Oshkosh Corporation (holding Company) · NYSE:OSK
Oshkosh Corporation (holding Company) — Q2 2019 Earnings Presentation
18 slides from Oshkosh Corporation (holding Company)'s earnings presentation, Apr 30, 2019
Slide 1: Second Quarter Fiscal 2019 Earnings
MOVING THE WORLD AT WORK Wilson R. Jones President and Chief Executive Officer Oshkosh Corporation David M. Sagehorn (NYSE:OSK) Executive Vice President and Chief Financial Officer Second Quarter Fiscal 2019 Patrick N. Davidson Senior Vice President, Investor Relations April 30, 2019
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: Another Strong Quarter
Q2: Another Strong Quarter 18% adjusted EPS* growth OSK Fiscal Q2 Performance − Sales up in 3 of 4 segments Net Sales − 100 bp increase in access Adjusted EPS equipment operating income margin (billions) $2.4 $2.00 $1.82 Strong execution broadly across $2.2 $1.99 $1.80 $1.54 company despite weat
Slide 4: Access Equipment
Access Equipment Sales growth in all regions in Q2 − Pacific Rim growth driven by continued product adoption in China ARA Rental and BAUMA trade shows highlighted strong customer sentiment Industry metrics remain solid Lower but still solid Q2 orders and backlog − Both measures support incre
Slide 5: Defense
Defense Continued ramp up of JLTV program − Government evaluating units with user-requested modifications − Working toward FRP milestone − FY20 President’s Budget request supports production into FY22 − DoD 5-year defense plan implies orders >25,000 units thru FY23 Launched ambulance TWV in Marc
Slide 6: Fire & Emergency
Fire & Emergency Record quarter for orders leading to record backlog >$1 billion Remain confident in outlook for North American fire truck market FDIC showcased Pierce leadership and innovations in fire truck market − Pierce Situational Awareness System by Fotokite Recent administrative bott
Slide 7: Commercial
Commercial Segment results and FY19 outlook impacted by extreme weather in Q2 − Manufacturing facility partial roof collapse due to excessive snow accumulation − Strong rallying point for team as they work to mitigate impact of event − Reduced full year outlook RCV 3rd party chassis recovery pla
Slide 8: Consolidated Results
Consolidated Results (Dollars in millions, except per share amounts) Second Quarter Q2 Comments 2019 2018 Sales impacted by: Net Sales $1,990.2 $1,886.4 + Higher access equipment, % Change 5.5% 16.6% defense and fire & emergency segment sales Adjusted Operating − Lower commercial segment Income $1
Slide 9: Adoption of ASC 606 – Q2 FY19 and Expected FY19 Results
Adoption of ASC 606 – Q2 FY19 and Expected FY19 Results (Dollars in millions) Second Quarter FY19 Results Estimated Without Adoption Effect of Change Full Year As Reported Of ASC 606 Higher/(Lower) FY19 Impact Access Equipment Sales $ 987.6 $ 987.3 $ 0.3 $ - Operating Income 119.8 120.2 (0.4) - Oper
Slide 10: Updated Oshkosh FY19 Expectations
Updated Oshkosh FY19 Expectations Revenues of $8.2 to $8.3 billion Operating income of $725 to $755 million Adjusted EPS* of $7.50 to $7.80 Segment information Measure Access Defense Fire & Commercial Equipment Emergency Sales $3.95 - $4.05 ~ $2.0 ~ $1.225 ~ $1.025 (billions) Operating Income
Slide 11: For information contact:
Patrick N. Davidson Jeffrey D. Watt For information Senior Vice President, Director, Investor Relations contact: Investor Relations (920) 233-9406 (920) 966-5939 jwatt@oshkoshcorp.com pdavidson@oshkoshcorp.com OSK Second Quarter 2019 Earnings Call April 30, 2019 11
Slide 12: Appendix: Access Equipment
Appendix: Access Equipment (Dollars in millions) Second Quarter Q2 Comments 2019 2018 Sales impacted by: + Higher volume, led by Net Sales $987.6 $927.9 Pacific Rim % Change 6.4% 28.3% + Improved pricing Adjusted operating income* Adjusted Operating impacted by: Income $119.8 $102.8* + Improved
Slide 13: Appendix: Defense
Appendix: Defense (Dollars in millions) Second Quarter Q2 Comments 2019 2018 Sales impacted by: + Ramp up of JLTV program Net Sales $486.7 $428.2 + Impact of ASC 606 % Change 13.7% (4.0)% Operating income impacted by: + Impact of ASC 606 Operating Income $52.2 $48.4 + Higher sales volume % Chang
Slide 14: Appendix: Fire & Emergency
Appendix: Fire & Emergency (Dollars in millions) Second Quarter Q2 Comments 2019 2018 Sales impacted by: + Higher content units Net Sales $283.2 $273.1 + Improved pricing % Change 3.7% 15.0% Operating income impacted by: + Improved pricing Operating Income $36.6 $36.0 − Higher material costs % C
Slide 15: Appendix: Commercial
Appendix: Commercial (Dollars in millions) Second Quarter Q2 Comments 2019 2018 Sales impacted by: − Lower deliveries due to weather- Net Sales $237.9 $263.9 related production disruption % Change (9.9)% 22.2% Adjusted operating income* impacted by: Adjusted Operating − Lower sales volume and In
Slide 16: Appendix: 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, 2019 2018 Access equipment segment operating income (
Slide 17: Appendix: 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): Fiscal Year Ended September 30, 2019 Expectations Low High Earnings per share-dilu
Slide 18: Appendix: Commonly Used Acronyms
Appendix: Commonly Used Acronyms ARFF Aircraft Rescue and Firefighting LVSR Logistic Vehicle System Replacement AWP Aerial Work Platform M-ATV MRAP All-Terrain Vehicle AMPS Aftermarket Parts & Service MRAP Mine Resistant Ambush Protected CapEx Capital Expenditures MSVS Medium Support Vehicle System