OSHKOSH, Wis. -- Oshkosh Corp. has reported fiscal 2009 third quarter net sales of $1.2 billion and a loss from continuing operations of $22 million, or 30 cents per share, compared with net sales of $1.9 billion and income from continuing operations of $102 million, or $1.36 per share, for the third quarter of fiscal 2008. These results exclude the operations the Geesink Norba Group, which have been reclassified to discontinued operations due to the company’s sale of these businesses on July 1.

“Our defense and fire and emergency segments delivered strong results for the quarter, while our access equipment and commercial segments continued to experience extraordinarily weak demand as construction activity in most areas of the world remains soft,” said Robert Bohn, Oshkosh Corp. chairman and chief executive officer. “Sales of aerial work platforms, telehandlers and concrete placement products were all down 75 percent or more, contributing to the loss from continuing operations for the quarter.

“Oshkosh continues to aggressively focus on cost reductions, operational improvements and leaning out our factories. We expect to emerge from this recession as a stronger, more nimble and more competitive company,” added Bohn.

“Performance in the defense segment was driven by strong vehicle deliveries and parts and service work. Additionally, on the last day of our third fiscal quarter, we learned that we won the privilege to supply the United States military with the new MRAP-All Terrain Vehicle (M-ATV). Our employees and suppliers are working 24/7 to support a fast ramp-up schedule to deliver these life-saving vehicles to the brave men and women of our armed forces in Afghanistan. We understand our responsibility to our armed forces and the U.S. taxpayer, and we will deliver. To accomplish this effort, we have hired new employees in Wisconsin and called back laid-off employees in Pennsylvania to build the M-ATVs.”

Bohn further commented, “For the fourth quarter of fiscal 2009, we expect solid performance from our defense and fire and emergency segments, while we expect that our access equipment and commercial segments will both continue to face tough market conditions. We expect the M-ATV contract will primarily benefit our sales and earnings in fiscal 2010.”

The company reported that consolidated net sales in the third quarter of fiscal 2009 decreased 36.1 percent compared with last year’s third quarter. The decrease in sales was largely due to lower sales in the company’s access equipment and commercial segments as a result of the continued downturn in global construction markets, offset in part by double-digit sales growth in the company’s defense, domestic fire apparatus and airport products businesses.
 
Operating income from continuing operations decreased 80.1 percent to $38.3 million, or 3.1 percent of sales, for the third quarter of fiscal 2009 compared with operating income from continuing operations of $193 million, or 10.1 percent of sales, in the prior year quarter. Improved performance in the defense and fire & emergency segments as a result of higher unit volume and improved manufacturing efficiencies combined with lower consolidated operating expenses from recent cost cutting measures were not sufficient to offset significantly lower volume in the access equipment segment.

Additionally, Oshkosh today announced that it has commenced an offering of 13 million shares of its common stock in an underwritten public offering. The company intends to grant the underwriters of the offering an option for 30 days to purchase up to 1.95 million additional shares of common stock to cover over-allotments, if any.

The company plans to use the net proceeds of the offering to repay a portion of the term loan borrowings under its credit agreement.