OSHKOSH, Wis. -- Oshkosh Corp. has reported fiscal 2010 first quarter net sales of $2.43 billion and income from continuing operations of $191.2 million, or $2.10 per share, excluding non-cash intangible asset impairment charges. This compares with net sales of $1.33 billion and a loss from continuing operations of $11.7 million, or 16 cents per share, in the prior year’s first quarter.

Including pre-tax, non-cash impairment charges of $23.3 million (20 cents per share, net of taxes) related to goodwill and other long-lived assets, the company reported income from continuing operations of $172.5 million, or $1.90 per share, for the first quarter of fiscal 2010. These results exclude the operations of the company’s former European fire apparatus business, BAI Brescia Antincendi International, which have been reclassified to discontinued operations due to the company’s sale of this business in October 2009.

"We kicked off fiscal 2010 with strong revenue and earnings growth, led by our industry-leading defense business," said Robert Bohn, Oshkosh Corp. chairman and chief executive officer. "During the quarter, we supplied more than 2,300 life-saving MRAP All Terrain Vehicles (M-ATVs) to the U.S. armed forces for use by our warfighters in Afghanistan as we ramped up production to 1,000 units per month in December 2009. Additionally, our defense team executed extraordinarily well under all of our tactical wheeled vehicle and aftermarket parts and service contracts for the U.S. Army and Marines. Our long and proud history of delivering high-quality products on time is something our customers have come to expect. We plan to operate just as effectively on the Family of Medium Tactical Vehicles (FMTVs) contract should the U.S. Army affirm our earlier contract award.

"Fiscal 2009 was a year of impressive debt reduction for Oshkosh, and we continued the trend in the first quarter of fiscal 2010 as we reduced our debt by an additional $182.5 million, further strengthening our balance sheet. We will continue to focus on reducing our debt throughout fiscal 2010.

"We believe that we are in position to generate strong earnings for our shareholders in fiscal 2010, despite a continuation of some industry-wide challenges facing a number of our businesses," added Bohn.

The company reported that consolidated net sales in the first quarter of fiscal 2010 increased 83.2 percent compared with the prior year’s first quarter largely due to $1.1 billion of M-ATV contract sales, including related aftermarket parts and service sales.

Operating income, excluding impairment charges, increased to $349 million, or 14.3 percent of sales, for the first quarter of fiscal 2010 compared with operating income of $25.6 million, or 1.9 percent of sales, in the prior year first quarter. Significantly improved defense segment performance, combined with improved access equipment segment performance, in each case, due in large part to high volume M-ATV production, led to the increase in operating income. Including impairment charges, the Company reported operating income of $325.7 million.

Operating income in the first quarter more than quadrupled to $339.7 million, or 18.3 percent of sales, compared with prior year first quarter operating income of $73.7 million, or 13.6 percent of sales. The increase in operating income as a percent of sales reflected a combination of higher volume on a relatively fixed cost base, lower material costs, improved manufacturing efficiencies and an improved parts and services mix.