Oshkosh Earnings: We Raise Our Valuation 5% to $115 After Solid Result

We raised our fair value estimate by 5% to $115 per share (up from $110 previously), following solid fourth-quarter earnings. Oshkosh increased sales by nearly 12% year on year, thanks to solid growth in access equipment (up 7%) and defense segments (increased 7%). The AeroTech acquisition positively affected vocational business sales, which contributed $176 million to segment sales in the quarter, or 24% of sales. In total, the segment’s sales were up 26% compared with the same period last year.