US manufacturer Oshkosh has registered $8.28bn in net sales for fiscal year 2022, compared with net sales of $7.95bn in the year prior.

Net income for the full year was $173.9m, or $2.63 per diluted share, compared with $461.1m, or $6.68 per diluted share, in the previous year.

The decrease in net income has been attributed to higher material and logistics costs, manufacturing costs, new product development spending, and other factors.

For the 12 months that ended on 31 December 2022, adjusted net income was $228.7m, or $3.46 per diluted share, compared with $378.2m, or $5.48 per diluted share in 2021.

The company noted that it changed its accounting for all inventory to the first-in, first-out (FIFO) method of accounting during the fourth quarter (Q4) of fiscal year 2022.

In Q4, net income was $75.1m, or $1.14 per diluted share, and adjusted net income was $105.1m, or $1.60 per diluted share.

The Q4 consolidates sales increased 23% to $2.20bn, and consolidated operating income was up 253.4% to $147.0m, or 6.7% of sales.

The increase in consolidates sales was due to greater sales volume across all segments and enhanced pricing.

Defence segment Q4 sales rose 3% to $547.7m, and operating income was up 24.4% to $19.9m, or 3.6% of sales.

Oshkosh president and chief executive officer John Pfeifer said: “Strong market fundamentals and elevated demand for our products drove high order rates in the quarter and a record backlog of more than $14bn.

“We expect that robust demand will continue to support strong revenue and earnings growth in fiscal 2023 and beyond. While we continued to experience unfavourable supply chain dynamics and inflation impacts, our teams took appropriate actions to minimise and mitigate these challenges.”

The company expects 2023 revenue to be in the range of $8.4bn and earnings per share in the range of $5.50.

Earlier this week, Oshkosh Defense was one the four contractors chosen by the US Army to build prototypes for its Common Tactical Truck (CTT) programme.