 dollarista nykyiseen 79.8 dollariin. Maaliskuun pohjat oli 48.8 dollaria ja ostin itse osaketta noin kymmenen dollaria noiden pohjien jälkeen. Sieltä on noustu kivasti.

Oshkosh on ollut salkussani jo pidempään ja generoi joka kvartaali osinkotuloa.

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