Oshkosh Corporation reported unaudited consolidated earnings results for the first quarter ended December 31, 2017. For the quarter, net sales were $1,586.3 million against $1,211.4 million a year ago. Operating income was $73.8 million against $36.2 million a year ago. Income before income taxes and equity in earnings of unconsolidated affiliates was $60.6 million against $23.6 million a year ago. Net income was $56.4 million against $19.2 million a year ago. Diluted earnings per share were $0.74 against $0.26 a year ago. Net cash provided by operating activities was $29.2 million against $83.8 million a year ago. Additions to property, plant and equipment were $18.7 million against $14.2 million a year ago. Additions to equipment held for rental were $1.2 million against $12.9 million a year ago. Adjusted net income (non-GAAP) was $64.0 million against $19.2 million a year ago. Adjusted diluted earnings per share (non-GAAP) was $0.84 against $0.26 a year ago. Adjusted consolidated operating income (non-GAAP) was $92.4 million against $36.2 million a year ago. The increase in operating income in the first quarter of fiscal 2018 was primarily a result of the impact of higher sales volume, offset in part by costs related to restructuring actions, increased material costs and adverse product mix.

As a result of the positive start to the fiscal year, improved demand outlook for access equipment and the impact of tax reform, the company is raising its fiscal 2018 full year outlook. The company now expects consolidated sales to be $7.1 billion to $7.3 billion, an increase of $200 million from the company's previous sales estimate range of $6.9 billion to $7.1 billion. The company now expects its fiscal 2018 consolidated operating income to be $520 million to $570 million. Excluding anticipated charges and operating inefficiencies for announced restructuring actions in the access equipment and commercial segments, the company expects its fiscal 2018 adjusted operating income to be $550 million to $600 million, compared to its previous estimated adjusted operating income range of $515 million to $565 million. The company now expects its fiscal 2018 diluted earnings per share to be in the range of $4.75 to $5.20. Excluding anticipated charges and operating inefficiencies for announced restructuring actions in the access equipment and commercial segments as well as the impact of one-time discrete items associated with tax reform in the U.S., the company expects its fiscal 2018 adjusted diluted earnings per share to be in the range of $5.00 to $5.45, compared to the prior adjusted diluted earnings per share estimated range of $4.25 to $4.65.