Oshkosh Corporation (holding Company) · NYSE:OSK
Oshkosh Corporation (holding Company) — Stub Period Earnings Presentation
22 slides from Oshkosh Corporation (holding Company)'s earnings presentation, Jan 26, 2022
Slide 1: Oshkosh Corporation Stub Period
Oshkosh Corporation Stub Period (Three months ended December 31, 2021) January 26, 2022 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: Reporting Stub Period results
Reporting Stub Period results EPS of $0.09 and operating income of Stub Period (three months ended December 31, 2021) $18M vs. three months ended December 31, 2020 As expected, higher input costs and supply chain disruptions impacted $1.8 results $1.6 Strong demand across all segments +13.7%
Slide 4: Access Equipment
Access Equipment JLG boom and scissor lifts servicing aircraft Grew revenues 48% during the Stub Period despite supply chain disruptions Addressing production challenges with sourcing and production moves Strong orders of $1.65B leading to a record backlog Remain confident in demand drivers
Slide 5: Defense
Defense Fully electric capability with eJLTV Competing for numerous new or adjacent opportunities Preparing for JLTV recompete Announced silent drive, hybrid electric eJLTV USPS Next Generation Delivery Vehicle Positive reviews at CES in Las Vegas Solid progress on South Carolina product
Slide 6: Fire & Emergency
Fire & Emergency Pierce Enforcer with 110′ Ascendant Aerial Demand is strong, but supply chain disruptions and price/cost headwinds constrained performance in the Stub Period Strong orders during Stub Period of ~$370M led to record backlog of $1.5B Volterra electric pumper has successfully com
Slide 7: Commercial
Commercial McNeilus high flow production line Grew revenue during quarter despite supply chain disruptions Expect 3rd party chassis and other key component constraints to remain for several quarters Expect to overcome price/cost headwinds by the end of Q2 2022 Demand remains strong with soli
Slide 8: Consolidated results
Consolidated results Dollars in millions, except per share amounts Three months ended Dec. 31 2021 2020 Stub Period comments Net Sales $ 1,791.7 $ 1,576.5 Sales impacted by: % Change 13.7% (7.0)% + Higher Access Equipment segment sales Adjusted operating income $ 18.0 $ 104.6* − Lower Fire & Emerg
Slide 9: Announcing expectations for 2022
Announcing expectations for 2022 • Revenues of $8.0 - $8.5 billion • Operating income of $545 - $625 million Segment information – full year • EPS of $5.75 to $6.75 Access Fire & Additional expectations Measure Equipment Defense Emergency Commercial Corporate expenses of ~$160 million Tax rate o
Slide 10: Contacts
Contacts: JLG scissor lift in use at FDIC 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 Stub Period Earnings Call January 26, 2022 10
Slide 11: Appendix: Access Equipment
Appendix: Access Equipment Stub period comments Dollars in millions Three months ended Dec. 31 2021 2020 Sales impacted by: + Strong return of demand in North Net Sales $ 833.5 $ 563.7 America % Change 47.9% (21.5)% Adjusted operating income* Adjusted operating income $ 32.3 $ 32.9* impacted by:
Slide 12: Appendix: Defense
Appendix: Defense Stub period comments Dollars in millions Sales impacted by: Three months ended Dec. 31 2021 2020 - Lower FMTV & FHTV volume Net Sales $ 531.5 $ 550.3 - Lower AMPS sales % Change (3.4)% 10.0% + Higher JLTV volume Adjusted operating Income $ 10.6 $ 53.5* + Inclusion of Pratt Miller
Slide 13: Appendix: Fire & Emergency
Appendix: Fire & Emergency Stub period comments Dollars in millions Sales impacted by: Three months ended Dec. 31 2021 2020 - Lower fire truck volume due to Net Sales $ 218.6 $ 273.9 supply chain disruptions % Change (20.2)% 6.6% - Lower ARFF deliveries Operating income $ 9.3 $ 35.1 Operating in
Slide 14: Appendix: Commercial
Appendix: Commercial Stub period comments Dollars in millions Sales impacted by: Three months ended Dec. 31 2021 2020 + Higher front discharge mixer volume Net Sales $ 210.6 $ 195.7 + Improved pricing % Change 7.6% (12.7)% Operating results impacted by: Operating income (loss) $ (3.3) $ 11.9 - U
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: Three months ended December 31 Twelve months ended December 31 2021 2020 2021 2020 • Earnings per share-diluted (GAAP) $ 0.0
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): Three months ended December 31 2021 2020 • Consolidated operating income (GAAP) $ 18.0 $ 95.9 • Restructuring-
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): Three months ended December 31 2021 2020 • Access Equipment segment operating income (GAAP) $ 32.3 $ 24.9 • Re
Slide 18: Appendix: Select Recast Financial Results
Appendix: Select Recast Financial Results (Unaudited; in millions, except share and per share amounts) Year Ended December 31, 2021 2020 2019 Net sales $ 7,952.5 $ 6,738.2 $ 8,273.7 Cost of sales 6,802.6 5,664.8 6,795.1 Gross income 1,149.9 1,073.4 1,478.6 Operating expenses: Selling, general and ad
Slide 19: Appendix: Select Recast Non-GAAP Financial Results
Appendix: Select Recast Non-GAAP Financial Results (Unaudited; in millions) Year Ended December 31, 2021 2020 2019 Net Sales Access Equipment $ 3,341.9 $ 2,360.9 $ 3,971.1 Defense 2,506.8 2,361.4 2,127.6 Fire & Emergency 1,171.3 1,124.0 1,177.6 Commercial 952.5 929.3 1,024.2 Corporate and intersegme
Slide 20: Appendix: GAAP to Non-GAAP reconciliation
Appendix: GAAP to Non-GAAP reconciliation Select Recast Non-GAAP Financial Measures (Unaudited; in millions, except per share amounts) Year Ended December 31, 2021 2020 2019 Net income (GAAP) $ 409.4 $ 318.3 $ 546.1 Restructuring-related costs, net of tax 3.9 25.7 - Arbitration settlement, net of ta
Slide 21: Appendix: GAAP to Non-GAAP reconciliation
Appendix: GAAP to Non-GAAP reconciliation Select Recast Non-GAAP Financial Measures (Unaudited; in millions) Year Ended December 31, 2021 2020 2019 Access Equipment segment operating income (GAAP) $ 256.5 $ 154.5 $ 505.2 Restructuring-related costs 3.5 23.1 - Adjusted Access Equipment segment operat
Slide 22: 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