OSHKOSH : Projects loss & no dividend for 2009

Profil supprimé

30 avr. 2009 •19:51

Oshkosh projects loss for 2009, suspends dividend
Thu. April 30, 2009; Posted: 09:01 AM
Are you looking to increase your ETF knowledge?
Apr 30, 2009 (Milwaukee Journal Sentinel - McClatchy-Tribune Information Services via COMTEX) -- OSK | Quote | Chart | News | PowerRating -- Oshkosh Corp. (OSK) took a huge loss in its second fiscal quarter, has suspended its dividend, and says it will lose money this year as the global recession hurts its commercial vehicle business.
Thursday, the company reported a net quarterly loss of $1.19 billion, or $16.02 per share, compared with a profit of $72.6 million or 97 cents per sharein the same quarter a year ago.

Excluding previously announced impairment charges, the company had a net loss of $17.7 million, or 24 cents per share. It reported $1.3 billion in sales in the quarter, down nearly 27%.

In a prepared statement, CEO Robert Bohn said: "While the global recession has had a significant impact on several of our businesses, we have been working diligently to manage through this challenging environment. During the quarter we implemented additional cost reductions to increase our expected fiscal 2009 savings from $150 million to more than $200 million. Even with these aggressive actions, the effects of the global recession and credit crisis lead us to believe Oshkosh will record a net loss for the full fiscal year, excluding the impact of the impairment charges recorded in the second fiscal quarter. We remain committed to continue doing what is necessary to further reduce our cost structure, drive operational improvements and increase cash generation to manage the business through this period of economic weakness."