OSHKOSH CORPORATION AT A GLANCE

Transcription

1 OSHKOSH CORPORATION AT A GLANCE

2 AT A GLANCE PG 1 ACCESS EQUIPMENT $2,919.5 $3,120.8 $3,506.5 & SERVICES Aerial Work Platforms Combustion, electric (rechargeable battery), and hybrid powered lifts with articulating booms and telescoping booms; combustion and electric scissor lifts; compact crawler articulating booms; towable booms; mast lifts, stock pickers; personal portable lifts for low-level applications Telehandlers Complete line of material handling machines from compact to heavy duty for applications such as construction, agriculture and military. Complete line of accessories to expand versatility and applications Towing and Recovery Equipment Standard, medium and heavy-duty vehicle carriers and wreckers; heavy-duty rotators; accessories and service Drop Deck Trailers Triple-L trailers in utility or flatbed configurations JLG Ground Support Training; technical and warranty support; aftermarket parts for JLG and non-jlg machines; equipment refurbishing; used equipment sales; financing Global leader in access equipment; premium brands recognized for strong performance, innovation, technology and quality; single-source global solution provider, aftermarket parts support, pre-owned equipment, refurbishment services and financing; innovative equipment designs and system technologies; global manufacturing and distribution; leading brand of towing equipment in U.S. North American demand driven by fleet replacement; improving residential construction activity expanding demand growth beyond replacement cycle; non-residential construction recovery following residential construction recovery; European market trailing North American market with a slower recovery; adoption of work-at-height safety regulations, education and increasing labor rates contributing to growth in emerging markets REACHING OUT

3 AT A GLANCE PG 3 DEFENSE $3,950.5 $3,049.7 $ Heavy Tactical Vehicles Medium Tactical Vehicles Light Tactical Vehicles Services Heavy Expanded Mobility Tactical Truck (HEMTT); Heavy Equipment Transporter (HET); Palletized Load System (PLS); Logistic Vehicle System Replacement (LVSR) Family of Medium Tactical Vehicles (FMTV) 17 different variants; Medium Tactical Vehicle Replacement (MTVR) Mine-Resistant Ambush Protected Vehicles MRAP All-Terrain Vehicle (M-ATV) Family of Vehicles Light Combat Tactical All-Terrain Vehicle (L-ATV) The Oshkosh JLTV solution Aircraft Rescue and Fire Fighting P-19R Aircraft Rescue and Fire Fighting (ARFF) Life cycle support and services include C4I and systems integration, fleet maintenance, diagnostics and repairs, training, spare and repair parts support, and fleet refurbishment; Oshkosh Finishing Services (OFS) including welding and fabrication, assembly, corrosion protection and top coat Strong brand recognized for superior vehicle performance and integrated life cycle support; comprehensive offering of tactical wheeled vehicles, technologies, components, and sustainment services; broad product portfolio MRAP, light, medium and heavy tactical wheeled vehicles; programs of record for the U.S. Army s FHTV and FMTV; the leading provider of high-mobility MRAP vehicles (M-ATV) to militaries around the globe; contender for the U.S. Joint Light Tactical Vehicle (JLTV) production contract; flexible, cost-effective manufacturing, supply chain and quality management capability and capacity; total life cycle vehicle and component support delivered worldwide, including service in theater; TAK-4 family of independent suspension systems, TerraMax unmanned ground vehicle, Command Zone integrated control and diagnostic system, and virtual training solutions Declining U.S. defense budgets continue to put pressure on domestic new vehicle programs; refurbishment and recapitalization opportunities from extended vehicle use in harsh terrain and climates as well as battle damage; growth opportunities in tactical vehicle programs such as JLTV; increased global demand for vehicles with higher levels of off-road mobility and survivability; growing global demand for survivability and efficiency driving new technologies and services that provide: autonomous operability, improved safety, C4I and systems integration, integrated crew protection, mission-based modularity, fuel efficiency, operational energy, onboard system controls and diagnostics, and total life cycle cost management LEADING MILITARY VEHICLES DESIGNED AND BUILT FOR THE EVER-CHANGING BATTLEFIELD

4 AT A GLANCE PG 5 FIRE & EMERGENCY $768.6 $792.4 $756.5 & SERVICES Fire Apparatus Custom and commercial pumpers; heavy duty rescues; aerials; tillers Airport Aircraft Rescue and Fire Fighting (ARFF) vehicles; airport snow blower, broom and plow trucks Broadcast and Command Vehicles Rescue, law enforcement and Homeland Security apparatus; broadcast and command vehicles, simulator shelters Services Product financing; aftermarket service; training Innovation leader and manufacturer of North America s top fire truck brand, Pierce; leading global position for ARFF and heavy-duty snow-removal vehicles for airports; industry s largest distribution and service networks; first to introduce side roll protection, front air bags and electronic stability control in custom fire apparatus; over 30 years building market leading custom fire apparatus; comprehensive product lines for fire and Homeland Security applications; market leadership in broadcast and command vehicles Domestic fire market drivers stabilizing, modest municipal recovery underway; continued lower federal demand in 2015; older North American fleets drive demand for fire apparatus; airport upgrades and new airports, especially in emerging markets, driving strong global demand for ARFF vehicles; increasing demand for more advanced technologies in emerging markets; general emergencies driving demand for multi-purpose vehicles with added storage space and integration of communications systems; continuing emphasis on safety and risk management PERFORM. LIKE NO OTHER.

5 AT A GLANCE PG 7 COMMERCIAL $697.0 $766.9 $865.9 Concrete Refuse Industrial Service Services Rear-discharge mixers; front-discharge mixers; CNG fuel systems and installation services; concrete batch plants; allmakes parts Refuse collection vehicles; rear loaders, front loaders, side loaders; containerhandling equipment; CNG fuel systems and installation services; bin lifters Mechanics trucks; tire service trucks; lubrication trucks; telescopic and articulating truckmounted cranes; catch basin cleaners; hydraulic loaders Aftermarket service; training; product financing Leading manufacturer of refuse collection vehicles, concrete mixers and batch plants; broadest concrete mixer product lineup in the industry; energy efficiency leader with CNG-powered vehicles; leader in service vehicle and truck-mounted crane markets; best-in-class aftermarket service and support; direct distribution facilitates strong customer service and relationships; scalable and flexible manufacturing North American concrete mixer, batch plant and wallboard crane markets improving with housing recovery; North American refuse collection market expected to grow slowly in FY15 following modest growth in FY14; population growth and stronger municipal spending environment helping drive demand for refuse collection vehicles; growing demand for energy-efficient and low emission vehicles; growth in commercial construction driving demand in Central America, South America and Middle East MARKET LEADING, BEST-IN-CLASS SERVICE AND SUPPORT

6 AT A GLANCE PG 9 14 FINANCIAL HIGHLIGHTS Fiscal Year Ended September 30 FINANCIAL HIGHLIGHTS Fiscal Year Ended September 30 (in millions, except per share amounts) FY12 FY13 FY14 Net sales $8,141.1 $7,665.1 $6,808.2 Operating income % / ACCESS EQUIPMENT 25% / DEFENSE 11% / FIRE & EMERGENCY 13% / COMMERCIAL $8,141.1 $7,665.1 $6,808.2 $404.7 $534.8 $ % / NORTH AMERICA 10% / EUROPE, AFRICA, MIDDLE EAST 8% / REST OF THE WORLD Adjusted operating income* Income from continuing operations attributable to Oshkosh Corporation Per share assuming dilution Adjusted per share assuming dilution* Depreciation Amortization of purchased intangibles, deferred financing costs and stock-based compensation** Total assets 4, , ,586.7 NET SALES BY SEGMENT NET SALES ADJUSTED OPERATING INCOME* SALES BY REGION Net working capital , ,072.7 Cash and cash equivalents Long-term debt (including current maturities) OSHKOSH CORPORATION is a leading designer, manufacturer and marketer of a broad range of access equipment, specialty military, fire & emergency and commercial vehicles and vehicle bodies. Oshkosh Corporation partners with customers to deliver superior solutions that safely and efficiently move people and materials at work, around the globe and around the clock. In short, we are Moving the World at Work. Our top priorities are to serve and delight our customers, as well as drive superior operating performance to benefit our shareholders. We do this while leveraging our strengths and resources in engineering, manufacturing, purchasing and distribution across our four business segments. Founded in 1917, Oshkosh Corporation has manufacturing operations in eight U.S. states and in Australia, Belgium, Canada, China, France, Mexico and Romania. The company currently employs approximately 12,000 people worldwide. Oshkosh Corporation shareholders equity 1, , ,985.0 Book value per share Backlog 4, , ,891.0 Expenditures for property, plant and equipment * Non-GAAP results. See Non-GAAP to GAAP reconciliation. ** Includes amortization of deferred financing costs of $7.0 million in fiscal, $4.9 million in fiscal, and $6.2 million in fiscal. Non-GAAP to GAAP Reconciliation FY12 FY13 FY14 Non-GAAP to GAAP Reconciliation FY12 FY13 FY14 Non-GAAP operating income $404.7 $534.8 $512.2 Non-GAAP earnings per share diluted $ 2.30 $ 3.74 $ 3.62 Union contract ratification costs (3.8) Reduction of valuation allowance on net Performance share valuation adjustment (7.0) operating loss carryforward 0.14 Pension curtailment and settlement loss (3.4) (8.2) Debt extinguishment costs, net of tax (0.08) OPEB curtailment gain 10.0 Contract pricing adjustment for OPEB costs, net of tax (0.08) Tender offer and proxy contest costs (6.6) (16.3) OPEB curtailment gain, net of tax 0.07 Intangible asset impairment charge (9.0) Pension curtailment and settlement loss, Contract pricing adjustment for OPEB costs (10.7) net of tax (0.02) (0.06) GAAP operating income $387.7 $505.7 $503.3 Performance share valuation adjustment, net of tax (0.05) Tender offer and proxy contest costs, net of tax (0.05) (0.12) Intangible asset impairment charge, net of tax (0.06) Discrete tax benefits 0.49 Union contract ratification costs, net of tax (0.03) GAAP earnings per share diluted $ 2.67 $ 3.53 $ 3.61

7 Oshkosh Corporation partners with customers to deliver superior solutions that safely and efficiently move people and materials at work, around the globe and around the clock. The MOVE strategy supports our transformation to a stronger, global industrial company. M O V E MARKET RECOVERY AND GROWTH Capture full upside of economic recovery and market growth with strong focus on execution and conquest sales. OPTIMIZE COST & CAPITAL STRUCTURE Optimize our cost and capital structure to provide value for customers and shareholders. VALUE INNOVATION Continue to lead in innovation over the entire product life cycle. EMERGING MARKET EXPANSION Drive international growth in targeted geographies. This document contains statements that the Company believes to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of All statements other than statements of historical fact, including, without limitation, statements regarding the Company s future financial position, business strategy, targets, projected sales, costs, earnings, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations, are forward-looking statements. When used in this document, words such as may, will, expect, intend, estimate, anticipate, believe, should, project, outlook, or plan or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. All statements in Industry Outlook represent the Company s beliefs and are intended to be forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond the Company s control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the cyclical nature of the Company s access equipment, commercial and fire & emergency markets, which are particularly impacted by the strength of U.S. and European economies; the strength of emerging market growth and projected adoption rates of work at height machinery; the expected level and timing of DoD and international defense customer procurement of products and services and funding thereof; risks related to reductions in government expenditures in light of U.S. defense budget pressures, sequestration and an uncertain DoD tactical wheeled vehicle strategy, including the Company s ability to successfully manage the cost reductions required as a result of lower customer orders in the defense segment; the Company s ability to win a U.S. JLTV production contract award and international defense contract awards; the Company s ability to increase prices to raise margins or offset higher input costs; increasing commodity and other raw material costs, particularly in a sustained economic recovery; risks related to facilities consolidation and alignment, including the amounts of related costs and charges and that anticipated cost savings may not be achieved; global economic uncertainty, which could lead to additional impairment charges related to many of the Company s intangible assets and/ or a slower recovery in the Company s cyclical businesses than Company or equity market expectations; risks related to the collectability of receivables, particularly for those businesses with exposure to construction markets; the cost of any warranty campaigns related to the Company s products; risks related to production or shipment delays arising from quality or production issues; risks associated with international operations and sales, including foreign currency fluctuations and compliance with the Foreign Corrupt Practices Act; the Company s ability to comply with complex laws and regulations applicable to U.S. government contractors; the impact of severe weather or natural disasters that may affect the Company, its suppliers or its customers; cybersecurity risks and costs of defending against, mitigating and responding to a data security breach; and risks related to the Company s ability to successfully execute on its strategic road map and meet its long-term financial goals. All forward-looking statements speak only as of November 13,. The Company assumes no obligation, and disclaims any obligation, to update information contained in this document. Investors should be aware that the Company may not update such information until the Company s next quarterly earnings conference call, if at all. Oshkosh Corporation