OSHKOSH, WI (WTAQ) - The Oshkosh Corporation reports a 40 percent drop in its quarterly net income, due mainly a large decline in its military vehicle business.
Tuesday morning, Oshkosh said it made just over $34.5 million from October through December, the first quarter of its new fiscal year. That's about $20 million less than the same quarter a year ago.
Stockholder earnings fell from 63 cents a share to 47 cents.
Oshkosh said revenues in its defense division plunged from $481 million in the first quarter of fiscal 2014 to $269 million this past fall.
The drop was due to lower U.S. defense spending, and an absence of international military vehicle sales.
Commercial vehicle sales rose 9 percent, as Oshkosh reported strong orders and higher backlogs in its non-defense vehicle lines.
(Story courtesy of Wheeler News Service)