Oshkosh Truck Corp, a manufacturer of specialty trucks and truck bodies, reported that first-quarter net income increased 31.2% to $11.3 million on sales of $426.3 million for the quarter ended Dec 31, 2002. This compares with net income of $8.6 million on sales of $361.5 million for 2001's first quarter.
Sales rose 17.9% in the first quarter on increases in all segments, but especially in the commercial segment due to a much higher mix of chassis and truck body “package” sales. Operating income climbed 14.5% to $20.4 million, compared with $17.8 million in the prior year's first quarter. Net interest expense declined $2.9 million to $3.2 million to contribute further to higher reported net income in the first quarter of fiscal 2003.