Oshkosh Corporation (Holding Company) · NYSE:OSK
Oshkosh Corporation (Holding Company) — Q3 2019 Earnings Presentation
18 slides from Oshkosh Corporation (Holding Company)'s earnings presentation, Aug 1, 2019
Slide 1: Oshkosh Corporation Third Quarter Fiscal 2019
Oshkosh Corporation Third Quarter Fiscal 2019 August 1, 2019 WILSON R. JONES – PRESIDENT AND CHIEF EXECUTIVE OFFICER DAVID M. SAGEHORN – 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: Q3: Another strong quarter
Q3: Another strong quarter OSK Q3 Performance +23.6% Strong results driven by strong +10.0% $2.72 execution $2.39 Sales up in all segments $2.18 $2.20 Double digit growth in adjusted operating income and adjusted EPS Mixed economic signals Staying close to customers to understand their out
Slide 4: Access Equipment
Access Equipment Record Q3 sales Higher North America and Asia Pacific sales Product adoption in Asia Pacific remains a strong market driver Experienced further operational improvements Supply chain stability Orders moderated in the quarter Predominantly in U.S. and Europe (believe wea
Slide 5: Defense
Defense JLTV moved into Full Rate Production phase of program Configuration changes being incorporated into production Very positive response from customer on vehicle performance Work continues on FMTV A2 Encouraged by recent announcement of Bipartisan Budget Act of 2019 Agreement sets t
Slide 6: Fire & Emergency
Fire & Emergency Strong execution and financial results Simplification continues to drive performance Increased North America fire truck deliveries Rebound in international shipments North America fire truck market remains healthy with modest growth expected Dealer network continues inve
Slide 7: Commercial
Commercial Continued recovery from partial roof collapse Damaged equipment has been replaced Orders and backlog down but in line with long term averages RCV and IMT backlogs near all-time highs Focus on market segments that align with simplification and pricing strategies Showcasing rede
Slide 8: Consolidated results
Consolidated results Dollars in millions, except per share amounts Third Quarter 2019 2018 Q3 comments Net Sales $ 2,392.7 $ 2,175.8 Sales impacted by: % Change 10.0% 6.8% + Higher sales in all segments Adjusted Operating Income $ 257.8 $ 230.1* Adjusted EPS* impacted by: % Change 12.0% 2.7% + H
Slide 9: Adoption of ASC 606 Q3 FY19 and expected FY19 results
Adoption of ASC 606 Q3 FY19 and expected FY19 results Dollars in millions Third quarter FY19 results Without adoption Effect of change Estimated full year Segment As reported of ASC 606 higher/(lower) FY19 impact Access Equipment • Sales $ 1,249.1 $ 1,250.3 $ (1.2) $ - • Operating income 189.9 190.9
Slide 10: Updated Oshkosh FY19 expectations
Updated Oshkosh FY19 expectations Revenues of ~$8.3 billion Segment information Operating income of $760 to $775 million Adjusted EPS* of $7.90 to $8.10 Access Fire & Measure Defense Commercial Equipment Emergency Additional expectations Corporate expenses of $150 - $155 million Adjusted tax rat
Slide 11: Contacts
Contacts: Patrick N. Davidson Senior Vice President, Investor Relations [email protected] 920-966-5939 Jeffrey D. Watt Director, Investor Relations [email protected] 920-233-9406 Third Quarter 2019 Earnings Call August 1, 2019 11
Slide 12: Appendix: Access Equipment
Appendix: Access Equipment Dollars in millions Third Quarter 2019 2018 Q3 comments Net Sales $ 1,249.1 $ 1,160.1 Sales impacted by: % Change 7.7% 18.4% + Higher volume in all regions, except EMEA Adjusted Operating Income $ 189.9 $ 156.2* + Improved pricing % Change 21.6% 10.9% Adjusted operatin
Slide 13: Appendix: Defense
Appendix: Defense Dollars in millions Third Quarter 2019 2018 Q3 comments Net Sales $ 511.1 $ 442.6 Sales impacted by: % Change 15.5% (8.3)% + Ramp up of JLTV program ‒ Impact of ASC 606 Operating Income $ 29.5 $ 48.2 % Change (38.8)% (23.7)% Operating income impacted by: ‒ Impact of ASC 606 % M
Slide 14: Appendix: Fire & Emergency
Appendix: Fire & Emergency Dollars in millions Third Quarter 2019 2018 Q3 comments Net Sales $ 341.0 $ 283.8 Sales impacted by: % Change 20.2% 0.3% + Impact of ASC 606 + Higher fire truck deliveries Operating Income $ 50.7 $ 36.5 + Improved pricing % Change 38.9% 15.9% % Margin 14.9% 12.9% Opera
Slide 15: Appendix: Commercial
Appendix: Commercial Dollars in millions Third Quarter 2019 2018 Q3 comments Net Sales $ 296.1 $ 295.2 Sales impacted by: + Impact of ASC 606 % Change 0.3% 0.0% + Higher package sales Operating Income $ 21.5 $ 25.1 + Improved pricing % Change (14.3)% 16.2% ‒ Lower deliveries in part due to % Margi
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 ending June 30 2019 2018 • Access equipment segment operating income (G
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): FY19 expectations Low High • Earnings per share-diluted (GAAP) $ 7.80 $ 8.00 • Repat
Slide 18: Appendix: Commonly used acronyms
Appendix: Commonly used acronyms ARFF Aircraft Rescue and Firefighting LRIP Low Rate Initial Production AWP Aerial Work Platform LVSR Logistic Vehicle System Replacement AMPS Aftermarket Parts & Service M-ATV MRAP All-Terrain Vehicle ASC Accounting Standards Codification MRAP Mine Resistant Ambush P