Oshkosh Corporation (Holding Company) · NYSE:OSK
Oshkosh Corporation (Holding Company) — Q1 FY2019 Earnings Presentation
18 slides from Oshkosh Corporation (Holding Company)'s earnings presentation, Jan 30, 2019
Slide 1: Moving the World at Work: First Quarter Fiscal 2019
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 First Quarter Fiscal 2019 Patrick N. Davidson Senior Vice President, Investor Relations January 30, 2019
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: Strong Start to FY19
Strong Start to FY19 OSK Fiscal Q1 Performance Strong yr/yr growth in net sales, adjusted operating income* and Net Sales Adjusted EPS* adjusted EPS* (billions) $2.00 − Led by double digit percentage $2.4 $1.80 sales growth in access equipment $2.2 $1.61 $2.0 $1.80 $1.60 and fire & emergency segme
Slide 4: Access Equipment
Access Equipment Sales growth in all regions in Q1 − Led by North American telehandler sales $1.56B of orders in Q1 − Second highest quarterly orders in history − Backlog up more than $100M vs. prior year North American market remains strong − Positive rental company fleet metrics − Favorable
Slide 5: Defense
Defense Continuing to execute JLTV program ramp − Order for ~6,100 units valued at $1.7 billion received in Q1 − Adding gov’t requested content ahead of FRP decision TWV supplier of record, with − Continuing to work on deliveries expected through: opportunities with international FHTV 2022 custome
Slide 6: Fire & Emergency
Fire & Emergency Strong start to the new year − Sales and OI margin growth Simplification activities continue to mature throughout the business Pierce continues to benefit from innovative new fire truck product offerings Fire truck market in U.S. expected to grow slightly in FY19 − Following
Slide 7: Commercial
Commercial Solid Q1 performance Simplification activities remain a primary focus RCV market remains solid − Chassis availability expected to impact Q2 deliveries Concrete mixer market continues to be cautious − Positive customer activity at recent World of Concrete tradeshow Positive outlo
Slide 8: Consolidated Results
Consolidated Results (Dollars in millions, except per share amounts) First Quarter Q1 Comments 2019 2018 Sales impacted by: Net Sales $1,803.4 $1,586.3 + Higher access equipment and % Change 13.7% 30.9% fire & emergency segment sales − Lower defense and commercial Adjusted Operating segment sales
Slide 9: Adoption of ASC 606 - Q1 FY19 and Expected FY19 Results
Adoption of ASC 606 - Q1 FY19 and Expected FY19 Results (Dollars in millions) First Quarter FY19 Results Estimated Without Adoption Effect of Change Full Year As Reported Of ASC 606 Higher/(Lower) FY19 Impact Access Equipment Sales $ 826.5 $ 825.7 $ 0.8 $ - Operating Income 66.4 65.2 1.2 - Operating
Slide 10: Updated Oshkosh FY19 Expectations
Updated Oshkosh FY19 Expectations Revenues of $8.05 to $8.25 billion Operating income of $685 to $735 million Adjusted EPS* of $7.00 to $7.50 Segment information Measure Access Defense Fire & Commercial Equipment Emergency Sales $3.8 - $4.0 ~ $2.0 ~ $1.2 ~ $1.05 (billions) Operating Income 10.
Slide 11: 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 First Quarter 2019 Earnings Call January 30, 2019 11
Slide 12: Appendix: Access Equipment
Appendix: Access Equipment (Dollars in millions) First Quarter Q1 Comments 2019 2018 Sales impacted by: + Higher North American Net Sales $826.5 $628.2 telehandler volume % Change 31.6% 28.4% + Improved pricing Adjusted operating income* Adjusted Operating impacted by: Income $66.4 $29.8* + High
Slide 13: Appendix: Defense
Appendix: Defense (Dollars in millions) First Quarter Q1 Comments 2019 2018 Sales impacted by: − M-ATV international sales Net Sales $464.1 $493.5 + Ramp up of JLTV program % Change (6.0)% 67.6% + Impact of ASC 606 Operating income impacted by: Operating Income $71.1 $65.8 + Impact of ASC 606/JL
Slide 14: Appendix: Fire & Emergency
Appendix: Fire & Emergency (Dollars in millions) First Quarter Q1 Comments 2019 2018 Sales impacted by: + Timing of deliveries Net Sales $295.5 $229.1 + Impact of ASC 606 % Change 29.0% (1.5)% Operating income impacted by: + Higher sales Operating Income $39.9 $25.3 + Impact of ASC 606 % Change
Slide 15: Appendix: Commercial
Appendix: Commercial (Dollars in millions) First Quarter Q1 Comments 2019 2018 Sales impacted by: − Lower package sales Net Sales $222.2 $241.4 Adjusted operating income* % Change (8.0)% 21.2% impacted by: + Lower operating expenses Adjusted Operating + Lower warranty expense Income $18.7 $10.8*
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): Three Months Ended December 31, 2018 2017 Access equipment segment operating incom
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, except per share amounts): Fiscal Year Ended September 30, 2019 Expectations Low High Earnings per share-dilu
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