Why Is Oshkosh (OSK) Up 1.4% Since Last Earnings Report?

Core Insights - Oshkosh reported Q2 2024 adjusted earnings of $3.34 per share, exceeding the Zacks Consensus Estimate of $3, and up from $2.69 in the previous year [2] - Consolidated net sales increased by 18% year over year to $2.85 billion, surpassing the Zacks Consensus Estimate of $2.77 billion [2] Segment Performance - Access Segment: Net sales rose 5.9% year over year to $1.41 billion, exceeding the Zacks Consensus Estimate of $1.39 billion. Operating income increased by 16.4% to $246.5 million, accounting for 17.5% of sales, surpassing the estimate of $200 million [3] - Defense Segment: Net revenues increased by 20.2% year over year to $598.7 million, exceeding the Zacks Consensus Estimate of $555 million. However, the segment incurred an operating loss of $39.9 million, contrasting with the expected operating income of $5.59 million due to intangible asset impairments [4] - Vocational Segment: Net sales climbed 43.5% year over year to $843.1 million, surpassing the Zacks Consensus Estimate of $811 million. Operating income surged 76% to $106.5 million, accounting for 12.6% of sales, exceeding the estimate of $88 million [5] Financial Overview - As of June 30, 2024, Oshkosh had cash and cash equivalents of $141.4 million, up from $125.4 million as of December 31, 2023. Long-term debt increased slightly to $599.1 million from $597.5 million [6] - The company declared a quarterly cash dividend of 46 cents per share, payable on August 30, 2024, to shareholders of record as of August 16, 2024 [6] Revised Guidance - Oshkosh anticipates full-year 2024 sales to be around $10.7 billion and adjusted earnings per share to be $11.75, up from the previous guidance of $11.25 [7] Market Sentiment - There has been an upward trend in estimates revision for Oshkosh, with a current VGM Score of C, indicating a subpar Growth Score of D and a Momentum Score of D, but a strong Value Score of B [8] - The stock has a Zacks Rank 3 (Hold), suggesting an expectation of in-line return in the coming months [9] Industry Context - Oshkosh operates within the Zacks Automotive - Original Equipment industry, where another player, Gentex, has seen a 1.9% gain over the past month. Gentex reported revenues of $572.93 million, reflecting a year-over-year decline of 1.8% [10]