Oshkosh Corporation (holding Company) · NYSE:OSK
Oshkosh Corporation (holding Company) — Q2 2021 Earnings Presentation
21 slides from Oshkosh Corporation (holding Company)'s earnings presentation, Apr 28, 2021
Slide 1: Oshkosh Corporation Second Quarter Fiscal 2021
Oshkosh Corporation Second Quarter Fiscal 2021 April 28, 2021 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: Strong Q2 as outlook for FY21 improves
Strong Q2 as outlook for FY21 improves Q2 adj. EPS* of $1.48 exceeded our expectations, led by Access Equipment OSK Q2 Performance Oshkosh businesses benefiting as impact from COVID-19 wanes $1.8 $1.9 Production returned to pre-pandemic levels $1.48 Supply chain requires ongoing focus +5.1%
Slide 4: Access Equipment
Access Equipment JLG Ultraboom Lifts - Beijing Daxing Airport Strong return of demand led by North America Solid execution during pandemic enabling rapid response Aged customer fleets continue to support growing demand, despite lower non-residential construction forecasts in calendar 2021 Su
Slide 5: Defense
Defense USPS Next Generation Delivery Vehicle (NGDV) Winner of historic NGDV for USPS Agency's first large-scale vehicle procurement in >30 years 10-year program calls for 50,000 to 165,000 vehicles Capable of delivering any mix of BEV or low emission ICE units required by customer USPS ca
Slide 6: Fire & Emergency
Fire & Emergency Pierce Ascendant® Heavy-Duty Aerial Tower Strong sales growth and margin performance during the quarter Operations back to pre-pandemic levels; focused on supply chain Dealer investments in service centers contributing to long-term success Backlog remains near record levels
Slide 7: Commercial
Commercial McNeilus Side Loader Refuse Collection Vehicle (RCV) Strong progress on focused factory moves for rear discharge concrete mixer and RCV production Improving markets as evidenced by RCV and mixer quote and order activity Strong focus to address 3rd party chassis availability as a res
Slide 8: Consolidated results
Consolidated results Dollars in millions, except per share amounts Second Quarter 2021 2020 Q2 comments Net Sales $ 1,889.0 $ 1,796.7 Sales impacted by: % Change 5.1% (9.7)% + Higher Fire & Emergency & Access Equipment segment sales Adjusted operating income $ 143.3* $ 133.6 − Lower Defense segmen
Slide 9: Announcing FY21 expectations
Announcing FY21 expectations • Revenues of $7.75 - $7.95 billion • Adj. operating income* of $610-$655 million • Adj. EPS* of $6.35 to $6.85 Segment information Additional expectations Access Fire & Measure Defense Commercial Corporate expenses of $150 - $155 million Equipment Emergency Tax rate
Slide 10: Contacts
Contacts: Pratt Miller SAFI Disinfecting Robot 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 Second Quarter 2021 Earnings Call April 28, 2021 10
Slide 11: Appendix: Access Equipment
Appendix: Access Equipment Q2 comments Dollars in millions Second Quarter 2021 2020 Sales impacted by: + Strong demand as global markets Net Sales $ 738.2 $ 693.0 recover from pandemic impact % Change 6.5% (29.8)% Adjusted operating income* Adjusted operating income $ 82.7* $ 70.8 impacted by: %
Slide 12: Appendix: Defense
Appendix: Defense Q2 comments Dollars in millions Sales impacted by: Second Quarter 2021 2020 - Lower FMTV volume Net Sales $ 614.7 $ 631.0 - Lower CCA % Change (2.6)% 27.2% + Impact of Pratt Miller acquisition Adjusted operating Income $ 35.8* $ 59.7 Adjusted operating income* % Change (40.0)%
Slide 13: Appendix: Fire & Emergency
Appendix: Fire & Emergency Q2 comments Dollars in millions Second Quarter 2021 2020 Sales impacted by: + Higher Pierce fire truck and Net Sales $ 312.5 $ 242.3 ARFF deliveries % Change 29.0% (12.2)% Operating income impacted by: Operating income $ 47.4 $ 19.0 + Higher sales volume % Change 149.5
Slide 14: Appendix: Commercial
Appendix: Commercial Dollars in millions Q2 comments Second Quarter 2021 2020 Sales impacted by: Net Sales $ 230.0 $ 236.7 − Lower RCV volume % Change (2.8)% (0.5)% − Sale of CON-E-CO Operating income $ 18.8 $ 8.1 + Higher front discharge mixer volume % Change 132.1% 3.8% Operating income impact
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 2021 2020 • Earnings per share-diluted (GAAP) $ 1.44 $ 0
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 Change from 2021 2020 2020 to 2021 • Access Equipment segment operating income (GA
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 (in millions): Twelve months ended September 30 2020 • Consolidated operating income (GAAP) $ 488.7 • Restructuring-related c
Slide 18: 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): Twelve months ended September 30 2020 • Earnings per share-diluted (GAAP) $ 4.72 • R
Slide 19: 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): FY21 expectations Low High • Consolidated operating income (GAAP) $ 592.5 $ 637.5 •
Slide 20: 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 FY21 expectations Low High • Access Equipment segment operating income margin (GAAP) 10.00% 10.75% • Restructuring-related co
Slide 21: Commonly used acronyms
Appendix: Commonly used acronyms ARFF Aircraft Rescue and Firefighting JLTV Joint Light Tactical Vehicle AWP Aerial Work Platform JPO Joint Program Office AMPS Aftermarket Parts & Service JUONS Joint Urgent Operational Needs Statement APAC Asia Pacific LRIP Low Rate Initial Production ASC Accounting
Oshkosh Corporation (Holding Company)Common Stock — Q2 2021 Earnings Presentation on 6ix