q2 2015 earnings slides final

MOVING THE WORLD AT WORK

Second Quarter Fiscal 2015April 28, 2015

Charles L. SzewsChief Executive Officer

Wilson R. JonesPresident and Chief Operating Officer

David M. SagehornExecutive Vice President and Chief Financial Officer

Patrick N. DavidsonVice President, Investor Relations

Oshkosh Corporation (NYSE:OSK)


Forward-Looking StatementsThis presentation 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 press release, words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project” or “plan” or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance 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 the U.S. dollar and its impact on Company exports, translation of foreign sales and purchased materials; the expected level and timing of DoD and international defense customer procurement of products and services and funding thereof; risks related to reductions in government 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. Joint Light Tactical Vehicle 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 expansion, 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 orequity market expectations; projected adoption rates of work at height machinery in emerging markets; risks related to the collectability of receivables, particularly for those businesses with exposure to construction markets; the cost of any warrantycampaigns 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 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 severeweather 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. Additional information concerning these and other factors is contained in the Company’s filings with the Securities and Exchange Commission, including the Form 8-K filed today. All forward-looking statements speak only as of the date of this press release. The Company assumes no obligation, and disclaims any obligation, to update information contained in this press release. Investors should be aware that the Company may not update such information until the Company’s next quarterly earnings conference call, if at all.

April 28, 2015OSK Second Quarter 2015 Earnings Call 2


Solid Q2 FY15 Results Q2 adjusted EPS* of $0.81

- In line with expectations- Significant defense sales decline- Foreign exchange and weather

headwinds- Double digit sales and operating

income growth in all non-defense segments

Positive rental company sentiment- Little oil & gas slowdown impact

Refinanced $250 million senior notes due 2020 Reduced interest rate by > 300 bps

Maintaining FY15 adjusted EPS* estimate range of $4.00 to $4.25

Net Sales(billions)

Adjusted EPS*

3

$1.6 $1.7

$0.81 $0.80

$0.00

$0.25

$0.50

$0.75

$1.00

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.6

$1.8

FY15 FY14Net Sales Adjusted EPS*

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

OSK Fiscal Q2 Performance

April 28, 2015OSK Second Quarter 2015 Earnings Call


Defense

Q2 results impacted by FHTV break in production Expect to resume FHTV sales in Q4

Believe 2015 will be trough year Higher U.S. base program funding in 2015

budget and proposed 2016 budget

Canada MSVS program award decision expected by June 2015

Continue pursuit of sales of thousands of M-ATVs internationally- Expect meaningful orders in 2015

Submitted JLTV production contract proposal Expect award announcement July to September

2015



Access Equipment

Solid Q2 results in spite of challenges- Weather in Northeast U.S.- Foreign exchange

Sales up in all regions, except Latin America, on a constant currency basis

Positive customer sentiment at American Rental Association show

Believe lower backlog reflects order timing- Strong mix of AWPs in backlog supports

outlook for higher second half margins Strong new product offerings

- Launched 15 products YTD, with similar number planned for rest of the year



Fire & Emergency

Execution of roadmap to improve operational efficiencies generally on track More work to do

Expect stronger second half results Announced 3% price increase Modest North American market

growth expected in FY15 Positive customer sentiment at

recent FDIC trade show- Launched multiple new products



Commercial

Double digit sales growth in Q2 for both concrete placement and RCV products Weather and chassis availability

challenges MOVE investments continued RCV market recovery continued

in Q2 Multinational concrete mixer

customers invested cautiously in Q2- Independent U.S. customers more

active in market



Consolidated Results

Sales impacted by: Lower defense segment sales

Higher non-defense segment sales

Unfavorable currency impact of $28.1 million

EPS impacted by: Higher non-defense segment

operating income

Lower diluted share count

Lower defense segmentoperating income

Unfavorable currency impact of $0.05 per share

Comments

(Dollars in millions, except per share amounts)

Second Quarter

Net Sales $1,554.2 $1,677.9% Change (7.4)% (15.4)%

Adjusted Operating Income* $109.7 $123.5

% Change (11.1)% (8.2)%% Margin 7.1% 7.4%

Adjusted EPS* $0.81 $0.80% Change 1.3% (16.7)%

2015 2014




Updated Expectations for FY15

Additional expectations Corporate expenses of $140 - $145 million Tax rate of ~32% CapEx of ~$150 million Free cash flow* ~$200 million Assumes share count of ~79.5 million

Segment information

Revenues of $6.5 billion to $6.6 billion Adjusted operating income* of $510 million to $540 million Adjusted EPS* of $4.00 to $4.25


9

Q3 Commentary Expect seasonally highest EPS; above prior year Defense segment results similar to Q2 Higher non-defense segment sales and operating

income compared to prior year Q3

Measure Access Equipment Defense Fire &

Emergency Commercial

Sales(billions) $3.7 - $3.8 ~$1.0 ~$0.80 ~$1.0

Operating Income Margin ~15.0% Slightly above

break even ~4.25% ~6.5%

April 28, 2015OSK Second Quarter 2015 Earnings Call


For informationcontact:

Patrick N. DavidsonVice President, Investor Relations(920) [email protected]

Jeffrey D. WattDirector, Investor Relations(920) [email protected]



Net Sales $981.8 $866.0% Change 13.4% 5.9%

Operating Income $136.9 $116.6% Change 17.4% 22.7%% Margin 13.9% 13.5%

Second Quarter

(Dollars in millions)

2015 2014

Appendix: Access Equipment

Sales impacted by: Higher sales in all regions, except

Latin America, on a constant currency basis

Unfavorable currency impact of $26.5 million

Operating income impacted by: Higher sales volume Favorable vendor recovery

settlement Adverse product mix Unfavorable currency impact of

$3.3 million Backlog down 10% vs. prior year

to $654 million (down 6.3% on a constant currency basis)

Comments



Appendix: Defense

Sales impacted by: FHTV break in production Lower FMTV sales International M-ATV sales in

prior year

Operating income impacted by: Lower sales volume

Backlog down 54% vs. prior year to $574 million

Comments

Net Sales $158.7 $484.4% Change (67.2)% (41.5)%

Adjusted Operating Income* $(12.0) $38.6

% Change (130.9)% (42.4)%% Margin (7.5)% 8.0%

Second Quarter


2015 2014




Net Sales $202.9 $156.1% Change 30.0% (10.3)%

Operating Income $9.0 $1.0% Change 750.1% (60.9)%% Margin 4.4% 0.7%

Second Quarter


2015 2014

Appendix: Fire & Emergency

Sales impacted by: Higher domestic and

international unit volume Higher content units Prior year production delays

Operating income impacted by: Higher sales volume

Backlog up 34% vs. prior year to $716 million

Comments



Appendix: Commercial

Sales impacted by: Higher concrete mixer and RCV

unit volume Higher content units

Operating income impacted by: Higher sales volume Investments in MOVE initiatives

Backlog up 30% vs. prior year to $292 million (up 31.5% on a constant currency basis)

Comments

Net Sales $220.9 $182.3% Change 21.2% (1.7)%

Operating Income $8.6 $5.4% Change 59.9% (28.8)%% Margin 3.9% 3.0%

Second Quarter


2015 2014



Appendix: Commonly Used Acronyms

15April 28, 2015OSK Second Quarter 2015 Earnings Call

ARFF Aircraft Rescue and Firefighting MECV Modernized Expanded Capability VehicleAWP Aerial Work Platform MRAP Mine Resistant Ambush ProtectedCapEx Capital Expenditures MSVS Medium Support Vehicle System (Canada)CNG Compressed Natural Gas NOL Net Operating LossDGE Diesel Gallon Equivalent NPD New Product DevelopmentDoD Department of Defense NRC National Rental CompanyEAME Europe, Africa & Middle East OCO Overseas Contingency OperationsEMD Engineering & Manufacturing Development OH OverheadEPS Diluted Earnings Per Share OI Operating IncomeFHTV Family of Heavy Tactical Vehicles OOS Oshkosh Operating SystemFMS Foreign Military Sales OPEB Other Post-Employment BenefitsFMTV Family of Medium Tactical Vehicles PLS Palletized Load SystemGAAP U.S. Generally Accepted Accounting Principles PUC Pierce Ultimate ConfigurationHEMTT Heavy Expanded Mobility Tactical Truck R&D Research & DevelopmentHET Heavy Equipment Transporter RCV Refuse Collection VehicleHMMWV High Mobility Multi-Purpose Wheeled Vehicle RFP Request for ProposalIRC Independent Rental Company ROW Rest of WorldIT Information Technology SMP Standard Military Pattern (Canadian MSVS)JLTV Joint Light Tactical Vehicle TACOM Tank-automotive and Armaments CommandJPO Joint Program Office TDP Technical Data PackageJROC Joint Requirements Oversight Council TPV Tactical Protector VehicleJUONS Joint Urgent Operational Needs Statement TWV Tactical Wheeled VehicleL-ATV Light Combat Tactical All-Terrain Vehicle UCA Undefinitized Contract ActionLVSR Logistic Vehicle System Replacement UIK Underbody Improvement Kit (for M-ATV)

M-ATV MRAP All-Terrain Vehicle UKZR

United KingdomZero Radius



Appendix: Non-GAAP to GAAP Reconciliation

• The table below presents a reconciliation of the Company’s presented non-GAAP measures to the most directly comparable GAAP measures (in millions, except per share amounts):

2015 2014

Adjusted earnings per share - diluted (non-GAAP) 0.81$ 0.80$ Reduction of valuation allowance on net operating loss carryforward - 0.14 Pension and OPEB curtailment, net of tax - (0.03) Debt extinguishment costs, net of tax (0.12) (0.08) Earnings per share - diluted (GAAP) 0.69$ 0.83$

Adjusted operating income (non-GAAP) 109.7$ 123.5$ Pension and OPEB curtailment - (4.1) Operating income (GAAP) 109.7$ 119.4$

Defense operating income (loss) (non-GAAP) (12.0)$ 38.6$ Pension and OPEB curtailment - (4.1) Defense operating income (loss) (GAAP) (12.0)$ 34.5$

Three Months EndedMarch 31,



Appendix: Non-GAAP to GAAP Reconciliation

• The table below presents a reconciliation of the Company’s presented non-GAAP measures to the most directly comparable GAAP measures (in millions, except per share amounts):

Low High

Adjusted operating income (non-GAAP) 510.0$ 540.0$ OPEB curtailment gain 3.4 3.4 Operating income (GAAP) 513.4$ 543.4$

Adjusted earnings per share - diluted (non-GAAP) 4.00$ 4.25$ OPEB curtailment gain, net of tax 0.03 0.03 Debt extinguishment costs, net of tax (0.12) (0.12) Earnings per share - diluted (GAAP) 3.91$ 4.16$

Fiscal 2015Expectations

Net cash flows provided by operating activities 359.0$ Additions to property, plant and equipment (150.0) Net additions to equipment held for rental (9.0) Free cash flow 200.0$

Fiscal 2015 Expectations

q2 2015 earnings slides final

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