oshkosh Q308_Slides

Robert G. BohnChairman and Chief Executive Officer

Charles L. SzewsPresident and Chief Operating Officer

David M. SagehornExecutive Vice President and Chief Financial Officer

Patrick N. DavidsonVice President of Investor Relations

Earnings Conference CallThird Quarter Fiscal 2008August 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 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 presentation, 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 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 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 consequences of financial leverage associated with the JLG acquisition and the level of the Company’s associated borrowing costs; the cyclical nature of the Company’s access equipment, commercial and fire & emergency markets, especially during a recession, which many believe the U.S. has already entered; the Company’s ability to offset rising steel, fuel and other costs through other cost decreases or product selling price increases; the expected level and timing of U.S. Department of Defense procurement of products and services and funding thereof; 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; the Company’s ability to turn around its Geesink business; and the potential for increased costs relating to compliance with changes in laws and regulations. Additional information concerning these and other factors and assumptions is contained in our filings with the SEC, including our Form 8-K filed August 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 Q3 2008 Highlights

Sales increased 6.6% to $1.97 billion

Operating income* decreased 5.9% to $181.2 million

EPS* decreased 1.7% to $1.19

Revised FY 2008 EPS* estimate range of $3.15 to $3.30

$78.6 million of debt pay down

OSK Q3 Performance(millions)

$888

$1,847$1,969

$82.6

$192.7$181.2

$0

$500

$1,000

$1,500

$2,000

$2,500

2006 2007 2008$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

Sales Revenue Operating Income*

Sale

s Re

venu

e

Operating Incom

e*

* Figures exclude non-cash charges to operating income for asset impairment of $175.2 million or $173.1 million net of tax

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Managing Proactively for Market Conditions

Launched multiple cost reduction initiatives

– Reducing operating expenses

– Expanding global sourcing initiatives

Aggressively raised pricing as previously announced

Increasing focus on cash flow generation

– Inventory reduction

Continuing to invest in areas of growth

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Access EquipmentEurope:

– Double-digit growth in Q3, even with reduced outlook

– Mixed results expected in 2009

North America:

– IRC demand remained strong in Q3

Continuing to expand presence in emerging markets

Adjusted production rates

New pricing effective October 1 to address cost pressures

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Defense

Significant parts & service growth in quarter

Recently signed supplemental supports strong sales outlook

Ramp-up of Harrison Street facility is complete

JLTV downselect decision expected late summer or fall

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Fire & EmergencyStrong orders and market share gains for Pierce in a down market

New product innovations continue to drive customer activity at Pierce

Continued strong international airport products activity, primarily in Asia

Weakness remains for towing & recovery and mobile medical markets

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CommercialGeesink Norba Group update:– Impairment charges of $175.2 million

due to reduced outlook and higher operating costs as announced on June 26

– New managing director reinvigorating team

– Restructuring actions expected to yield improved performance

U.S. concrete markets remain soft

Domestic refuse collection product sales grew over prior year quarter in slightly down market

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Consolidated Results

Solid results in access equipment and defenseChallenging market conditions impacting commercial and fire & emergency segmentsLimited third quarter impact from rising steel and other commodity pricesDebt reduction of $78.6 million

Net Sales $1,969.3 $1,847.3% Growth 6.6% 108.1%

Operating Income $ 181.2 $ 192.7% Margin 9.2% 10.4%% Growth (5.9)% 133.2%

Earnings Per Share $ 1.19 $ 1.21% Growth (1.7)% 68.1%

(Dollars in millions, except per share amounts)

Comments2008* 2007

Third Quarter

* Figures other than net sales exclude non-cash charges to operating income for asset impairment of $175.2 million, or $173.1 million net of tax ($2.33/share)

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Access Equipment

Net Sales $920.2 $873.8% Growth 5.3% NA

Operating Income $125.2 $ 98.3% Margin 13.6% 11.3%% Growth 27.3% NA

Comments

Double-digit European sales growth vs. prior yearLower North American performance driven by weak economyImprovement driven by:– Currency– Aftermarket parts & service– Product mix

Backlog down 51.7% vs. prior year

2008 2007Third Quarter


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Defense

Strong performance from both parts & service and truck deliveriesMargin impacted by product mix & development costsBacklog down 21.9% vs. prior year

Net Sales $489.5 $376.3% Growth 30.1% 29.1%

Operating Income $ 66.5 $ 65.3% Margin 13.6% 17.3%% Growth 2.0% 33.1%

Comments2008 2007

Third Quarter


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Fire & Emergency

Net Sales $281.3 $290.2% Growth (3.1)% 13.7%

Operating Income $ 17.9 $ 29.0% Margin 6.4% 10.0%% Growth (38.2)% (2.7)%

Comments

Solid performance by domestic fire apparatus and international airport products offset by towing & recovery and mobile medicalMargins impacted by:

–Lower volumes–Product mix–Facility work stoppage

Backlog up 10.3% vs. prior year

2008 2007

Third Quarter(Dollars in millions, except per share amounts)

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Commercial

Net Sales $294.5 $317.8% Growth (7.3)% (9.3)%

Operating Income $ (6.2) $ 17.8% Margin (2.1)% 5.6%

% Growth (134.5)% (29.7)%

CommentsGeesink inefficiencies and lower concrete mixer sales drove lossContinued solid domestic refuse collection ordersBacklog up 11.6% vs. prior year

2008* 2007

Third Quarter

* Figures other than net sales exclude non-cash charges to operating income for asset impairment of $175.2 million


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Oshkosh Fiscal 2008 Estimates

Expectations:

Access Equipment sales to increase approximately 20%

Defense sales to increase approximately 35%

Fire & Emergency sales to increase slightly

Commercial sales to decrease approximately 15%

Revenue of $7.03 to $7.10 billion

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Expectations:Access Equipment margins to improve by 80 to 100 bpsDefense margins to decline by 330 to 350 bpsFire & Emergency margins to decline by 150 to 170 bpsCommercial operating loss* of 2.5% to 3.0% of salesCorporate expense to increase by approximately $20 million

Operating Income* of $560 to $575 million


* Figures exclude non-cash charges to operating income for asset impairment of $175.2 million

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Interest expense and other Approximately $215 million (expense)

Effective tax rate 34%*

Equity in earnings $8.0 to $8.5 million (income)

Average shares outstanding 75 million

Other Estimates


* Figures exclude non-cash charges to operating income for asset impairment of $175.2 million

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FY08 EPS* estimate range of $3.15 to $3.30Q4 EPS estimate range of $0.50 to $0.65Capital spending expected to approximate $85 millionExpect debt between $2.85 and $2.90 billion at fiscal year-end


* Figures exclude non-cash charges for asset impairment of $2.31/share

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Oshkosh Fiscal 2009 CommentsSegment outlooks:– Defense

Top line growth with modestly lower operating income margin – Fire & Emergency

Steady performer with solid backlog– Commercial

Recent restructuring actions expected to yield improved performance at GeesinkSlightly improved outlook for concrete mixers and domestic refuse collection

– Access EquipmentGrowth in select markets, but lower expected total revenue

Driving cost reduction and resizing of operationsFocus on cash flow

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Low HighEnd End

Three Months Non-GAAP pre-tax income 345$ 360$ Ended Intangible asset impairment charges (175) (175)

June 30, 2008 GAAP pre-tax income 170$ 185$

Non-GAAP operating income 181.2$ Non-GAAP income tax expense 118$ 122$ Intangible asset impairment charges (175.2) Income tax benefit associated with intangible

GAAP operating income 6.0$ asset impairment charges (2) (2)

GAAP income tax expense 116$ 120$ Non-GAAP net income 88.8$

Intangible asset impairment charges (175.2) Non-GAAP effective income tax rate 34.0% 34.0%Income tax benefit assoicated with intangible GAAP effective income tax rate 68.2% 64.9%

asset impairment charges 2.1

GAAP net (loss) income (84.3)$ Non-GAAP EPS 3.15$ 3.30$

Intangible asset impairment charges per share (2.31) (2.31)

Non-GAAP EPS 1.19$ GAAP EPS 0.84$ 0.99$

Intangible asset impairment charges per share (2.33)

GAAP (loss) earnings per share (1.14)$ Non-GAAP fiscal 2008 operating income 560$ 575$

Intangible asset impairment charges (175) (175)

Non-GAAP commercial segment operating loss (6.2)$ GAAP fiscal 2008 operating income 385$ 400$

Intangible asset impairment charges (175.2) GAAP commercial segment operating loss (181.4)$ Non-GAAP commercial segment

operating loss margin (3.0)% (2.5)%Effect of intangible asset impairment charges (17.0)% (16.0)%GAAP commercial segment operating loss margin (20.0)% (18.5)%

Fiscal 2008 Estimates

Appendix: Non-GAAP Financial MeasuresThe tables below present reconciliations of the Company’s presented non-GAAP measures to the most directly comparable GAAP measures (in millions, except per share amounts):

oshkosh Q308_Slides

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