Oshkosh Corporation (Holding Company) · NYSE:OSK
Oshkosh Corporation (Holding Company) — Q1 2015 Earnings Presentation
18 slides from Oshkosh Corporation (Holding Company)'s earnings presentation, Jan 27, 2015
Slide 1: First Quarter Fiscal 2015 Earnings Call
MOVING THE WORLD AT WORK Charles L. Szews Chief Executive Officer Oshkosh Corporation Wilson R. Jones President and Chief Operating Officer First Quarter Fiscal 2015 David M. Sagehorn January 27, 2015 Executive Vice President and Chief Financial Officer Patrick N. Davidson Vice President, Investor R
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 Start to FY15
Solid Start to FY15 Adjusted EPS* of $0.41 OSK Fiscal Q1 Performance Solid execution and timing of MOVE related spend drove $1.8 $0.75 $1.6 $1.5 $0.63 higher than expected results Adjusted EPS* $1.4 $1.4 Net Sales $1.2 $0.50 (billions) Strong orders and backlogs for $1.0 $0.41 all non-defense
Slide 4: Defense
Defense Remain focused on efficient, operational execution Driving toward mid February JLTV production proposal submission date − Expect decision on winning bidder late Summer 2015 Continue pursuit of meaningful international opportunities – M-ATVs – Canadian MSVS Program FY15 DoD budget fin
Slide 5: Access Equipment
Access Equipment Solid start to FY15 − Higher mix of telehandlers due to Tier 4 engine emissions standards changes Strong orders and backlog evidence continued market strength Broad end market demand expected to support FY15 outlook – Customer sentiment in North America remains positive Stro
Slide 6: Fire & Emergency
Fire & Emergency Continued to execute operational efficiency roadmap − Q1 results better than expected New Enforcer and Saber chassis driving customer demand Stable North American fire truck market – Modest market growth expected in FY15 Additional international success − ARFF orders in Asia
Slide 7: Commercial
Commercial Strong North American concrete mixer market recovery over last several years − Driven by slowly improving housing market RCV market picked up after a down 2013 Split-bin and automated RCV models generating incremental demand MOVE investments continue MOVING THE WORLD AT WORK OSK F
Slide 8: Consolidated Results
Consolidated Results (Dollars in millions, except per share amounts) First Quarter Comments 2015 2014 Sales impacted by: Net Sales $1,353.3 $1,530.2 ‒ Lower defense segment sales % Change (11.6)% (12.6)% ‒ Planned fire truck production rate decrease Adjusted Higher access equipment and Operating
Slide 9: Updated Expectations for FY15
Updated Expectations for FY15 Revenues of $6.5 billion to $6.6 billion Adjusted operating income* of $510 million to $540 million Adjusted EPS* of $4.00 to $4.25 Segment information Access Fire & Measure Defense Commercial Equipment Emergency Sales $3.7 - $3.8 ~$1.0 ~$0.80 ~$1.0 (billions) Ope
Slide 10: For information contact
MOVING THE WORLD AT WORK For information Patrick N. Davidson Vice President, Investor Relations contact: (920) 966-5939 pdavidson@oshkoshcorp.com Jeffrey D. Watt Director, Investor Relations (920) 233-9406 jwatt@oshkoshcorp.com OSK First Quarter 2015 Earnings Call January 27, 2015 10
Slide 11: Appendix: Access Equipment
Appendix: Access Equipment (Dollars in millions) First Quarter Comments 2015 2014 Sales impacted by: Net Sales $716.7 $668.6 Higher North American telehandler and lower AWP sales % Change 7.2% 15.0% Higher volume in all regions, except Latin America Operating income impacted by: Operating In
Slide 12: Appendix: Defense
Appendix: Defense (Dollars in millions) First Quarter Comments Sales impacted by: 2015 2014 Lower sales to U.S. DoD Net Sales $269.3 $481.3 Prior year international M-ATV % Change (44.1)% (41.9)% sales Operating income impacted by: Adjusted Lower sales volume Operating Income* $6.4 $24.8
Slide 13: Appendix: Fire & Emergency
Appendix: Fire & Emergency (Dollars in millions) First Quarter Comments Sales impacted by: 2015 2014 Planned reduction in fire truck Net Sales $167.0 $198.0 production rate to implement % Change (15.6)% 8.7% operational improvements Prior year large international ARFF shipment Operating Income
Slide 14: Appendix: Commercial
Appendix: Commercial (Dollars in millions) First Quarter Comments 2015 2014 Sales impacted by: Higher RCV unit volume Net Sales $210.2 $192.6 Higher aftermarket parts & % Change 9.1% 8.6% service Operating Income $12.4 $10.2 Operating income impacted by: Higher sales volume % Change 20.9%
Slide 15: Appendix: Commonly Used Acronyms
Appendix: Commonly Used Acronyms ARFF Aircraft Rescue and Firefighting MECV Modernized Expanded Capability Vehicle AWP Aerial Work Platform MRAP Mine Resistant Ambush Protected CapEx Capital Expenditures MSVS Medium Support Vehicle System (Canada) CNG Compressed Natural Gas NOL Net Operating Loss DG
Slide 16: Appendix: Non-GAAP to GAAP Reconciliation
Appendix: Non-GAAP to GAAP Reconciliation • The table below presents a reconciliation of the Company’s presented non-GAAP measures to the most directly comparable GAAP measures (in millions, except per share amounts): Three Months Ended December 31, 2015 2014 Adjusted earnings per share - diluted (n
Slide 17: Appendix: Non-GAAP to GAAP Reconciliation
Appendix: Non-GAAP to GAAP Reconciliation • The table below presents a reconciliation of the Company’s presented non-GAAP measures to the most directly comparable GAAP measures (in millions, except per share amounts): Fiscal 2015 Expectations Low High Adjusted operating income (non-GAAP) $ 510.0 $ 5
Slide 18: Appendix: Non-GAAP to GAAP Reconciliation
Appendix: Non-GAAP to GAAP Reconciliation • The table below presents a reconciliation of the Company’s presented non-GAAP measures to the most directly comparable GAAP measures: Three Months Ended March 31, 2014 Adjusted earnings per share - diluted (non-GAAP) $ 0.80 Reduction of valuation allowance