Oshkosh, Anheuser-Busch And Avon Release Earnings
Vehicle body manufacturer, Oshkosh Corporation (NYSE:OSK), announced fourth-quarter fiscal year 2013 numbers this morning. The resulting figures were adversely impacted by a couple of issues. There was a $5.5 million after tax non-cash impairment charge related to an intangible asset in the access equipment segment. Additionally, the company noted an after tax cost of $2.4 million related to the extension of a union contract with defense segment employees. Net income came in at $35.7 million, or $0.40 per diluted share in comparison to $83.7 million, or $0.91 per diluted share in the fourth-quarter of 2012. Consolidated net sales were $1.73 billion, a decline of 15.8 percent compared to the fourth-quarter of 2012.
“We delivered fourth quarter results that exceeded the high end of our most recently announced estimated earnings range, finishing up a year that significantly exceeded our initial expectations,” said Charles L. Szews, Oshkosh Corporation chief executive officer. “Continued strong demand for access equipment in North America and improved demand for concrete mixers in the U.S. partially offset a significant sales decline in our defense segment in the fourth quarter.”
Anheuser-Busch Inbev SA (NYSE:BUD) saw revenue grow by 3.0 percent in in the third-quarter and by 2.8 percent in the first nine months of 2013. The company reported Q3 EPS of $0.73 as opposed to $0.80 reported in the same quarter last year. Revenue for the quarter came in at $8.46 billion, versus $8.04 billion reported in 2012. The company’s stock has performed well, gaining over 17.5 percent year-to-date. BUD is the largest brewer globally, with more than 200 brands of beer.
Management noted that, “We are not satisfied with our top line performance in 2013 which continues to be impacted by macroeconomic headwinds in a number of our markets. However, we remain focused on what we can impact and influence and on doing the right things to build a healthy business for the long term. We have an unrivalled portfolio of global premium brands, supported by strong local brands, and our plans are in place for a fast start in 2014. As always, it is our people that will make the difference and they are ready for the opportunities and challenges ahead of them.”
Beauty company Avon Products, Inc. (NYSE:AVP) reported that beauty sales had decreased in Q3 by 9 percent. The company’s fashion and home sales also declined by 7 percent. Having said that, AVP reported revenue of $2.3 billion, a decrease 7 percent over the same quarter last year. Operating profit came in at $68 Million and operating margin was 2.9 percent, down from 4.4 percent in the third-quarter of 2012. Q3 2013′s net loss from continuing operations was $6 million, or $.01per diluted share. Adjusted net income from continuing operations was $60 million, or $.14 per diluted share.
“The third quarter was tough. Our quarterly performance was negatively impacted by macroeconomic headwinds and continued weakness in some parts of our business, particularly North America,” said Sheri McCoy, Chief Executive Officer of Avon Products, Inc. “However, overall, Avon is headed in the right direction, parts of our business are stabilizing, and we are making progress toward our three-year financial goals.”
Shares in Avon have lost almost 20 percent in this morning’s trading following the news.
Disclosure: The author has no position in the stocks mentioned in this article, and does not intend to initiate any position in the next 48 hours.
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