Oshkosh Corp. Focusing on Non-Military Business

7/29/11 – The Oshkosh Corporation says it’s working to grow its non-military business, after its profits took a 68-percent plunge from a year ago. The company reports a net income of 68-million-dollars from April-through-June, down from 211-million at the same time a year ago. That was when Oshkosh was scrambling to keep up with the military’s demand for mine-resistant vehicles in Iraq-and-Afghanistan. But now, the U-S is scaling back its presence in both those countries. And Oshkosh C-E-O Charles Szews said is quote, “executing on a facility optimization strategy to become more efficient across our entire company.” He says Oshkosh might seek new acquisitions starting next year, as its defense business tapers off. Its defense revenues fell 35-percent in the last quarter compared to a year ago. Revenues for fire and emergency vehicles dropped by two-point-seven percent, as municipal budgets remain tight. And access equipment revenues were down 18-percent. Szews said its next fiscal year, which starts in October, would be difficult in light of the hurdles caused by the economy and the federal budget. Billionaire investor Carl Icahn declared a nine-and-a-half percent share of the Oshkosh Corporation last month, and he wants to talk with the firm about improving its value to stockholders. The company’s stock has dropped by over 18-percent so far this year.