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Oshkosh Corp. reports higher quarterly profits amid layoff announcement


OSHKOSH, WI (WTAQ) - A day after announcing 450 layoffs, the Oshkosh Corporation reported higher profits for its most recent quarter.

The company blamed military spending cuts for the layoffs in its Defense Division, which makes vehicles for use in places like Afghanistan. Workers will start being let go in January.

In the meantime, Oshkosh reports a net income of $60 million from July through September, up from $45.5 million at the same time a year ago. Earnings rose from 50 cents a share to 65.

Total vehicle sales fell by 2.3 percent, to just over $2 billion dollars.

Besides military trucks, Oshkosh makes fire trucks, ambulances, and specialty construction units.

Even with the layoffs, the firm says it will still have 3,500 employees in its Defense Division.