Oshkosh Corporation (holding Company) · NYSE:OSK
Oshkosh Corporation (holding Company) — Q4 2023 Earnings Presentation
18 slides from Oshkosh Corporation (holding Company)'s earnings presentation, Jan 30, 2024
Slide 1: Oshkosh Corporation Fourth Quarter 2023
Oshkosh Corporation Fourth Quarter 2023 January 30, 2024 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: Q4 highlights
Q4 highlights Q4 Performance Strong performance with revenue growth of 12% $2.5 $2.2 Adj. EPS* of $2.56 $2.56 +11.9% Adj. operating margin* of 9.7% +57.1% Well positioned for long-term growth $1.63 Investments in market-leading technology Solid market dynamics Strong visibility with re
Slide 4: Full year 2023 results and 2024 expectations
Full year 2023 results and 2024 expectations OSK Full Year Performance $9.7 $9.98 Outstanding performance leading to $8.3 adj. EPS* of $9.98 +16.6% +178.0% Key new product launches led by McNeilus all-electric Volterra ZSL New capacity investments position company for long term growth $3.59
Slide 5: Access
Access JLG 460SJ Exceptional full year 2023 performance Revenue growth of over 25% Adjusted operating margin* of 15% Demand drivers have remained strong: infrastructure, mega projects, onshoring and aged fleets Strong Q4 orders of $1.7B; 2024 largely booked as expected Supply chains and
Slide 6: Defense
Defense Medium Equipment Trailer (MET) towed by E-HET Strong Q4 results with 10.6% adj. operating margin* driven by JLTV orders Domestic JLTV production concluding in early 2025; expect to continue supplying foreign allies into future Awarded 5-year contract valued up to $342M to build Medium
Slide 7: Vocational
Vocational Ranger™ Cargo Loader Full year 2023 adj. operating margin* of 9.7% Improving supply chains and strong pricing in backlog support solid 2024 Focused on increasing throughput in 2024, particularly at Pierce AeroTech integration progressing well; strong market outlook Demand for el
Slide 8: Consolidated Q4 results
Consolidated Q4 results Dollars in millions, except per share amounts Three months ended December 31 2023 2022 Q4 comments Net Sales $ 2,466.8 $ 2,203.6 Sales impacted by: % Change 11.9% 23.0% + Inclusion of sales related to acquisitions of $192M Adjusted operating income* $ 239.9 $ 155.6 + Improv
Slide 9: OSK 2024 Outlook
OSK 2024 Outlook Expectations in the range of: Segment information • Revenues of ~$10.4 billion • Adj. operating income* of ~$990 million Measure Access Defense Vocational • Adjusted EPS* of ~$10.25 Additional expectations Corporate expenses of ~$180 million Sales ~$5.2 ~$2.1 ~$3.1 Tax rate of ~
Slide 10: 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 Fourth Quarter 2023 Earnings Call January 30, 2024 10
Slide 11: Appendix: Access
Appendix: Access Q4 comments Dollars in millions Sales impacted by: Three months ended December 31 2023 2022 + Higher volume Net Sales $ 1,150.3 $ 1,074.0 + Improved pricing % Change 7.1% 28.9% + Inclusion of Hinowa sales Adjusted operating income* $ 165.6 $ 116.1 Adjusted operating income* % Ch
Slide 12: Appendix: Defense
Appendix: Defense Q4 comments Dollars in millions Sales impacted by: Three months ended December 31 2023 2022 + Favorable CCA Net Sales $ 586.9 $ 547.7 % Change 7.2% 3.0% Adjusted operating income* impacted by: Adjusted operating Income* $ 62.1 $ 27.0 + Favorable CCA % Change 130.0% 53.4% + Lowe
Slide 13: Appendix: Vocational
Q4 comments Appendix: Vocational Sales impacted by: Dollars in millions + AeroTech acquisition Three months ended December 31 2023 2022 + Higher prices Net Sales $ 735.3 $ 582.9 - Lower volume % Change 26.1% 35.8% - Sale of RDM business Adjusted operating income* $ 64.2 $ 42.9 Adjusted operating
Slide 14: 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 margins): Twelve months ended December 31, 2023 Net cash provided by operating activities $ 5
Slide 15: 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): Three months ended Twelve months ended December 31, December 31, 2023 2022 2023 2022 Earnings per share-diluted
Slide 16: 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): 2024 Expectations Three months ended March 31, Earnings per share-diluted (GAAP) $ 2.05 Amortization of purchase
Slide 17: 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 margins): 2024 Expectations 2024 Expectations Access segment operating income margin (GAAP) 1
Slide 18: 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 LRIP Low Rate Initial Production ASC Accounting Standards Codif