Oshkosh 2013AAG

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    MOVING THE WORLD AT WORK

    Oshkosh Corporation At A Glance

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    OSHKOSH CORPORATION IS MOVING THE WORLD AT WORK

    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’s products are valued worldwide by rental companies, defense forces, concrete placement and refuse businesses, fire & emergency units and municipal and airport services, where high

    quality, superior performance, rugged reliabilityand long-term value are paramount.

    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 returns for our shareholders.

    Founded in 1917, Oshkosh Corporation has manufacturing operations in eight U.S. states and in Australia, Belgium, Canada, China, France and Romania and through an investment in a joint venture in Mexico. The company currently employs approximately 12,000 people worldwide.

    FORWARD-LOOKING STATEMENTS This document 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 ot 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 ob for future operations, are forward-looking statements. When used in this document, words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project” or “plan” or the negative thereof or variat terminology are generally intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some 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, comme markets, especially with the current tepid outlook for the U.S. and European economic recoveries and the struggles the U.S. government has encountered trying to resolve budgetary and debt issues; the strength of emerging mark adoption rate of work at height machinery; the expected level and timing of the DoD procurement of products and services and funding thereof; risks related to reductions in government expenditures in light of U.S. defense budg and an uncertain DoD tactical wheeled vehicle strategy, including the Company’s ability to successfully manage the cost reductions required as a result of the significant projected decrease in sales levels in the defense segment; t win a U.S. JLTV production contract award; 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 consolidation and alignment, including the amounts of related costs and charges and that anticipated cost savings may not be achieved; the duration of the ongoing global economic weakness, which could lead to additional imp 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 busi 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 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; and risks related to the Company’s ab on its strategic road map and meet its long-term f inancial goals. All forward-looking statements speak only as of November 13, 2013. The Company assumes no obligation, and disclaims any obligation, to update information con 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 2013

    WILSON R. JONES President and Chief Operating Officer

    CHARLES L. SZEWS Chief Executive Officer

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    *Adjusted earnings per share from continuing operations excludes net of tax adjustments, including performance share valuation adjustments of $0.05, charge associated with the curtailment of pension and other postretirement benefit plans of $0.02, costs incurred in connection with a proxy contest of $0.05 and discrete tax benefits of $0.49 from GAAP reported earnings per share of $2.67.

    Oshkosh Corporation EPS OPPORTUNITY:

    Nearly Double by FY15

    $2.30*

    $4.00 to $4.50

    FY15EFY12

    HIGHER INTERNATIONAL SALES

    International revenue goal of

    >25% of total revenues by FY15 and~30% by FY16

    MERGING MARKET EXPANSIONE

    Delivering Value for Shareholders

    Our MOVE strategy supports Oshkosh Corporation’s transformation to a stronger, global industrial company.

    ARKET RECOVERYAND GROWTH M NON-DEFENSE OPERATING INCOME GROWT

    $220 million opportunity in FY15 compared with FY12

    Capture full upside of economicrecovery and market growth with strong focus on execution and conquest sales.

    PTIMIZE COST &

    CAPITAL STRUCTURE

    O OPERATING INCOME MARGIN IMPROVEMEN

    Targeting operating income

    margin improvement of250 bps by FY15(1)

    Optimize our cost and capital structure to provide value for customers and shareholders.

    ALUE INNOVATION

    V INCREMENTAL REVENUE

    Driving~$350 millio incremental annual revenue by FY15(2)

    Continue to lead in innovation over the entire product life cycle.

    Drive international growth in targeted geographies.

    (1) Net of investment costs and compared with consolidated FY11 operating income margins.

    (2) Compared with FY12 expectations as of Analyst Day, September 2012.

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    Fiscal Year Ended September 30

    FY11 FY12 FY13 Income Statement Data: Net sales $7,538.5 $8,141.1 $7,665.1 Operating income 526.1 387.7 505.7 Adjusted operating income* 533.9 404.7 534.8

    Income from continuing operations attributable to Oshkosh Corporation 290.6 244.6 314.3 Per share assuming dilution 3.18 2.67 3.53 Adjusted per share assuming dilution* 3.11 2.30 3.74 Depreciation 77.9 65.5 65.3 Amortization of purchased intangibles, deferred financing costs and stock based compensation** 79.9 83.2 85.9 Balance Sheet Data: Total assets 4,826.9 4,947.8 4,765.7 Net working capital 762.8 990.0 1,172.7 Cash and cash equivalents 339.0 540.7 733.5 Long-term debt (including current maturities) 1,060.1 955.0 955.0 Oshkosh Corporation shareholders’ equity 1,596.5 1,853.5 2,107.8 Other Financial Data: Book value per share 17.48 20.24 24.36 Backlog 6,478.4 4,046.2 2,838.0 Expenditures for property, plant and equipment 82.3 55.9 46.0 *Non-GAAP results. See below for GAAP to Non-GAAP Reconciliation.

    **Includes amortization of deferred financing costs of $5.1 million in FY11, $7.0 million in FY12 and $4.9 million in FY13.

    FINANCIAL HIGHLIGHTS (In millions, except per share amounts)

    Oshkosh Corporation // P.O. Box 2566 // Oshkosh, WI USA 54903-2566 // 920.235.91 www.oshkoshcorporation.com

    ALL TRADEMARKS ARE PROPERTY OF THEIR RESPECTIVE OWNERS. OSK0060-IR-A

    NET SALES ($ in millions)

    40% Access Equipment

    40% Defense

    10% Fire & Emergency

    10% Commercial

    82% North America

    12% Europe, Africa,

    Middle East

    6% Rest of World

    NET DEBT* AT SEPTEMBER 30

    ($ in millions)

    RETURN ON INVESTED CAPITAL*

    OPERATING INCOME* ($ in millions)

    FY13 NET SALES BY SEGMENT*

    FY13 NET SALES BY REGION*

    ’11 ’11’11’12 ’12’12’13 ’13’11 ’12 ’13 ’13

    $ 7

    , 5 3 8

    . 5

    $ 7

    , 6 6 5

    . 1

    $ 8

    , 1 4 1

    . 1

    1 2

    . 6 %

    1 2

    . 8 %

    1 0

    . 6 %

    $ 7 2 1

    . 1

    $ 2 2 1

    . 5

    $ 4 1 4

    . 3

    Fiscal year

    *Net Debt is Long-term debt (including current maturities)

    less Cash and cash equivalents

    *Sales to external customers *See GAAP to Non-GAAP Reconciliation

    *ROIC is Income from continuing operations (excluding impairment charges) plus the after-tax cost of

    interest expense divided by average total capitalization

    $ 3 8 7

    . 7

    $ 5