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Oshkosh Corporation reports 29% drop in quarterly profits

OSHKOSH, WI (WTAQ) - As the U.S. presence in the Middle East goes away, so does big profits for the Oshkosh Corporation.

The company said Tuesday its quarterly sales dropped 46 percent from a year ago for its military vehicles. Total sales slipped by 12 percent, while total Oshkosh profits plunged by 29 percent.

The Oshkosh Corporation is the largest manufacturer in the Fox Valley, and it makes other large equipment besides military vehicles. Still, the Pentagon's cutbacks were the main reason Oshkosh profits fell to $105 million this year.

Sales fell to around $1.9 billion over the three-month period, while sales of military vehicles declined to $471 million.

Oshkosh CEO Charles Szews said his firm continues to manage the defense business reduction in a responsible manner. He said the company has finished cutting back its defense workforce, while retaining essential workers and leaders to support potential new military business -- like the U.S. Joint Light Tactical Vehicle program.

(Story courtesy of Wheeler News Service)