Oshkosh Corporation (holding Company) · NYSE:OSK
Oshkosh Corporation (holding Company) — Q1 2022 Earnings Presentation
18 slides from Oshkosh Corporation (holding Company)'s earnings presentation, Apr 27, 2022
Slide 1: Oshkosh Corporation First Quarter Fiscal 2022
Oshkosh Corporation First Quarter Fiscal 2022 April 27, 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: Q1 results
Q1 results Demand remains strong across all Calendar Q1 Performance segments; record high backlogs As expected, higher input costs $1.95 and supply chain disruptions $1.89 impacted results +3.0% $1.48 War in Ukraine and China COVID lockdowns leading to higher commodity and freight costs (83.8)
Slide 4: Access Equipment
Access Equipment JLG boom in Brazil Strong demand continues in North America driving sales growth Output limited by supply chain disruptions Implemented surcharges in North America and Europe to counter rising input and freight costs Orders of $1.3B; beginning to accept orders for 2023 Mar
Slide 5: Defense
Defense Stryker Medium Caliber Weapon System (MCWS) Increased inflation outlook led to unfavorable CCA in the quarter Proposal submission date for JLTV recompete pushed from April to July 2022 Received first order for 50,000 USPS Next Generation Delivery Vehicles Mix of 20% BEV with flexibil
Slide 6: Fire & Emergency
Fire & Emergency Striker® Volterra™ Hybrid Electric Vehicle Demand remains strong; deliveries and mfg. efficiencies limited by ongoing supply chain and workforce challenges Price increase effective February 1 and additional increase effective May 1, 2022 Second Volterra electric pumper complet
Slide 7: Commercial
Commercial McNeilus Mixer at Spartanburg Facility Grew revenue during quarter despite supply chain disruptions Additional price increases implemented during the quarter Supply of 3rd party chassis remains a challenge, but has shown some signs of improvement Acquired CartSeeker™ – autonomous
Slide 8: Consolidated results
Consolidated results Dollars in millions, except per share amounts Three months ended March 31 2022 2021 Q1 comments Net Sales $ 1,945.7 $ 1,889.0 Sales impacted by: % Change 3.0% 5.1% + Higher Access Equipment segment sales Adjusted operating income $ 29.3 $ 143.3* − Lower Defense segment sales %
Slide 9: Updated expectations for 2022
Updated expectations for 2022 • Revenues of $8.1 - $8.6 billion Segment information – full year • Operating income of $475 - $560 million Access Fire & Measure Defense Commercial • Adjusted EPS* of $5.00 to $6.00 Equipment Emergency Additional expectations Sales Corporate expenses of ~$160 million
Slide 10: Contacts
Contacts: Joint Light Tactical Vehicle (JLTV) 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 First Quarter 2022 Earnings Call April 27, 2022 10
Slide 11: Appendix: Access Equipment
Appendix: Access Equipment Q1 comments Dollars in millions Three months ended March 31 2022 2021 Sales impacted by: + Strong demand in North America Net Sales $ 883.1 $ 738.2 % Change 19.6% 6.5% Adjusted operating income* impacted by: Adjusted operating income $ 7.5 $ 82.7* − Unfavorable price/c
Slide 12: Appendix: Defense
Appendix: Defense Q1 comments Dollars in millions Sales impacted by: Three months ended March 31 2022 2021 - Lower FHTV & FMTV volume Net Sales $ 535.6 $ 614.7 % Change (12.9)% (2.6)% Adjusted operating income* impacted by: Adjusted operating Income $ 19.4 $ 35.8* ‒ Lower sales volume % Change (
Slide 13: Appendix: Fire & Emergency
Appendix: Fire & Emergency Q1 comments Dollars in millions Sales impacted by: Three months ended March 31 2022 2021 - Lower ARFF deliveries Net Sales $ 287.9 $ 312.5 % Change (7.9)% 29.0% Operating income impacted by: - Lower sales volume Operating income $ 22.4 $ 47.4 - Manufacturing costs due
Slide 14: Appendix: Commercial
Appendix: Commercial Q1 comments Dollars in millions Sales impacted by: Three months ended March 31 2022 2021 + Higher content package deliveries Net Sales $ 241.4 $ 230.0 + Improved pricing % Change 5.0% (2.8)% - Lower unit volume Operating income $ 14.3 $ 18.8 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 (in millions, except per share amounts) Three months ended March 31, 2022 2021 • Earnings (loss) per share-diluted (GAAP) $ (
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 March 31, 2022 2021 • Access Equipment segment operating income (GAAP) $ 7.5 $ 80.5 • Restr
Slide 17: 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: Fiscal 2022 Expectations Low High • Earnings per share-diluted (GAAP) $ 4.75 $ 5.75 • Charge for anti-hybrid tax on prior pe
Slide 18: 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