Oshkosh Corporation (holding Company) · NYSE:OSK
Oshkosh Corporation (holding Company) — Q4 2020 Earnings Presentation
20 slides from Oshkosh Corporation (holding Company)'s earnings presentation, Oct 29, 2020
Slide 1: Oshkosh Corporation Fourth Quarter Fiscal 2020
Oshkosh Corporation Fourth Quarter Fiscal 2020 October 29, 2020 WILSON JONES – CHIEF EXECUTIVE OFFICER JOHN PFEIFER - PRESIDENT AND CHIEF OPERATING 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: Solid Q4 performance in a challenging environment
Solid Q4 performance in a challenging environment OSK Q4 Performance Strong results despite pandemic challenges $2.2 Grew adj. operating income* in $2.17 three of four segments $1.8 Oshkosh culture facilitated strong execution (18.7)% $1.30 Rapid response in lowering costs drove performance
Slide 4: Strength of Oshkosh culture evident despite adversity in FY20
Strength of Oshkosh culture evident despite adversity in FY20 OSK FY20 Performance $8.4 Strong execution drove impressive $8.31 results despite pandemic/lower $6.9 revenues Implemented temporary cost (18.2)% reductions for FY20 and permanent $4.94 cost reductions for FY21 (40.6)% Culture drivi
Slide 5: Access Equipment
Access Equipment Flexible approach during challenging period drove solid performance North America and Europe markets remain soft as rental customers limit investments in new equipment JLG staying agile and responsive to customers Fleet age continues to increase Expect markets to recover
Slide 6: Defense
Defense Double-digit full year FY20 revenue growth during the pandemic provided stability Ongoing ramp up of JLTV led to higher revenues Facing staffing and production challenges due to elevated COVID-19 levels in Wisconsin Robust backlog provides good visibility Received contract in Octob
Slide 7: Fire & Emergency
Fire & Emergency Strong execution led to record quarterly performance in Q4 on the heels of strong Q3 Simplification and innovation continue to drive impressive results Overcame supplier, customer delivery and other challenges Achieved new record for fire truck orders in FY20 Lower fire tr
Slide 8: Commercial
Commercial Strong Q4 and full year FY20 adj. operating income margins* despite challenges caused by the pandemic Front discharge concrete mixers ramping up Recent restructuring/simplification actions on track RCV business builds on strong foundation in Dodge Center, Minnesota Rear discharg
Slide 9: Consolidated results
Consolidated results Dollars in millions, except per share amounts Fourth Quarter 2020 2019 Q4 comments Net Sales $ 1,784.2 $ 2,195.7 Sales impacted by: % Change (18.7)% 6.7% − Lower access equipment Adjusted operating income $ 124.1* $ 203.1 segment sales % Change (38.9)% 12.5% Adjusted EPS* im
Slide 10: Comments on FY21
Comments on FY21 Not providing quantitative expectations for FY21 Uncertainty in Access Equipment and Commercial segment demand Strong backlogs provide visibility in the Defense and Fire & Emergency segments Increased COVID-19 cases challenging production in Wisconsin Maintain positive lon
Slide 11: 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 Fourth Quarter 2020 Earnings Call October 29, 2020 11
Slide 12: Appendix: Access Equipment
Appendix: Access Equipment Q4 comments Dollars in millions Fourth Quarter 2020 2019 Sales impacted by: − Effects of COVID-19 on global Net Sales $ 616.2 $ 1,016.5 markets % Change (39.4)% (4.2)% Adjusted operating income* Adjusted operating income $ 32.8* $ 126.5 impacted by: % Change (74.1)% (1
Slide 13: Appendix: Defense
Appendix: Defense Q4 comments Dollars in millions Sales impacted by: Fourth Quarter 2020 2019 + Higher international truck volume Net Sales $ 606.6 $ 570.2 + Higher AMPS sales % Change 6.4% 22.7% Adjusted operating income* Adjusted operating Income $ 53.5* $ 50.5 impacted by: % Change 5.9% 14.8%
Slide 14: Appendix: Fire & Emergency
Appendix: Fire & Emergency Q4 comments Dollars in millions Fourth Quarter 2020 2019 Sales impacted by: − Large international sale in prior Net Sales $ 318.4 $ 346.4 year % Change (8.1)% 22.1% Adjusted operating income* Adjusted operating income $ 52.3* $ 49.3 impacted by: % Change 6.1% 23.9% + I
Slide 15: Appendix: Commercial
Appendix: Commercial Dollars in millions Q4 comments Fourth Quarter 2020 2019 Sales impacted by: Net Sales $ 249.2 $ 266.0 − Lower RCV demand due to COVID-19 % Change (6.3)% 4.6% Adjusted operating income* Adjusted operating income $ 20.2* $ 18.8 impacted by: % Change 7.4% 33.3% + Temporary cost
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, except per share amounts): Three months ended September 30 Twelve months ended September 30 2020 2019 2020 2019
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): Three months ended September 30 Change from 2020 2019 2019 to 2020 • Consolidated operating income (GAAP) $ 12
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): Three months ended September 30 Change from 2020 2019 2019 to 2020 • Access Equipment segment operating income
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): Twelve months ended September 30 Change from 2020 2019 2019 to 2020 • Access Equipment segment operating incom
Slide 20: Commonly used acronyms
Appendix: Commonly used acronyms ARFF Aircraft Rescue and Firefighting JUONS Joint Urgent Operational Needs Statement AWP Aerial Work Platform L-ATV Light Combat Tactical All-Terrain Vehicle AMPS Aftermarket Parts & Service LRIP Low Rate Initial Production APAC Asia Pacific LVSR Logistic Vehicle Sys