Oshkosh Corporation (holding Company) · NYSE:OSK
Oshkosh Corporation (holding Company) — Investor Presentation (May 2024)
29 slides from Oshkosh Corporation (holding Company)'s investor presentation, May 2024
Slide 1: Oshkosh Corporation Investor Presentation
Oshkosh Corporation Investor Presentation May/June 2024
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: Our strong foundation for accelerated growth
Our strong foundation for accelerated growth Powerful purpose and Favorable market Technology leader People First culture dynamics New and adjacent Programmatic M&A Strong financial markets strategy performance May 2024 3 3
Slide 4: A market-leading portfolio of brands
A market-leading portfolio of brands 9 OSHKOSH Aeaotecn <IMT> MAXIMETAL 4 PRATT a> MILLER JERR-DAN McNetlus Le J Pp im ¥ ple OSHKOSH j = Aiport PRODUCTS DEFENSE i ; a & / > = ty tay
Slide 5: Serving a broad range of end markets
Oshkosh Corporation Classification - Restricted Serving a broad range of end markets Airport Ground Towing & Last Mile Aircraft Rescue Communications Construction Field Service Support Recovery Delivery and Firefighting Refuse & Fire & Emergency Defense Concrete Agriculture Data Centers Material Han
Slide 6: Access – recent highlights
Access – recent highlights Strong Q1 results with 17% adj. op. margin* ClearSky Smart Fleet supports improved productivity Investing in technology, incl. ClearSky Smart Fleet, next generation IoT platform Healthy Q1 orders of $940M exceeded expectations; expect the majority of 2025 orders to o
Slide 7: Announced agreement to acquire AUSA
Announced agreement to acquire ACCESS SEGMENT Designs and manufactures wheeled dumpers, rough terrain forklifts, and compact telehandlers Leading manufacturer of access equipment, Sales of ~€132 million in 2023 serving customers throughout the lifecycle Headquartered in Barcelona, Spain; ~350
Slide 8: Augments Access segment portfolio
Augments Access segment portfolio JLG + HINOWA + AUSA product offerings AUSA Products Electrified Products Telehandlers 3,000 lb. Capacity 4,400 lb. Capacity 5,000 lb. Capacity 5,000 lb. Capacity 7,000 lb. Capacity 9,000 lb. Capacity 10,000 lb. Capacity 12,000 lb. Capacity 15,650 lb. Capacity 16,755
Slide 9: Strong outlook supported by robust market dynamics
Strong non-residential Strong outlook supported by construction outlook bolstered robust market dynamics by government spending plans** Infrastructure Investment and Jobs Act CHIPS and Science Act North American AWP fleet age* well above preferred range Inflation Reduction Act 65 60 US Construction
Slide 10: Access
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Slide 11: Defense – recent highlights
Defense – recent highlights FMTV A2 LVAD Preparation for Parachute Testing Domestic JLTV production winding down in early 2025 while NGDV production ramping NGDV production launched in April in South Carolina Working with DoD on FHTV and FMTV contract extensions Competing for Phase II of Rob
Slide 12: Oshkosh Defense is disrupting the delivery vehicle market
Oshkosh Defense is disrupting the delivery vehicle market Purpose-built Next Generation Delivery Vehicle Rapidly growing market opportunity • USPS contract for up to 165,000 vehicles Expanding position in purpose-built • Production started in April 2024 in delivery vehicle market Spartanburg, SC Inc
Slide 13: Defense
13 Defense
Slide 14: Vocational – recent highlights
Vocational – recent highlights Oshkosh AeroTech Tractor & AmpCart Towable Charging Platform Strong year-over-year revenue growth of 37% in Q1 including $176 million of AeroTech sales Backlog remains strong; increased throughput is a meaningful opportunity Initial McNeilus Volterra ZSL eRCV zer
Slide 15: Market dynamics support fire truck growth
Vocational Segment Backlog Market dynamics support fire truck $6 growth Billions $5 $4 Elevated fleet age ~50% $3 $2 of fire apparatus are 15 years or older* $1 $- Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Yr/yr change in local property taxes** Four-quarter moving average IATA air passenger forecast shows
Slide 16: Vocational
16 Vocational
Slide 17: Disciplined capital allocation strategy
Disciplined capital allocation strategy Targeted long-term capital structure Reinvest in core business Grow dividend Invest in external growth (M&A) Repurchase shares 17
Slide 18: Programmatic Approach to Optimizing the Portfolio
Programmatic Approach to Optimizing the Portfolio Focused M&A and investment themes for Technology Category expansion Lifecycle management Enhance critical technological capability Expand into new categories to scale Capture more revenue from strategic growth technological capability downstream serv
Slide 19: Q1 highlights
Q1 highlights Q1 Performance Strong performance continues with adj. EPS* of $2.89 in Q1 $2.5 $2.89 $2.3 Revenue growth of 12.2% +12.2% Adj. operating margin* of 10.8% +77.3% Continuing to invest in innovation $1.63 and production capacity Focused on manufacturing execution and driving impr
Slide 20: OSK 2024 Outlook
OSK 2024 Outlook Expectations in the range of: Segment information • Revenues of ~$10.7 billion • Adj. operating income* of ~$1.075 billion Measure Access Defense Vocational • Adjusted EPS* of ~$11.25 Additional expectations Corporate expenses of ~$190 million Sales ~$5.4 ~$2.1 ~$3.2 Tax rate of
Slide 21: Contacts
Contacts: Pierce® Arrow XT Aerial Fire Apparatus 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 May/June 2024 21
Slide 22: Appendix: Recent segment results, GAAP to non-GAAP reconciliations and acronyms
Appendix: Recent segment results, GAAP to non-GAAP reconciliations and commonly used acronyms May/June 2024 22
Slide 23: Consolidated Q1 results
Consolidated Q1 results Dollars in millions, except per share amounts Three months ended March 31 2024 2023 Q1 comments Net Sales $ 2,543.8 $ 2,268.1 Sales impacted by: % Change 12.2% 16.6% + AeroTech sales of $176 million + Higher volume Adjusted operating income* $ 275.3 $ 151.7 + Improved prici
Slide 24: Appendix: Access
Appendix: Access Q1 comments Dollars in millions Three months ended March 31 2024 2023 Sales impacted by: + Higher North American volume Net Sales $ 1,237.5 $ 1,193.2 − Lower European volume % Change 3.7% 35.1% Adjusted operating income* $ 210.4 $ 136.0 Adjusted operating income* impacted by: %
Slide 25: Appendix: Defense
Appendix: Defense Q1 comments Dollars in millions Three months ended March 31 2024 2023 Sales impacted by: + Higher aftermarket sales Net Sales $ 536.9 $ 513.1 + Higher FMTV volume % Change 4.6% (4.2)% − Lower JLTV volume Adjusted operating Income* $ 12.6 $ 4.1 Adjusted operating income* % Chang
Slide 26: Appendix: Vocational
Appendix: Vocational Q1 comments Dollars in millions Three months ended March 31 2024 2023 Sales impacted by: + AeroTech acquisition Net Sales $ 772.4 $ 562.7 + Improved pricing % Change 37.3% 6.3% Adjusted operating income* $ 92.1 $ 45.0 Adjusted operating income* impacted by: % Change 104.7% 6
Slide 27: 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 (unaudited; in millions, except per share amounts): Three months ended Three months ended March 31, March 31, 2024 2023 2024
Slide 28: 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 (unaudited, in millions, except per share amounts): 2024 Expectations 2024 Expectations Three months ended June 30, Earnings
Slide 29: Appendix: Commonly used acronyms
Appendix: Commonly used acronyms ARFF Aircraft Rescue and Firefighting JLTV Joint Light Tactical Vehicle AWP Aerial Work Platform JPO Joint Program Office AMPS Aftermarket Parts & Service LRIP Low Rate Initial Production APAC Asia Pacific LVAD Low Velocity Airdrop ASC Accounting Standards Codificati