OSHKOSH, WI (WTAQ) - The end of the wars in Iraq and Afghanistan drove profits down at the Oshkosh Corporation.
The firm reports a 46 percent drop in the sales of its military vehicles in the final quarter of its fiscal year, compared to the same time a year ago. That's a big reason Oshkosh had a 57 percent drop its in quarterly profits.
The firm made almost $36 mllion from July through September, down from $84 million in the same quarter of 2012. Earnings plunged from 91 cents a share the previous year, to 40 cents a share this year.
Oshkosh did have an increase in its non-defense business, but it was not enough to offset the lower business in its military truck lines.
Company officials said the drops were fully expected, and they were actually on the high end of its estimated earnings range.
Sales revenues of commercial vehicles, like concrete mixers, jumped 15 percent. Oshkosh also cited a strong demand for aerial lift equipment sales in North America.