Shares of Oshkosh Corp (NYSE:OSK) ended Friday session in green amid volatile trading. The shares closed up +0.77 points or 1.43% at $54.78 with 938,504 shares getting traded. Post opening the session at $54.59, the shares hit an intraday low of $54.30 and an intraday high of $54.89 and the price vacillated in this range throughout the day. The company has a market cap of $2.75 billion and the numbers of outstanding shares have been calculated to be 73.48 million shares.
Oshkosh Corp (OSK) on July 28, 2016 reported fiscal 2016 third quarter net income of $84.2 million, or $1.13 per diluted share, compared to $89.9 million, or $1.13 per diluted share, in the third quarter of fiscal 2015. Comparisons in this news release are to the corresponding period of the prior year, unless otherwise noted.
Consolidated net sales in the third quarter of fiscal 2016 were $1.75 billion, an increase of 8.4 percent. Higher sales in the defense, fire & emergency and access equipment segments were partially offset by a slight decline in sales in the commercial segment.
Consolidated operating income in the third quarter of fiscal 2016 was $146.8 million, or 8.4 percent of sales, compared to $136.6 million, or 8.5 percent of sales, in the prior year third quarter. The increase in operating income was the result of higher defense, fire & emergency and commercial segment operating income, offset in part by lower access equipment segment operating income and higher corporate expenses.
“Our solid fiscal third quarter results were led by strong performance in our defense and fire & emergency segments, each of which recorded year-over-year increases in sales, operating income and operating income margin,” said Wilson Jones, president and chief executive officer of Oshkosh Corporation. “Our People First culture, the further enhancement and execution of our MOVE strategy and our innovative products contribute to Oshkosh being a different integrated global industrial, enabling us to deliver solid performance in a variety of economic conditions.
Shares of Tempur Sealy International Inc (NYSE:TPX) ended Friday session in green amid volatile trading. The shares closed up +0.19 points or 0.24% at $78.34 with 638,102 shares getting traded. Post opening the session at $78.64, the shares hit an intraday low of $78.16 and an intraday high of $79.72 and the price vacillated in this range throughout the day. The company has a market cap of $4.59 billion and the numbers of outstanding shares have been calculated to be 58.41 million shares.
Tempur Sealy International Inc (TPX) on July 28, 2016 announced financial results for the second quarter ended June 30, 2016.
SECOND QUARTER 2016 FINANCIAL SUMMARY
- Total net sales increased 5.2% to $804.4 million from $764.4 million in the second quarter of 2015. On a constant currency basis, total net sales increased 6.6%, with an increase of 6.4% in the North America business segment and an increase of 7.6% in the International business segment.
- Gross margin under U.S. generally accepted accounting principles (“GAAP”) was 41.9% as compared to 38.9% in the second quarter of 2015.
- GAAP operating income increased 92.7% to $100.2 million as compared to $52.0 million in the second quarter of 2015. Operating income in the second quarter of 2016 included $1.0 million of integration costs. Operating income in the second quarter of 2015 included $6.7 million of integration costs and $11.7 million of additional costs related to the Company’s 2015 Annual Meeting and related executive management transition and retention compensation. Adjusted operating income increased 43.8% to $101.2 million, or 12.6% of net sales, as compared to $70.4 million, or 9.2% of net sales, in the second quarter of 2015.
- GAAP net income increased 0.5% to $21.3 million as compared to $21.2 million in the second quarter of 2015. The Company incurred a $47.2 million loss on extinguishment of debt associated with the completion of a new credit facility and new senior notes offering in the second quarter of 2016 and related repayment of existing debt. Adjusted net income increased 67.3% to $55.7 million as compared to $33.3 million in the second quarter of 2015.