Oshkosh Truck Corporation has reported second quarter net income up 59.2% to $22.5 million, or $0.62 per share, on sales of $518.2 million for the quarter ended March 31, 2004. This compares with net income of $14.1 million, or $0.40 per share, on sales of $453.4 million for last year’s second quarter.


Oshkosh also increased its sales and earnings per share estimates for the full year ending September 30, 2004 to $2.085 billion and $2.90 per share, respectively.


Sales increased 14.3% in the second quarter. Operating income increased 43.9% to $35.1 million, or 6.8% of sales, compared to $24.4 million, or 5.4% of sales, in the prior year’s second quarter.


Defence sales increased 28.8% to $168.1 million for the quarter, largely due to higher heavy-payload truck sales to the US Department of Defence and international customers and higher parts sales as a result of the conflicts in Iraq and Afghanistan which more than offset a $32.2 million decrease in MTVR contract sales as the production rate on this contract declined in advance of contract expiration in fiscal 2005.


Commercial sales increased 19.4%, to $217.8 million, for the quarter on strong order intake in the US markets. Operating income decreased 17.1% to $9.4 million, or 4.3% of sales, compared to 6.2% of sales in the prior year quarter.


Oshkosh said that net income increased 105.3% to $52.2 million, or $1.46 per share, for the first six months of fiscal 2004 on sales of $1,011.4 million compared to $25.4 million, or $0.73 per share, for the first six months of fiscal 2003 on sales of $879.7 million.


Operating income increased 82.8% to $81.8 million, or 8.1% of sales, in the first six months of fiscal 2004 compared to $44.7 million, or 5.1% of sales, in the first six months of fiscal 2003.