Oshkosh Corporation (holding Company) · NYSE:OSK
Oshkosh Corporation (holding Company) — Q4 2013 Earnings Presentation
20 slides from Oshkosh Corporation (holding Company)'s earnings presentation, Oct 31, 2013
Slide 1: Oshkosh Corporation Fourth Quarter Fiscal 2013
Oshkosh Corporation Fourth Quarter Fiscal 2013 October 31, 2013 Charles L. Szews Chief Executive Officer Wilson R. Jones President and Chief Operating Officer David M. Sagehorn Executive Vice President and Chief Financial Officer Patrick N. Davidson 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: Solid Q4 Performance to Close Out FY13
Solid Q4 Performance to Close Out FY13 • Adjusted results above high end of most recent expectations* OSK Fiscal Q4 Performance – Solid performance despite $2,500 $1.00 expected decline in defense $2,051 segment $2,000 $1,727 $0.75 Adjusted EPS** • Margins expanded in both $0.64 Net Sales (millions)
Slide 4: MOVE Impact Evident in Strong Full Year Results
MOVE Impact Evident in Strong Full Year Results* • Operating income and EPS growth despite lower OSK Full Year Performance revenues – Revenue growth in all non- $10.0 $5.00 defense segments $7.7 $3.74 $8.1 $8.0 $4.00 Adjusted EPS** – Margins expanded in ALL Net Sales (billions) segments $6.0 $2.30 $
Slide 5: FY13 MOVE Scorecard
FY13 MOVE Scorecard On Track to Achieve FY15 Targets FY13 FY15 Initiative FY15 Targets Result Estimate Bottom Line – Results for Shareholders (1) Compared with FY12 expectations as of September 2012 Analyst Day. (2) Net of investment costs and compared with consolidated FY11 operating income margins
Slide 6: Defense
Defense • Staffing reductions consistent with lower production volume • Continue to pursue international programs – Additional M-ATV sales – Canadian MSVS • Submitted 22 JLTVs to DoD in August – Testing started despite government shutdown and sequestration • Extended union contract through 2021 6 OS
Slide 7: Access Equipment
Access Equipment • MOVE drove significant operational achievements • North American replacement demand continued to be primary driver • Global conditions for 2014 expected to improve – Slow recovery in Europe; adverse weather further impacted several key markets in 2013 – Growth in the Middle East –
Slide 8: Fire & Emergency
Fire & Emergency • Strong finish to the year • Municipal demand improving; federal demand likely has bottomed – Municipal order activity up in most regions • Improvements in Florida operations • Continued focus on global sales – Asia – South America 8 OSK Fourth Quarter 2013 Earnings Call October 31
Slide 9: Commercial
Commercial • Early stage investments in MOVE strategy positively impacted performance • Improving U.S. residential construction market drove sales of concrete placement products – Strong yr/yr concrete mixer orders and deliveries – Competition becoming more aggressive • Refuse collection vehicle mar
Slide 10: Consolidated Results
Consolidated Results (Dollars in millions, except per share amounts) Fourth Quarter Comments 2013 2012 • Sales impacted by: Net Sales $1,726.5 $2,050.5 – Lower defense volume % Change (15.8)% (2.5)% + Non-defense segment volumes Adjusted • Margins impacted by: Operating Income* $78.0 $108.9 ‒ Lower
Slide 11: Expectations for FY14
Expectations for FY14 • Revenues of $6.6B to $6.9B • Operating income of $455M to $490M • EPS of $3.10 to $3.40 Segment information Access Fire & Measure Defense Commercial Equipment Emergency Sales $3.3 - $3.4 $1.75 - $1.85 $0.80 - $0.825 $0.85 - $0.90 (billions) Operating 13.5% - 13.75% 3.5% - 3.7
Slide 12: For information contact
For information contact: Patrick N. Davidson Vice President, Investor Relations (920) 966-5939 pdavidson@oshkoshcorp.com Jeffrey D. Watt Director, Investor Relations (920) 233-9406 jwatt@oshkoshcorp.com
Slide 13: Appendix: Access Equipment
Appendix: Access Equipment (Dollars in millions) Fourth Quarter Comments 2013 2012 • Sales impacted by: Higher volume in Net Sales $780.6 $716.8 North America Price realization % Change 8.9% 6.4% Aftermarket parts Lower volume in Australia • Margins impacted by: Adjusted Product mix Operat
Slide 14: Appendix: Defense
Appendix: Defense (Dollars in millions) Fourth Quarter Comments 2013 2012 • Sales impacted by: Lower U.S. DoD volume Net Sales $513.8 $953.7 % Change (46.1)% (18.6)% JLTV test vehicles International truck shipments Adjusted • Margins impacted by: Operating Income* $15.0 $62.5 Lower absorptio
Slide 15: Appendix: Fire & Emergency
Appendix: Fire & Emergency (Dollars in millions) Fourth Quarter Comments 2013 2012 • Sales impacted by: Higher international Net Sales $232.0 $217.6 sales volume % Change 6.6% 12.5% • Margins impacted by: Adjusted Adverse product mix Operating Income $9.2 $12.0* % Change (23.7)% 341.2% • Backlog
Slide 16: Appendix: Commercial
Appendix: Commercial (Dollars in millions) Fourth Quarter Comments 2013 2012 • Sales impacted by: + Higher concrete mixer Net Sales $209.4 $181.5 sales in U.S. % Change 15.4% 34.2% • Margins impacted by: Increased absorption Operating Income $15.7 $9.2 from higher sales % Change 70.9% 249.0% Imp
Slide 17: Appendix: Commonly Used Acronyms
Appendix: Commonly Used Acronyms ARFF Aircraft Rescue and Firefighting M-ATV MRAP All-Terrain Vehicle AWP Aerial Work Platform MECV Modernized Expanded Capability Vehicle CapEx Capital Expenditures MRAP Mine Resistant Ambush Protected CNG Compressed Natural Gas MSVS Medium Support Vehicle System (Ca
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 (in millions, except per share amounts): Three Months Ended Fiscal Year Ended September 30, September 30, 2013 2012 2013 20
Slide 19: 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 Fiscal Year Ended September 30, September 30, 2013 2012 2013 20
Slide 20: 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 2014 Expectations Net cash flows provided by operating activities $ 293.0 A