Oshkosh Corporation (holding Company) · NYSE:OSK
Oshkosh Corporation (holding Company) — Q2 2022 Earnings Presentation
17 slides from Oshkosh Corporation (holding Company)'s earnings presentation, Jul 28, 2022
Slide 1: Oshkosh Corporation Second Quarter Fiscal 2022
Oshkosh Corporation Second Quarter Fiscal 2022 July 28, 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: Q2 highlights
Q2 highlights Demand remains strong, supported by Calendar Q2 Performance extensive backlogs Results vs. expectations were $2.21 $2.07 impacted by: $2.09 Defense CCA Supply chain constraints (6.5)% Microvast mark-to-market loss Sequential price-cost improvement (80.4)% Expect full year
Slide 4: Access Equipment
Access Equipment JLG Rotating Telehandler Meaningful OI improvement from Q1 to Q2 Demand driven by strong fundamentals Output continues to be constrained by ongoing supply chain disruptions Strong orders of nearly $1B, with backlog well into 2023 Increasing production capacity in PA & TN
Slide 5: Defense
Defense NGDV test vehicle demonstration Lower year over year revenues as expected due to lower DoD spending on TWVs Higher inflation projections led to an unfavorable CCA JLTV recompete bid submission date extended to mid-August Received orders for JLTV, FHTV and Stryker MCWS programs Rece
Slide 6: Fire & Emergency
Fire & Emergency Recent acquisition MAXIMETAL Continued strong demand; orders grew ~125% over prior year Supply chain disruption limiting vehicle production and delivery Parts shortages worsened in Q2 Capacity expansion underway in Appleton Completed acquisition of Canadian fire truck buil
Slide 7: Commercial
Commercial McNeilus RCV display at Waste Expo Sequential revenue growth driven by strong demand Chassis availability remains a constraint; other components also impacting production Partially open order book for 2023; monitoring input costs Enthusiastic responses to recent innovations EV f
Slide 8: Consolidated results
Consolidated results Dollars in millions, except per share amounts Three months ended June 30 2022 2021 Q2 comments Net Sales $ 2,066.0 $ 2,208.8 Sales impacted by: % Change (6.5)% 39.7% − Lower Defense and F&E segment sales Adjusted operating income $ 69.4 $ 205.1* + Improved pricing % Change (66
Slide 9: Updated expectations for 2022
Updated expectations for 2022 Demand remains strong; record consolidated backlog >$13 billion Prior guidance depended on inflation moderating and supply chain constraints stabilizing, which have not occurred Supply chain disruption impacting production volume and causing manufacturing ineffici
Slide 10: Contacts
Contacts: Striker® Volterra™ Hybrid Electric ARFF Vehicle in Europe 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 Second Quarter 2022 Earnings Call July
Slide 11: Appendix: Access Equipment
Appendix: Access Equipment Q2 comments Dollars in millions Three months ended June 30 2022 2021 Sales impacted by: + Improved pricing Net Sales $ 977.1 $ 924.3 − Lower international volume % Change 5.7% 89.4% Adjusted operating income* Adjusted operating income $ 69.4 $ 114.3* impacted by: % Cha
Slide 12: Appendix: Defense
Appendix: Defense Q2 comments Dollars in millions Sales impacted by: Three months ended June 30 2022 2021 - Lower TWV volume Net Sales $ 539.3 $ 710.4 - Unfavorable CCA % Change (24.1)% 26.6% Operating income impacted by: Operating Income $ 2.1 $ 59.8 ‒ Unfavorable CCA % Change (96.5)% 44.4% ‒ L
Slide 13: Appendix: Fire & Emergency
Appendix: Fire & Emergency Q2 comments Dollars in millions Sales impacted by: Three months ended June 30 2022 2021 - Lower fire truck deliveries as a Net Sales $ 276.5 $ 302.5 result of supply chain disruption % Change (8.6)% 1.0% Operating income impacted by: Operating income $ 22.8 $ 44.5 - Lo
Slide 14: Appendix: Commercial
Appendix: Commercial Q2 comments Dollars in millions Sales impacted by: Three months ended June 30 2022 2021 - Lower unit volume Net Sales $ 275.3 $ 278.1 + Improved pricing % Change (1.0)% 12.3% + Higher content package deliveries Operating income $ 15.1 $ 29.6 Operating income impacted by: % C
Slide 15: 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 June 30, 2022 2021 Earnings per share-diluted (GAAP) $ 0.41 $ 3.07 Restructuring-related costs, net of tax
Slide 16: 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 June 30, 2022 2021 Access Equipment segment operating income (GAAP) $ 69.4 $ 113.0 Restruct
Slide 17: 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