oshkosh Q108_earnings_slides

Robert G. BohnChairman and Chief Executive Officer

Charles L. SzewsPresident and Chief Operating Officer

David M. SagehornExecutive Vice President, Chief Financial Officer and Treasurer

Patrick N. DavidsonVice President of Investor Relations

Earnings Conference CallFirst Quarter Fiscal 2008February 1, 2008

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Forward Looking StatementsOur remarks that follow, including answers to your questions and these slides, include statements that we believe are “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 regarding Oshkosh Truck’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. Forward-looking statements generally can be identified by the use of words such as “may,” “will,” “expect,” “intend,” “estimate,”“anticipate,” “believe,” “should,” “project” or “plan,” or the negative thereof or variations thereon or similar terminology are generally intended to indentify 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. Those factors include the challenges of integrating the acquired JLG business; the consequences of financial leverage associated with the JLG acquisition; the Company’s ability to turn around its GeesinkNorba Group business sufficiently to support its current valuation resulting in no impairment charge; the expected level and timing of U.S. Department of Defense procurement of products and services and funding thereof; the cyclical nature of the Company’s access equipment, commercial and fire & emergency markets, especially during a recession, which the U.S. economy may be entering; risks related to reductions in government expenditures and the uncertainty of government contracts; risks associated with international operations and sales, including foreign currency fluctuations; risks related to the collectibility of access equipment receivables and the potential for increased costs relating to compliance with changes in laws and regulations. Additional information concerning these and other factors is contained in our filings with the SEC, including our Form 8-K filed February 1, 2008. Except as set forth in such Form 8-K, we disclaim any obligation to update such forward-looking statements.

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Oshkosh Fiscal Q1 2008 Highlights

Sales increased 49.0% to $1.5 billion

Operating income increased 31.5% to $109.9 million

EPS down 9.1% to $0.50

Maintaining FY 2008 EPS estimate range of $4.15 to $4.35

Global initiatives and cost reductions buttressing outlook

OSK Q1 Performance(millions)

$790

$1,007

$1,500

$87.0 $83.6

$109.9

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

2006 2007 2008$60.0

$70.0

$80.0

$90.0

$100.0

$110.0

$120.0

$130.0

$140.0

$150.0

Sales Revenue Operating IncomeSa

les

Reve

nue

Operating Incom

e

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Oshkosh Corporate Initiatives

Upgraded supply chain team with key hires– New CPO– New logistics management– Expanding Asian procurement team– Adding segment and corporate talent

Announced proposed name change– Better represents our diverse portfolio– Pending shareholder approval

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Access Equipment

Strong international markets more than offset weaker North American telehandler sales

Negotiations with large North American rental companies mostly complete, but not in backlog

Continuing to focus on achieving synergy targets

Opened new parts fulfillment center in Europe

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Defense

Solid FY08 outlook; pending supplemental bill would support strong FY09Announcement of JLTV teaming agreement with Northrop Grumman– Fusion of tactical vehicle and

communications expertise– Leaders in innovation, design,

production and logistics– Team for the future, not just today

Six unit test order for MRAP II Bull™vehicles

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Fire & Emergency

Weaker municipal spending and effects from 2007 engine pre-buy are impacting fire apparatus market

PUC continues to generate strong interest among fire departments

Towing and recovery market impacted by high oil prices and economic conditions

Continued strong international airport products activity

Weaker mobile medical and broadcast vehicle market demand

http://www.piercemfg.com/new_deliveries/new_delivery.cfm?Truck=1589&Type=Pumper



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Commercial

U.S. concrete placement business operating at recession-like pace– Managing costs aggressively– Growing acceptance of

Revolution® mixer drum

Expect flat domestic refuse volume in modestly down market

Geesink Norba Group (GNG) facility rationalization activities progressing on plan– Solid order activity

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Consolidated Results

Net Sales $1,499.9 $1,006.8

% Growth 49.0% 27.4%

Operating Income $ 109.9 $ 83.6

% Margin 7.3% 8.3%

% Growth 31.5% (3.9)%

Earnings Per Share $ 0.50 $ 0.55

% Growth (9.1)% (23.6)%

(Dollars in millions)Comments

• Strong results in access equipment and defense

• Economic weakness impacting fire & emergency and especially commercial

• Solid cash generation in seasonally soft quarter

2008 2007First Quarter

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Access Equipment

Net Sales $610.5 $117.7

% Growth NM NA


% Margin 10.0% 2.0%

% Growth NM NA


• North American results down; affected by weak telehandler market

• Generally strong results in international markets

• Backlog down 21.9%vs. prior year

• Large North American rental company orders not yet in backlog


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Defense

Net Sales $398.3 $311.7

% Growth 27.8% (14.2)%


% Margin 16.0% 17.5%

% Growth 16.9% (24.8)%


• Continued strong demand for new and remanufactured trucks

• Lower parts & service volume

• Backlog up 68.5%


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Fire & Emergency

Net Sales $272.6 $266.0

% Growth 2.5% 22.9%


% Margin 8.2% 9.2%

% Growth (9.3)% 17.3%


• Strong Pierce and airport products sales

• Weakness at JerrDanand Oshkosh Specialty Vehicles

• Backlog down 17.2%


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Commercial

Net Sales $230.4 $319.0

% Growth (27.8)% 44.2%

Operating Income $(10.2) $ 20.8

% Margin (4.4)% 6.5%

% Growth (149.1)% 150.3%

Comments(Dollars in millions)

• Weak market conditions, seasonal softness and GNG charges drove loss

• Solid refuse orders globally

• Cost reductions mitigating weak market conditions

• Backlog down 33.0%


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Oshkosh Fiscal 2008 Estimates

Expectations:

Access equipment sales toincrease about 25%

Defense sales togrow approximately 25%

Fire & emergency sales toincrease approximately 5%

Commercial sales todecline 15% to 20%

Revenue of $7.1 to $7.3 billion

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Expectations:Access equipment margins toimprove by 150 to 200 bpsDefense margins todecline by 250 to 300 bpsFire & emergency margins toapproximate fiscal 2007 levelsCommercial margins todecline by 150 to 200 bpsCorporate expense toincrease by approximately $30 million

Operating Income of $675 to $700 million


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Interest expense and other $215 to $220 million (expense)

Effective tax rate 33.5%

Equity in earnings $3.5 to $4.0 million (income)

Average shares outstanding 75.2 million

Fiscal 2008

Estimates

Other Estimates


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FY08 EPS estimate rangeof $4.15 to $4.35Q2 EPS estimate rangeof $0.85 to $0.90– Projecting near doubling of access

equipment earnings and strong defense earnings

Capital spending expected toapproximate $110 millionExpect debt between $2.65 and $2.75 billion at fiscal year-end


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Fiscal Q1 2008 Summary

Strong demand for access equipment and defense businesses

Maintaining full year EPS estimates with global initiatives and cost reductions supporting outlook despite challenging economic landscape

Key announcements for defense with JLTV teaming agreement and the Bull™

Slowdown after 2007 engine emissions pre-buy and macroeconomic issues pressuring commercial and fire & emergency segments

oshkosh Q108_earnings_slides

Economy & Finance

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