Oshkosh Corporation (holding Company) · NYSE:OSK
Oshkosh Corporation (holding Company) — Q1 2020 Earnings Presentation
16 slides from Oshkosh Corporation (holding Company)'s earnings presentation, Jan 29, 2020
Slide 1: Oshkosh Corporation First Quarter Fiscal 2020
Oshkosh Corporation First Quarter Fiscal 2020 January 29, 2020 WILSON JONES – PRESIDENT AND CHIEF EXECUTIVE OFFICER JOHN PFEIFER - EXECUTIVE VICE PRESIDENT AND CHIEF OPERATING OFFICER DAVID SAGEHORN – EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER PATRICK DAVIDSON – SENIOR VICE PRESIDENT, INVE
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: A solid start to FY20
A solid start to FY20 OSK Q1 Performance (6.0%) Q1 in line with company $1.80 $1.70 expectations $1.61 Customer order patterns consistent (31.7%) with the company’s expectations $1.10 Access equipment, defense and fire & emergency all with backlogs >$1 billion at quarter end Stabilizing macr
Slide 4: Defense
Defense JLTV production ramp up on track Received U.S. DoD JLTV order for more than $800M, including early international units Government testing continues on FMTV A2 units FMTV A1P2 deliveries through FY21, then begin transition to FMTV A2 Pleased with recently signed FY20 Defense budget
Slide 5: Access Equipment
Access Equipment Solid start to FY20 with strong OI and OI margins As expected, lower sales in North America and EAME offset continued robust sales growth in Asia Pacific Product adoption remains a strong market driver in key emerging markets Expectations for access equipment market in EAME
Slide 6: Fire & Emergency
Fire & Emergency Successfully overcame supplier delivery issue that led to operating inefficiencies and lower than expected sales in Q1 Impact contained to the first quarter Strong order growth and record backlog in Q1 highlight industry leadership and position segment for continued success go
Slide 7: Commercial
Commercial Simplification remains focus and is gaining traction Front discharge S-series 2.0 production ramping up from pilot phase Higher RCV orders Lower concrete mixer orders, impacted by simplification approach and customer timing Expect concrete mixer and RCV markets in FY20 to be sim
Slide 8: Consolidated results
Consolidated results Dollars in millions, except per share amounts First Quarter 2020 2019 Q1 comments Net Sales $ 1,695.1 $ 1,803.4 Sales impacted by: % Change (6.0)% 13.7% − Lower access equipment Operating Income $ 109.1 $ 160.5 segment sales % Change (32.0)% 72.4% Adjusted EPS* impacted by:
Slide 9: Updated Oshkosh FY20 expectations
Updated Oshkosh FY20 expectations • Revenues of $7.9 - $8.2 billion Segment information • Operating income of $690 to $765 million • EPS of $7.30 to $8.10 Access Fire & Measure Defense Commercial Equipment Emergency Additional expectations Corporate expenses of $150 - $155 million Tax rate of ~2
Slide 10: Contacts
Contacts: Patrick N. Davidson Senior Vice President, Investor Relations pdavidson@oshkoshcorp.com 920-502-3266 Jeffrey D. Watt Director, Investor Relations jwatt@oshkoshcorp.com 920-502-3024 First Quarter 2020 Earnings Call January 29, 2020 10
Slide 11: Appendix: Access Equipment
Appendix: Access Equipment Dollars in millions First Quarter 2020 2019 Q1 comments Net Sales $ 717.9 $ 826.5 Sales impacted by: % Change (13.1)% 31.6% − Lower North America and EAME volume Operating Income $ 69.0 $ 66.4 + Higher APAC volume % Change 3.9% 122.8% Operating income impacted by: % Ma
Slide 12: Appendix: Defense
Appendix: Defense Dollars in millions First Quarter 2020 2019 Q1 comments Net Sales $ 493.1 $ 464.1 Sales impacted by: % Change 6.2% (6.0)% + Continued ramp up of JLTV production Operating Income $ 30.9 $ 71.1 − Lower FHTV sales % Change (56.5)% 8.1% Operating income impacted by: % Margin 6.3% 1
Slide 13: Appendix: Fire & Emergency
Appendix: Fire & Emergency Dollars in millions First Quarter 2020 2019 Q1 comments Net Sales $ 262.4 $ 295.5 Sales impacted by: % Change (11.2)% 29.0% − Prior year favorable sales timing Operating Income $ 31.0 $ 39.9 Operating income impacted by: % Change (22.3)% 57.7% − Lower sales volume % Ma
Slide 14: Appendix: Commercial
Appendix: Commercial Dollars in millions First Quarter 2020 2019 Q1 comments Net Sales $ 224.2 $ 222.2 Sales impacted by: + Higher package sales % Change 0.9% (8.0)% − Lower concrete mixer sales Operating Income $ 17.8 $ 18.7 Operating income impacted by: % Change (4.8)% 73.1% − Adverse product
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 December 31 2019 2018 • Earnings per share-diluted (GAAP) $ 1.10
Slide 16: Commonly used acronyms
Appendix: Commonly used acronyms ARFF Aircraft Rescue and Firefighting L-ATV Light Combat Tactical All-Terrain Vehicle AWP Aerial Work Platform LRIP Low Rate Initial Production AMPS Aftermarket Parts & Service LVSR Logistic Vehicle System Replacement APAC Asia Pacific M-ATV MRAP All-Terrain Vehicle
Oshkosh Corporation (Holding Company)Common Stock — Q1 2020 Earnings Presentation on 6ix