Oshkosh Corporation (Holding Company) · NYSE:OSK
Oshkosh Corporation (Holding Company) — Q2 2018 Earnings Presentation
18 slides from Oshkosh Corporation (Holding Company)'s earnings presentation, Apr 26, 2018
Slide 1: Second Quarter Fiscal 2018 Earnings
MOVING THE WORLD AT WORK Wilson R. Jones President and Chief Executive Officer Oshkosh Corporation David M. Sagehorn (NYSE:OSK) Executive Vice President and Chief Financial Officer Second Quarter Fiscal 2018 Patrick N. Davidson Senior Vice President, Investor Relations April 26, 2018
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: Solid FY18 Q2 Performance
Solid FY18 Q2 Performance OSK Fiscal Q2 Performance Q2 net sales, adjusted operating income* and adjusted EPS* all Net Sales Adjusted EPS* exceeded expectations (billions) $1.80 − Double digit percentage sales $2.4 $1.60 $1.54 growth in non-defense segments $2.2 $2.0 $1.89 Higher backlogs for al
Slide 4: Access Equipment
Access Equipment Strong North American rental market − Positive customer outlook − Replacement driven demand now a tailwind Continued solid international demand Higher than expected demand causing cost challenges as production increases Making progress at new 3PL parts distribution center OS
Slide 5: Defense
Defense Strong operational execution driving JLTV ramp up Winner of FMTV A2 competition − 5-year contract with 2 option years − Meaningful volumes expected beginning FY21 International update: − Engaging in partnering discussions with Kingdom of Saudi Arabia (likely to delay order timing) − Co
Slide 6: Fire & Emergency
Fire & Emergency Trend of improved results continued again in Q2 Simplification strategy continues to yield strong results − Operations and vehicle assembly − Disciplined order management Pierce launching new custom product at FDIC later today Continue to expect flat to slightly positive mar
Slide 7: Commercial
Commercial Q2 performance in line with expectations Implementing and executing simplification strategies Positive outlook from Waste Expo attendees Construction expectations remain key driver for North American concrete mixer market − Overall positive construction trends − Access to labor an
Slide 8: Consolidated Results
Consolidated Results (Dollars in millions, except per share amounts) Second Quarter Q2 Comments 2018 2017 Sales impacted by: Net Sales $1,886.4 $1,618.3 + Higher sales in access % Change 16.6% 6.2% equipment, commercial and fire & emergency segments Adjusted Operating Adjusted EPS* impacted by:
Slide 9: Updated FY18 Expectations
Updated FY18 Expectations Revenues of $7.4 to $7.6 billion Adjusted operating income* of $575 million to $625 million Adjusted EPS* of $5.40 to $5.85 Segment information Measure Access Defense Fire & Commercial Equipment Emergency Sales $3.6 - $3.7 ~ $1.825 ~ $1.1 ~ $0.975 (billions) Adj. Oper
Slide 10: For information contact:
Patrick N. Davidson Jeffrey D. Watt For information Senior Vice President, Director, Investor Relations contact: Investor Relations (920) 233-9406 (920) 966-5939 jwatt@oshkoshcorp.com pdavidson@oshkoshcorp.com OSK Second Quarter 2018 Earnings Call April 26, 2018 10
Slide 11: Appendix: Access Equipment
Appendix: Access Equipment (Dollars in millions) Second Quarter Q2 Comments 2018 2017 Sales impacted by: + Higher aerial work platform and Net Sales $927.9 $723.2 telehandler sales % Change 28.3% (4.1)% Adjusted operating income* impacted by: Adjusted Operating + Higher sales volume Income* $102
Slide 12: Appendix: Defense
Appendix: Defense (Dollars in millions) Second Quarter Q2 Comments 2018 2017 Sales impacted by: − M-ATV international sales Net Sales $428.2 $446.1 + Ramp up of JLTV program % Change (4.0)% 50.2% Operating income impacted by: − Lower sales volume Operating Income $47.8 $48.7 − Adverse product mi
Slide 13: Appendix: Fire & Emergency
Appendix: Fire & Emergency (Dollars in millions) Second Quarter Q2 Comments 2018 2017 Sales impacted by: + Higher fire truck sales Net Sales $273.1 $237.5 + Improved pricing % Change 15.0% (1.2)% Operating income impacted by: + Improved pricing Operating Income $36.0 $21.8 + Higher sales volume
Slide 14: Appendix: Commercial
Appendix: Commercial (Dollars in millions) Second Quarter Q2 Comments 2018 2017 Sales impacted by: + Higher RCV unit volume Net Sales $263.9 $216.0 Adjusted operating income* % Change 22.2% (8.7)% impacted by: + Higher sales volume Adjusted Operating + Improved product mix Income $18.2* $6.0 + L
Slide 15: Appendix: GAAP to Non-GAAP Reconciliation
Appendix: GAAP to Non-GAAP Reconciliation • The table below presents a reconciliation of the Company’s presented GAAP measures to the most directly comparable non-GAAP measures (in millions, except per share amounts): Three Months Ended March 31, 2018 2017 Access equipment segment operating income (
Slide 16: Appendix: GAAP to Non-GAAP Reconciliation
Appendix: GAAP to Non-GAAP Reconciliation • The table below presents a reconciliation of the Company’s presented GAAP measures to the most directly comparable non-GAAP measures (in millions, except per share amounts): Fiscal Year Ended September 30, 2018 Expectations Low High Consolidated operating
Slide 17: Appendix: GAAP to Non-GAAP Reconciliation
Appendix: GAAP to Non-GAAP Reconciliation • The table below presents a reconciliation of the Company’s presented GAAP measures to the most directly comparable non-GAAP measures (in millions): Fiscal 2018 Expectations Net cash flows provided by operating activities $ 500.0 Additions to property, plan
Slide 18: Appendix: Commonly Used Acronyms
Appendix: Commonly Used Acronyms ARFF Aircraft Rescue and Firefighting LVSR Logistic Vehicle System Replacement AWP Aerial Work Platform M-ATV MRAP All-Terrain Vehicle AMPS Aftermarket Parts & Service MRAP Mine Resistant Ambush Protected CapEx Capital Expenditures MSVS Medium Support Vehicle System