Oshkosh Corporation (holding Company) · NYSE:OSK
Oshkosh Corporation (holding Company) — Q4 2022 Earnings Presentation
19 slides from Oshkosh Corporation (holding Company)'s earnings presentation, Jan 31, 2023
Slide 1: Oshkosh Corporation Fourth Quarter Fiscal 2022
Oshkosh Corporation Fourth Quarter Fiscal 2022 January 31, 2023 JOHN PFEIFER ‐ PRESIDENT AND CHIEF EXECUTIVE OFFICER MIKE PACK – EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER PATRICK DAVIDSON – SENIOR VICE PRESIDENT, INVESTOR RELATIONS
Slide 2: Forward-looking statements
Forward‐looking statements This 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
Slide 3: Q4 highlights
Q4 highlights Calendar Q4 Performance Revenue growth in all segments Adj. EPS* of $1.60; solid sequential $2.2 and yr/yr earnings growth $1.8 Continuing to invest in capacity and 23.0% $1.60 new products Strong orders and record year‐end consolidated backlog of $14B +344% Announced Hinowa
Slide 4: Full year 2022 results and 2023 expectations
Full year 2022 results and 2023 expectations OSK Calendar Year Performance Modest revenue growth but lower $8.3 $8.0 adj. earnings due to supply chain‐ related inefficiencies and price/cost 4.1% Significant 2022 adj. operating $5.48 income improvement from H1 to H2 Investments in bolt‐on acqui
Slide 5: Announcing the Vocational segment
Announcing the Vocational segment Combining F&E and Commercial to create new Vocational segment (three reporting segments in 2023) Key drivers for the change: Deliver enhanced efficiencies Leverage scale in technology Serve as platform for growth Creates ~$2B revenue platform with plans
Slide 6: Access Equipment
Access Equipment JLG 1850SJ Boom Lift Strong Q4 performance with another quarter of double‐digit operating margins Supplier on‐time delivery improved during quarter Solid customer demand continues Robust utilization and aged customer fleets Megaprojects Positive market indicators Order
Slide 7: Defense
Defense Eitan Armored Personnel Carrier Strong JLTV contract awards for domestic and FMS requirements Expect an award decision on JLTV II contract in Q1 Selected for $100M Eitan Armored Personnel Carrier hull contract for Israeli Ministry of Defense Encouraged by recent USPS actions with Nex
Slide 8: Fire & Emergency
Fire & Emergency Pierce Fire Truck Assembly in Appleton, Wisconsin Sales growth enabled by supplier performance and operations initiatives Operating margin lower than typical due to price/cost impact and supply chain disruptions; confident operating margins will improve to historical levels St
Slide 9: Commercial
Commercial High Flow Line in Dodge Center, Minnesota Solid revenue growth to close out 2022 Chassis and other component availability remains a constraining factor High Flow Line (HFL) in Dodge Center driving favorable outlook, work to begin on second HFL in 2023 Significant technology opport
Slide 10: Consolidated results
Consolidated results Dollars in millions, except per share amounts Three months ended December 31 2022 2021** Q4 comments Net Sales $ 2,203.6 $ 1,791.7 Sales impacted by: % Change 23.0% 13.7% Increased volume Improved pricing Adjusted operating income $ 152.6* $ 41.6 % Change 266.8% (61.4)%
Slide 11: 2023 Outlook
2023 Outlook Expectations in the range of: • Revenues of ~$8.4 billion • Operating income of ~$530 million Segment information • EPS of ~$5.50 Measure Access Defense Vocational Additional expectations Corporate expenses of ~$170 million Tax rate of ~25% Sales CapEx of ~$350 million ~$4.2 ~$2.0
Slide 12: Contacts
Contacts: JLG® AG925 Telehandler Patrick N. Davidson Senior Vice President, Investor Relations pdavidson@oshkoshcorp.com 920‐502‐3266 Victoria Connelly Senior Manager, Investor Relations vconnelly@oshkoshcorp.com 920‐502‐3108 Fourth Quarter 2022 Earnings Call January 31, 2023 12
Slide 13: Appendix: Access Equipment
Appendix: Access Equipment Q4 comments Dollars in millions Three months ended December 31 2022 2021* Sales impacted by: + Higher volume Net Sales $ 1,074.0 $ 833.5 + Improved pricing % Change 28.9% 47.9% ‐ Foreign currency exchange Operating income $ 116.0 $ 38.2 Operating income impacted by: %
Slide 14: Appendix: Defense
Appendix: Defense Q4 comments Dollars in millions Sales impacted by: Three months ended December 31 2022 2021** + Higher AMPS volume Net Sales $ 547.7 $ 531.5 ‐ Lower JLTV volume % Change 3.0% (3.4)% Adjusted operating income* Adjusted Operating Income $ 25.5* $ 16.0 impacted by: % Change 59.4%
Slide 15: Appendix: Fire & Emergency
Appendix: Fire & Emergency Q4 comments Dollars in millions Sales impacted by: Three months ended December 31 2022 2021* + Higher fire truck deliveries Net Sales $ 300.0 $ 218.6 + Higher prices % Change 37.2% (20.2)% Operating income impacted by: Operating income $ 23.7 $ 15.9 + Higher sales volu
Slide 16: Appendix: Commercial
Appendix: Commercial Q4 comments Dollars in millions Sales impacted by: Three months ended December 31 2022 2021* + Higher RCV volume Net Sales $ 282.9 $ 210.6 + Higher prices % Change 34.3% 7.6% Operating income impacted by: Operating income $ 17.8 $ 2.4 + Favorable price/cost % Change 641.7% (
Slide 17: Appendix: GAAP to Non-GAAP reconciliation
Appendix: GAAP to Non‐GAAP reconciliation The tables below present a reconciliation of the Company’s presented GAAP measures to the most directly comparable non‐GAAP measures (in millions, except per share amounts, unaudited): Twelve months ended Three months ended December 31, December 31, Septembe
Slide 18: Appendix: GAAP to Non-GAAP reconciliation
Appendix: GAAP to Non‐GAAP reconciliation The tables below present a reconciliation of the Company’s presented GAAP measures to the most directly comparable non‐GAAP measures (in millions, unaudited): Three months ended December 31, 2022 2021* Defense segment operating income (GAAP) $ 19.9 $ 16.0 In
Slide 19: Appendix: Commonly used acronyms
Appendix: Commonly used acronyms ARFF Aircraft Rescue and Firefighting IRC Independent Rental Company AWP Aerial Work Platform JLTV Joint Light Tactical Vehicle AMPS Aftermarket Parts & Service JPO Joint Program Office APAC Asia Pacific JUONS Joint Urgent Operational Needs Statement ASC Accounting S