Oshkosh Corporation (Holding Company) · NYSE:OSK
Oshkosh Corporation (Holding Company) — Q1 2013 Earnings Presentation
18 slides from Oshkosh Corporation (Holding Company)'s earnings presentation, Jan 25, 2013
Slide 1: Oshkosh Corporation First Quarter Fiscal 2013
Oshkosh Corporation First Quarter Fiscal 2013 January 25, 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 includes 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: Strong Start to Fiscal 2013
Strong Start to Fiscal 2013 • Adjusted EPS* of $0.60 OSK Fiscal Q1 Performance – Results exceeded $3,000 $1.00 expectations $2,500 • Margins expanded in all non- $0.75 Adjusted EPS* defense segments Net Sales $2,000 $0.60 $1,876 $1,761 (millions) – Exceeded expectations in $1,500 $0.39 $0.50 defense
Slide 4: Strong Foundation Supporting Outlook for FY13 and Beyond
Strong Foundation Supporting Outlook for FY13 and Beyond • MOVE strategy provides direction and focus – Framework drives daily actions – Already delivering results • Benefiting from strengthening U.S. housing market • Large delivery orders received for core defense programs Source: National Associat
Slide 5: Defense
Defense • Strong execution led to outperformance • Awarded ~$800M of DoD contracts in Q1, solidifying sales outlook for existing U.S. programs through FY14 – FHTV – FMTV • Initial U.A.E. M-ATV shipments ahead of schedule • Progressing on JLTV EMD program; building 22 test units 5 OSK First Quarter 2
Slide 6: Access Equipment
Access Equipment • North American market remains strong – Driven largely by replacement equipment – Key metrics remain solid – Independents increasingly active • Global markets mixed – Europe remains soft – Year over year sales growth in Latin America and Pacific Rim • Strong backlog growth in Q1 6
Slide 7: Fire & Emergency
Fire & Emergency • Improved results despite markets that remain soft – Evidence of municipal demand stabilizing, but federal spending still declining • Timing of international deliveries benefited quarter • Florida operations continue to improve • Ambulance business wind down expected to be complete
Slide 8: Commercial
Commercial • Benefiting from housing market recovery – Concrete mixer orders continue to grow – Aftermarket parts and service growth continues • Refuse collection fleets continue to embrace CNG • Remain focused on operational improvements to deliver higher margins 8 OSK First Quarter 2013 Earnings C
Slide 9: Consolidated Results
Consolidated Results (Dollars in millions, except per share amounts) First Quarter Comments 2013 2012 • Sales impacted by: Net Sales $1,761.0 $1,875.7 ‒ Lower defense M-ATV and % Change (6.1)% 10.5% related aftermarket parts volumes + Non-defense demand Adjusted Operating Income* $97.7 $79.2 + Timin
Slide 10: Updated Expectations for FY13
Updated Expectations for FY13* • Revenues of $7.4 billion to $7.7 billion • Adjusted operating income of $420 million to $455 million • Adjusted EPS from continuing operations of $2.80 to $3.05 Segment information Access Fire & Measure Defense Commercial Equipment Emergency Sales $2.8-$3.0 $3.2-$3.3
Slide 11: For information contact
For information contact: Patrick N. Davidson Vice President, Investor Relations (920) 966-5939 pdavidson@oshkoshcorp.com Tina Schmiedel Director, Investor Relations (920) 233-9235 tschmiedel@oshkoshcorp.com
Slide 12: Appendix: Access Equipment
Appendix: Access Equipment (Dollars in millions) First Quarter Comments 2013 2012* • Sales impacted by: Elimination of intersegment Net Sales $581.3 $627.7 M-ATV sales to defense segment % Change (7.4)% 91.8% Higher telehandler and aftermarket volume in North America Adjusted Price realization
Slide 13: Appendix: Defense
Appendix: Defense (Dollars in millions) First Quarter Comments 2013 2012 • Sales impacted by: Lower M-ATV and related Net Sales $828.7 $1,051.0 aftermarket volume % Change (21.1)% (5.6)% Higher FHTV and FMTV volume Adjusted • Margins impacted by: Operating Income* $61.8 $92.4 Adverse product m
Slide 14: Appendix: Fire & Emergency
Appendix: Fire & Emergency (Dollars in millions) First Quarter Comments 2013 2012 • Sales impacted by: + Volume, including Net Sales $193.3 $160.1 timing of international % Change 20.7% (19.0)% deliveries + Product mix Adjusted Operating • Margins impacted by: Income (Loss)* $5.5 $(8.4) + Improved o
Slide 15: Appendix: Commercial
Appendix: Commercial (Dollars in millions) First Quarter Comments 2013 2012 • Sales impacted by: + Higher concrete mixer Net Sales $177.3 $171.6 volume % Change 3.3% 43.6% + Higher parts & service sales Operating Income $8.0 $6.9 Lower chassis volume % Change 16.2% 189.3% • Margins impacted by: %
Slide 16: Appendix: Commonly Used Acronyms
Appendix: Commonly Used Acronyms ARFF Aircraft Rescue and Firefighting MECV Modernized Expanded Capability Vehicle AWP Aerial Work Platform MRAP Mine Resistant Ambush Protected CNG Compressed Natural Gas MSVS Medium Support Vehicle System (Canada) DoD Department of Defense MTT Medium Tactical Truck
Slide 17: Appendix: Non-GAAP to GAAP Reconciliation
Appendix: Non-GAAP to GAAP Reconciliation • The tables 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 Three Months Ended December 31, December 31, 2012 2011 2012 20
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): Fiscal 2013 Expecations Low High Corporate Non-GAAP operating expenses $ (130.0) $