oshkosh corporation at a glance -...

OSHKOSH CORPOR ATION AT A GL ANCE

Global leader in access equipment; premium brands recognized for strong performance, innovation, technology and qual-ity; single-source global solution provider, aftermarket parts support, pre-owned equipment, refurbishment services and financing; innovative equipment designs and system technologies; global manufacturing and distribution; leading brand of towing equipment in U.S.

North American demand driven by fleet replacement; improving residential construction activity expanding demand growth beyond replacement cycle; non-residential construction recovery following residential construction recov-ery; European market trailing North American market with a slower recovery; adoption of work-at-height safety regulations, education and increasing labor rates contributing to growth in emerging markets

INDUSTRY OUTLOOK

COMPETITIVE ADVANTAGES

PRODUCTS & SERVICES

Aerial Work Platforms

Combustion, elec-tric (rechargeable battery), and hybrid powered lifts with articulating booms and telescoping booms; combustion and electric scissor lifts; compact crawler articulating booms; towable booms; mast lifts, stock pickers; per-sonal portable lifts for low-level applications

Towing and Recovery Equipment

Standard, medium and heavy-duty vehicle carriers and wreckers; heavy-duty rotat ors; accessories and service

Telehandlers

Complete line of material handling machines from compact to heavy duty for applications such as construc-tion, agriculture and military. Complete line of accessories to expand versatility and applications

Drop Deck Trailers

Triple-L® trailers in utility or flatbed configurations

JLG® Ground Support

Training; technical and warranty sup-port; aftermarket parts for JLG and non-JLG machines; equipment refur-bishing; used equipment sales; financing

ACCESS EQUIPMENT

$3,506.5

201420132012

$3,120.8$2,919.5

NET SALES BY FISCAL YEAR ($ in millions)

AT A GL ANCE— PG 1OSHKOSH CORPORATION

REACHING OUT

Strong brand recognized for superior vehicle performance and integrated life cycle support; comprehensive offer-ing of tactical wheeled vehicles, technologies, components, and sustainment services; broad product portfolio—MRAP, light, medium and heavy tactical wheeled vehicles; programs of record for the U.S. Army’s FHTV and FMTV; the leading provider of high-mobility MRAP vehicles (M-ATV) to militaries around the globe; contender for the U.S. Joint Light Tactical Vehicle (JLTV) production contract; flexible, cost-effective manufacturing, supply chain and quality management capability and capacity; total life cycle vehicle and component support delivered world-wide, including service in theater; TAK-4® family of independent suspension systems, TerraMax™ unmanned ground vehicle, Command Zone™ integrated control and diagnostic system, and virtual training solutions

Declining U.S. defense budgets continue to put pressure on domestic new vehicle programs; refurbishment and recapitalization opportunities from extended vehicle use in harsh terrain and climates as well as battle damage; growth opportunities in tactical vehicle programs such as JLTV; increased global demand for vehicles with higher levels of off-road mobility and survivability; growing global demand for survivability and efficiency driving new technologies and services that provide: autonomous operability, improved safety, C4I and systems integration, integrated crew protection, mission-based modularity, fuel efficiency, operational energy, onboard system controls and diagnostics, and total life cycle cost management

INDUSTRY OUTLOOK


PRODUCTS Heavy Tactical Vehicles

Heavy Expanded Mobility Tactical Truck (HEMTT); Heavy Equipment Transporter (HET); Palletized Load System (PLS); Logistic Vehicle System Replacement (LVSR)

Light Tactical Vehicles

Light Combat Tactical All-Terrain Vehicle (L-ATV)—The Oshkosh JLTV solution

Aircraft Rescue and Fire Fighting

P-19R Aircraft Rescue and Fire Fighting (ARFF)

Medium Tactical Vehicles

Family of Medium Tactical Vehicles (FMTV)—17 different variants; Medium Tactical Vehicle Replacement (MTVR)

Mine-Resistant Ambush Protected Vehicles

MRAP All-Terrain Vehicle (M-ATV) Family of Vehicles

Services

Life cycle support and services include C4I and systems integration, fleet maintenance, diagnostics and repairs, training, spare and repair parts support, and fleet refurbishment; Oshkosh Finishing Services (OFS) including welding and fabrication, assembly, corrosion protection and top coat

$1.724.5

201420132012

$3,049.7

$3,950.5

DEFENSE


INDUSTRY LEADING MILITARY VEHICLES DESIGNED AND BUILT FOR THE EVER-CHANGING BATTLEFIELD


PERFORM. LIKE NO OTHER.

FIRE & EMERGENCY

$756.5

201420132012

$792.4$768.6

Innovation leader and manufacturer of North America’s top fire truck brand, Pierce; leading global position for ARFF and heavy-duty snow-removal vehicles for airports; industry’s largest distribution and service networks; first to introduce side roll protection, front air bags and electronic stability control in custom fire apparatus; over 30 years building market lead-ing custom fire apparatus; comprehensive product lines for fire and Homeland Security applications; market leadership in broadcast and command vehicles

Domestic fire market drivers stabilizing, modest municipal recovery underway; continued lower federal demand in 2015; older North American fleets drive demand for fire apparatus; airport upgrades and new airports, especially in emerging markets, driving strong global demand for ARFF vehicles; increasing demand for more advanced technol-ogies in emerging markets; general emergencies driving demand for multi-purpose vehicles with added storage space and integration of communications systems; continuing emphasis on safety and risk management

INDUSTRY OUTLOOK


PRODUCTS & SERVICES


Fire Apparatus

Custom and commercial pumpers; heavy duty rescues; aerials; tillers

Broadcast and Command Vehicles

Rescue, law enforce-ment and Homeland Security apparatus; broadcast and command vehicles, simulator shelters

Airport

Aircraft Rescue and Fire Fighting (ARFF) vehicles; airport snow blower, broom and plow trucks

Services

Product financing; after-market service; training


COMMERCIAL

$865.9

201420132012

$766.9$697.0

MARKET LEADING PRODUCTS, BEST-IN-CLASS SERVICE AND SUPPORT

Leading manufacturer of refuse collection vehicles, concrete mixers and batch plants; broadest concrete mixer product lineup in the industry; energy efficiency leader with CNG-powered vehicles; leader in service vehicle and truck-mounted crane markets; best-in-class aftermarket service and support; direct distribution facilitates strong customer service and relationships; scalable and flexible manufacturing

North American concrete mixer, batch plant and wallboard crane markets improving with housing recovery; North American refuse collection market expected to grow slowly in FY15 following modest growth in FY14; population growth and stronger municipal spending environment helping drive demand for refuse collection vehicles; growing demand for energy-efficient and low emission vehicles; growth in commercial construction driving demand in Central America, South America and Middle East

INDUSTRY OUTLOOK


PRODUCTS Concrete

Rear-discharge mixers; front-discharge mixers; CNG fuel systems and installation services; con-crete batch plants; all-makes parts

Industrial Service

Mechanics trucks; tire service trucks; lubrica-tion trucks; telescopic and articulating truck-mounted cranes; catch basin cleaners; hydraulic loaders

Refuse

Refuse collection vehicles; rear loaders, front loaders, side loaders; container- handling equipment; CNG fuel systems and installa-tion services; bin lifters

Services

Aftermarket service; train-ing; product financing



(in millions, except per share amounts) FY12 FY13 FY14

Net sales $8,141.1 $7,665.1 $6,808.2

Operating income 387.7 505.7 503.3

Adjusted operating income* 404.7 534.8 512.2

Income from continuing operations attributable to

Oshkosh Corporation 244.6 314.3 308.1

Per share assuming dilution 2.67 3.53 3.61

Adjusted per share assuming dilution* 2.30 3.74 3.62

Depreciation 65.5 65.3 65.3

Amortization of purchased intangibles, deferred financing

costs and stock-based compensation** 83.2 85.9 86.5

Total assets 4,947.8 4,765.7 4,586.7

Net working capital 990.0 1,172.7 1,072.7

Cash and cash equivalents 540.7 733.5 313.8

Long-term debt (including current maturities) 955.0 955.0 895.0

Oshkosh Corporation shareholders’ equity 1,853.5 2,107.8 1,985.0

Book value per share 20.24 24.36 24.86

Backlog 4,046.2 2,838.0 1,891.0

Expenditures for property, plant and equipment 55.9 46.0 92.2

* Non-GAAP results. See Non-GAAP to GAAP reconciliation.

** Includes amortization of deferred financing costs of $7.0 million in fiscal 2012, $4.9 million in fiscal 2013, and $6.2 million in fiscal 2014.

Fiscal Year Ended September 30

FINANCIAL HIGHLIGHTS’14

OSHKOSH CORPORATION is a leading designer, manufacturer and marketer of a broad range of access equipment, specialty mili-tary, fire & emergency and com-mercial vehicles and vehicle bodies.

Oshkosh Corporation par tners with

customers to deliver superior solutions

that safely and ef ficiently move people

and materials at work, around the globe

and around the clock. In short, we are

Moving the World at Work. Our top priori-

ties are to serve and delight our custom-

ers, as well as drive superior operating

performance to benefit our shareholders.

We do this while leveraging our strengths

and resources in engineering, manufactur-

ing, purchasing and distribution across

our four business segments.

Founded in 1917, Oshkosh Corporation

has manufacturing operations in eight U.S.

states and in Australia, Belgium, Canada,

China, France, Mexico and Romania. The

company currently employs approximately

12,000 people worldwide.

NET SALES BY SEGMENT

Fiscal Year Ended September 30

FINANCIAL HIGHLIGHTS


Non-GAAP to GAAP Reconciliation FY12 FY13 FY14

Non-GAAP earnings per share diluted $ 2.30 $ 3.74 $ 3.62

Reduction of valuation allowance on net operating loss carryforward — — 0.14

Debt extinguishment costs, net of tax — — (0.08)

Contract pricing adjustment for OPEB costs, net of tax — — (0.08)

OPEB curtailment gain, net of tax — — 0.07

Pension curtailment and settlement loss, net of tax (0.02) — (0.06)

Performance share valuation adjustment, net of tax (0.05) — —

Tender offer and proxy contest costs, net of tax (0.05) (0.12) —

Intangible asset impairment charge, net of tax — (0.06) —

Discrete tax benefits 0.49 — —

Union contract ratification costs, net of tax — (0.03) —

GAAP earnings per share diluted $ 2.67 $ 3.53 $ 3.61

Non-GAAP to GAAP Reconciliation FY12 FY13 FY14

Non-GAAP operating income $404.7 $534.8 $512.2

Union contract ratification costs — (3.8) —

Performance share valuation adjustment (7.0) — —

Pension curtailment and settlement loss (3.4) — (8.2)

OPEB curtailment gain — — 10.0

Tender offer and proxy contest costs (6.6) (16.3) —

Intangible asset impairment charge — (9.0) —

Contract pricing adjustment for OPEB costs — — (10.7)

GAAP operating income $387.7 $505.7 $503.3

NET SALES ($ in millions)

’12

$6,8

08.2

$7,6

65.1

$8,1

41.1

’13 ’14

SALES BY REGIONADJUSTED OPERATING INCOME* ($ in millions)

$404

.7

$534

.8

$512

.2

’12 ’13 ’14

51% / ACCESS EQUIPMENT 25% / DEFENSE 11% / FIRE & EMERGENCY 13% / COMMERCIAL

82% / NORTH AMERICA 10% / EUROPE, AFRICA, MIDDLE EAST 8% / REST OF THE WORLD

The MOVE strategy supports our transformation to a stronger, global industrial company.

MARKET RECOVERY

AND GROWTH

Capture full upside of economic recov-ery and market growth with strong focus on execution and conquest sales.

OPTIMIZE COST &

CAPITAL STRUCTURE

Optimize our cost and capital structure to provide value for customers and shareholders.

VALUE

INNOVATION Continue to lead in innovation over the entire product life cycle.

EMERGING MARKET

EXPANSION

Drive international growth in targeted geographies.

Oshkosh Corporation partners with customers to deliver superior solutions that safely and efficiently move people and materials at work, around the globe and around the clock.

This document contains statements that the Company believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including, without limitation, statements regarding the Company’s future financial position, business strategy, targets, projected sales, costs, earnings, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations, are forward-looking statements. When used in this document, words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project,” “outlook,” or “plan” or the negative thereof or varia-tions thereon or similar terminology are generally intended to identify forward-looking statements. All statements in “Industry Outlook” represent the Company’s beliefs and are intended to be forward-looking statements. These forward-looking statements are not guarantees of future perfor-mance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond the Company’s control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the cyclical nature of the Company’s access equipment, commercial and fire & emergency markets, which are particularly impacted by the strength of U.S. and European economies; the strength of emerging market growth and projected adoption rates of work at height machinery; the expected level and timing of DoD and international defense customer procurement of products and services and funding thereof; risks related to reductions in govern-ment expenditures in light of U.S. defense budget pressures, sequestration and an uncertain DoD tactical wheeled vehicle strategy, including the Company’s ability to successfully manage the cost reductions required as a result of lower customer orders in the defense segment; the Company’s ability to win a U.S. JLTV production contract award and international defense contract awards; the Company’s ability to increase prices to raise margins or offset higher input costs; increasing commodity and other raw material costs, particularly in a sustained economic recovery; risks related to facilities consolidation and alignment, including the amounts of related costs and charges and that anticipated cost savings may not be achieved; global economic uncertainty, which could lead to additional impairment charges related to many of the Company’s intangible assets and/or a slower recovery in the Company’s cyclical businesses than Company or equity market expectations; risks related to the collectability of receiv-ables, particularly for those businesses with exposure to construction markets; the cost of any warranty campaigns related to the Company’s products; risks related to production or shipment delays arising from quality or production issues; risks associated with international operations and sales, including foreign currency fluctuations and compliance with the Foreign Corrupt Practices Act; the Company’s ability to comply with complex laws and regulations applicable to U.S. government contractors; the impact of severe weather or natural disasters that may affect the Company, its suppliers or its customers; cybersecurity risks and costs of defending against, mitigating and responding to a data security breach; and risks related to the Company’s ability to successfully execute on its strategic road map and meet its long-term financial goals. All forward-looking statements speak only as of November 13, 2014. The Company assumes no obligation, and disclaims any obligation, to update information contained in this document. Investors should be aware that the Company may not update such information until the Company’s next quarterly earnings conference call, if at all.

© Oshkosh Corporation 2014

M O V E

oshkosh corporation at a glance -...

Documents