oshkosh Q407_Earnings

November 1, 2007

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Earnings Conference CallFourth Quarter Fiscal 2007November 1, 2007

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

November 1, 2007

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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. All of our statements, other than statements of historical fact, including 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. In addition, forward-looking statements generally can be identified by the use of words such as “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “plan,” or similar words. We cannot give any assurance that such expectations will prove to be correct. Some factors that could cause actual results to differ materially from our expectations include the accuracy of assumptions made with respect to our expectations for fiscal 2008, the Company’s ability to integrate the acquired JLG Industries, Inc. business, the consequences of financial leverage associated with the JLG acquisition, the Company’s ability to turn around the Geesink Norba Group business sufficiently to support its valuation resulting in no impairment charges for goodwill, the expected level of U.S. Department of Defense procurement of the Company’s products and services, the cyclical nature of the Company’s access equipment, commercial and fire & emergency markets, risks related to reductions in government expenditures, 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 November 1, 2007. Except as set forth in such Form 8-K, we disclaim any obligation to update such forward-looking statements.

November 1, 2007

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Oshkosh Fiscal 2007 Highlights

• All-time records:– $6.3 billion sales

– $590 million operating income

– $3.58 EPS

• Repaid $256.5 million of debt post JLG acquisition

• Innovative new product offerings

• Strengthened operating team

• Outstanding performance fromJLG acquisition

• Continuing to work on JLG integration

OSK 5-yr Annual Performance(millions)

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$2,000.0

$3,000.0

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$5,000.0

$6,000.0

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2003 2004 2005 2006 2007$0.0

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Sales Revenue Operating IncomeSa

les

Reve

nue

Operating Incom

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$129.2$180.4

$267.2$325.9

$590.3

$1,926.0$2,262.3

$2,959.9$3,427.4

$6,307.3

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Access Equipment

• Continued strength in international markets, particularly for aerial work platforms

• Strong North American aerial work platform business, but softer telehandler business

• Increased operating income margin

November 1, 2007

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Defense

• Continued strong performance driven by tactical vehicle needs

• Solid visibility for fiscal 2008 supported by high levels of funding from recent budgets and supplementals

• LVSR production ramping up

• Delivered Bull™ MRAP II vehicles for evaluation and testingBull™ is a trademark of Ideal Innovations, Inc.

November 1, 2007

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Fire & Emergency

• Airport products performed well in Q4

• Industry-leading fire apparatus maker Pierce increased market share

• First commercial PUC delivered to Miami-Dade

• Record year for Frontline broadcast vehicles

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Commercial

• Continued strong U.S. refuse results

• Concrete placement sales declined due to:– Slowdown after 2007 engine

emissions pre-buy– Challenging U.S. residential

construction market

• Initiated restructuring plan for European refuse business, with more actions expected in fiscal 2008– Facility consolidation– Headcount reduction

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Consolidated Results

Net Sales $1,792.4 $904.4

% Growth 98.2% 9.8%

Operating Income $ 179.2 $ 76.6

% Margin 10.0% 8.5%

% Growth 134.1% 3.5%

Earnings Per Share $ 1.14 $ 0.66

% Growth 72.7% 13.8%

Dollars in millions, except per share amounts

Comments

• Access equipment and defense led the way

• JLG accretive to EPS by $0.54

• Debt reduced by $31.6 million

2007 2006

Fourth Quarter

November 1, 2007

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Access Equipment

Net Sales $840.0 NA

% Growth N/A NA

Operating Income $114.5 NA

% Margin 13.6% NA

% Growth N/A NA

Dollars in millions

Comments2007 2006

Fourth Quarter

(1) Compared to JLG stand-alone results.

• Strength around the world

• Strong U.S. non-residential construction helps offset soft telehandler market

• Backlog up 32.3%(1) over prior year

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Defense

Net Sales $422.5 $328.6

% Growth 28.6% (7.4)%


% Margin 17.1% 16.7%

% Growth 32.0% (13.2)%

Dollars in millions

Comments

• Reaping benefits of production ramp-up in FHTV requirements

• Lower parts business during the quarter

• Backlog up 82.4% over prior year

2007 2006

Fourth Quarter

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Fire & Emergency

Net Sales $291.8 $268.4

% Growth 8.7% 27.0%


% Margin 9.0% 8.0%

% Growth 22.8% 12.6%

Dollars in millions

Comments• Solid sales growth at

Pierce and airport products

• Improved performance at Medtec

• Backlog down 10.2%

2007 2006Fourth Quarter

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Commercial

Net Sales $249.6 $319.1

% Growth (21.8)% 19.7%

Operating Income $ (3.1) $ 17.2

% Margin (1.2)% 5.4%

% Growth (118.0)% 278.4%

Dollars in millions

Comments

• Continued weak concrete mixer demand, as expected

• U.S. refuse sales up 5.6%• GNG facility rationalization

charges of $4.8 million• Backlog down 54.3%

2007 2006

Fourth Quarter

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Oshkosh Fiscal 2008 Estimates

Expectations:

• Access equipment sales to increase about 20%

• Defense sales to grow 20% to 25%

• Fire & emergency sales to increase 5% to 10%

• Commercial sales to decline slightly

Sales of $7.1 to $7.3 billion

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Expectations:

• Access equipment margins to improve by 150 to 200 bps

• Defense margins to decline by 200 to 250 bps

• Fire & emergency margins to improve by 50 to 100 bps

• Commercial margins to decline slightly

• Corporate expense to increase by approximately $30 million

Operating Income of $690 to $715 Million

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Interest expense and other $215 to $225 million (expense)

Effective tax rate 34.0%

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

Average shares outstanding 76,500,000

Fiscal 2008

Estimates

Other Estimates

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• Estimated annual EPS range of $4.15 to $4.35

• Q1 EPS estimate of $0.35 to $0.40– Seasonally weak quarter

– Difficult comparison due to prior year engine emissions related pre-buy

• Anticipated capital spending of approximately $110 million

• Debt expected to be approximately $2.65 to $2.75 billion by September 30, 2008

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• Strong global outlook in access equipment

• Good visibility in defense, with margins moving into lower, more sustainable range

• Positive outlook for market share gains with Pierce

• Commercial segment faces headwinds in fiscal 2008, but looks better in fiscal 2009 ahead of 2010 engine emissions standards changes

• Complementary business segments underscore Oshkosh Truck’s winning strategy

Q4 2007 Summary

November 1, 2007

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oshkosh Q407_Earnings

Economy & Finance

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