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OSHKOSH — Vehicle maker Oshkosh Corp. said Thursday it posted a narrower fiscal third-quarter loss amid continued weak demand in segments affected by construction activity
During the quarter, Oshkosh said it lost $26.6 billion, or 36 cents per share, compared with a loss of $84.3 billion, or $1.12 per share in the prior-year period.
The company reported a loss from continuing operations of $22 million, or 30 cents, versus a profit of $102 million, or $1.36 per share, in the prior year period.
The results excluded the company's Geesink Norba Group, which Oshkosh sold earlier this month.
"Oshkosh continues to aggressively focus on cost reductions, operational improvements ... We expect to emerge from this recession as a stronger, more nimble and more competitive company," said Robert Bohn, chairman and CEO of Oshkosh.
Quarterly revenue declined 36.1 percent to $1.23 billion from $1.92 billion on lower sales in its access equipment and commercial segments.
On average, analysts surveyed by Thomson Reuters expected a quarterly loss of 18 cents per share on revenue of $1.38 billion. Analyst estimates typically do not include one-time items.
Segments related to construction were hit especially hard with sales declining in access equipment and commercial 77 percent and 43.6 percent, respectively.
During the quarter, Oshkosh won a $1.1 billion Army contract to build new off-road trucks for ground forces in Afghanistan. Defense segment sales rose 23.7 percent to $605.4 million.
Shares fell 40 cents to $26.46 in midday trading.
