Raises Fiscal 2016 EPS Estimate to Range of $2.60 to $2.80
Declares Quarterly Cash Dividend of $0.19 Per Share
OSHKOSH, Wis.--(BUSINESS WIRE)--
Oshkosh Corporation (NYSE: OSK) today reported fiscal 2016 third quarter
net income of $84.2 million, or $1.13 per diluted share, compared to
$89.9 million, or $1.13 per diluted share, in the third quarter of
fiscal 2015. Comparisons in this news release are to the corresponding
period of the prior year, unless otherwise noted.
Consolidated net sales in the third quarter of fiscal 2016 were
$1.75 billion, an increase of 8.4 percent. Higher sales in the defense,
fire & emergency and access equipment segments were partially offset by
a slight decline in sales in the commercial segment.
Consolidated operating income in the third quarter of fiscal 2016 was
$146.8 million, or 8.4 percent of sales, compared to $136.6 million, or
8.5 percent of sales, in the prior year third quarter. The increase in
operating income was the result of higher defense, fire & emergency and
commercial segment operating income, offset in part by lower access
equipment segment operating income and higher corporate expenses.
“Our solid fiscal third quarter results were led by strong performance
in our defense and fire & emergency segments, each of which recorded
year-over-year increases in sales, operating income and operating income
margin,” said Wilson Jones, president and chief executive officer of
Oshkosh Corporation. “Our People First culture, the further enhancement
and execution of our MOVE strategy and our innovative products
contribute to Oshkosh being a different integrated global industrial,
enabling us to deliver solid performance in a variety of economic
conditions.
“The fiscal third quarter was highlighted by progress on many fronts,
most notably in our defense segment as we prepare to ramp up production
and deliver our revolutionary new Joint Light Tactical Vehicle (JLTV).
Our activities in fiscal 2016 are preparing us to successfully deliver
low rate initial production JLTVs to our U.S. government customer
starting late this fiscal year. We also made progress this quarter on a
large order we received in our second fiscal quarter for an
international defense customer that is purchasing more than 1,000 of our
Mine Resistant Ambush Protected – All Terrain Vehicles (M-ATV). Most of
these vehicles will ship in fiscal 2017, but we do expect to sell
approximately 175 units under this contract in our fourth quarter of
this fiscal year.
“Our access equipment segment continues to manage production levels
while delivering high quality aerial products in a market that we expect
to be down compared with fiscal 2015,” added Jones. “The team made great
progress this quarter lowering inventory as we work to optimize our
working capital.
“As a result of improved defense and fire & emergency segment
expectations, we are raising our earnings per share expectations for
fiscal 2016 to a range of $2.60 to $2.80,” said Jones.
Factors affecting third quarter results for the Company’s business
segments included:
Access Equipment – Access equipment segment net sales increased
2.1 percent to $952.5 million in the third quarter of fiscal 2016. The
increase in sales was primarily due to higher telehandler unit sales in
North America, offset in part by a challenging pricing environment.
Access equipment segment operating income decreased 10.4 percent to
$122.1 million, or 12.8 percent of sales, in the third quarter of fiscal
2016 compared to $136.4 million, or 14.6 percent of sales, in the third
quarter of fiscal 2015. The decrease in operating income was primarily
the result of a challenging pricing environment and higher incentive
compensation expense, offset in part by lower spending on engine
emissions standards changes and the impact of higher sales volume. In
the third quarter of fiscal 2015, the access equipment segment recorded
a reduction in accrued incentive compensation expense as a result of
lowering its fiscal 2015 projected results.
Defense – Defense segment net sales for the third quarter of
fiscal 2016 increased 36.1 percent to $264.3 million. The increase in
sales was primarily due to increased sales of Family of Heavy Tactical
Vehicles (FHTV). The Company experienced a break in production under the
FHTV program in the third quarter of fiscal 2015.
The defense segment recorded operating income of $19.1 million, or
7.2 percent of sales, in the third quarter of fiscal 2016 compared to an
operating loss of $7.1 million, or 3.7 percent of sales, in the third
quarter of fiscal 2015. The increase in operating results was largely
due to favorable product mix, contractual price increases and the impact
of higher sales volume.
Fire & Emergency – Fire & emergency segment net sales for the
third quarter of fiscal 2016 increased 24.4 percent to $248.5 million.
Sales in the third quarter of fiscal 2016 benefited from higher domestic
fire apparatus deliveries as a result of increased production rates to
meet higher demand. Improved operational efficiencies have allowed the
fire & emergency segment to increase its production rates.
Fire & emergency segment operating income increased 105.0 percent to
$19.7 million, or 7.9 percent of sales, in the third quarter of fiscal
2016 compared to $9.6 million, or 4.8 percent of sales, in the third
quarter of fiscal 2015. The increase in operating income was primarily a
result of the impact of higher sales volume and improved pricing.
Commercial – Commercial segment net sales decreased 2.1 percent
to $287.9 million in the third quarter of fiscal 2016. The decrease in
sales was primarily attributable to lower refuse collection vehicles
sales. Sales in the third quarter of fiscal 2015 included a large
international refuse collection vehicle sale that did not repeat in the
third quarter of fiscal 2016.
Commercial segment operating income increased 6.2 percent to
$23.8 million, or 8.3 percent of sales, in the third quarter of fiscal
2016 compared to $22.4 million, or 7.6 percent of sales, in the third
quarter of fiscal 2015. The increase in operating income was primarily a
result of improved product mix.
Corporate – Corporate operating costs increased $13.2 million in
the third quarter of fiscal 2016 to $37.9 million due primarily to
higher incentive compensation expense. Results for the third quarter of
fiscal 2015 reflected a credit for incentive compensation to reverse
amounts accrued earlier in fiscal 2015 as a result of a reduction in
fiscal 2015 projected results.
Interest Expense Net of Interest Income – Interest expense net of
interest income increased $2.7 million to $15.3 million in the third
quarter of fiscal 2016 as a result of borrowings to support increased
working capital levels.
Provision for Income Taxes – The Company recorded income tax
expense of $48.4 million in the third quarter of fiscal 2016, or
36.6 percent of pre-tax income, compared to $34.8 million, or
28.1 percent of pre-tax income, in the third quarter of fiscal 2015. The
Company recorded a year-to-date adjustment in the third quarter of
fiscal 2016 to increase tax expense as a result of a higher estimated
mix of domestic income versus lower-tax rate foreign income. The Company
recorded a $7.5 million, $0.09 per share, benefit from the reduction of
income tax reserves in the third quarter of fiscal 2015 related to
settlement of tax audits and expiration of statutes of limitations.
Share Repurchases – Share repurchases completed during the
previous twelve months benefited earnings per share in the third quarter
of fiscal 2016 by $0.07 compared to the prior year third quarter. The
Company did not repurchase any shares in the third quarter of fiscal
2016.
Nine-month Results
The Company reported net sales for the first nine months of fiscal 2016
of $4.52 billion and net income of $154.9 million, or $2.08 per share.
This compares with net sales of $4.52 billion and net income of
$179.2 million, or $2.25 per share, in the first nine months of the
prior year. Consolidated net sales in the first nine months of fiscal
2016 were essentially flat as increased defense and fire & emergency
segment sales were offset by significantly lower access equipment
segment sales. Results for the first nine months of fiscal 2015 included
after-tax costs of $9.3 million, or $0.12 per share, incurred in
connection with the refinancing of the Company’s senior notes due 2020
and $2.1 million, or $0.03 per share, after-tax other postretirement
benefit curtailment gain. Excluding these items, adjusted1
net income for the first nine months of fiscal 2015 was $186.4 million,
or $2.34 per share. Improved operating income results in each of the
Company’s non-access equipment segments in fiscal 2016 were not
sufficient to offset the impact of lower sales in the Company’s access
equipment segment and higher corporate expenses, including increased
start-up costs of a shared manufacturing facility and higher incentive
compensation expense. Earnings per share in the first nine months of
fiscal 2016 benefited $0.13 compared to the prior year period as a
result of lower average diluted shares outstanding. Earnings per share
for the first nine months of fiscal 2016 were negatively impacted by
$0.03 as a result of the strengthening U.S. dollar.
Fiscal 2016 Expectations
The Company increased its fiscal 2016 earnings per share estimate range
to $2.60 to $2.80 on projected net sales of $6.0 billion to $6.1 billion
and operating income of $340 million to $360 million. The increased
estimate range largely reflects higher defense and fire & emergency
segment sales and operating income, partially offset by lower access
equipment segment operating income, higher corporate costs related to
increased incentive compensation expense and a higher effective income
tax rate. The Company now expects to recognize sales of approximately
175 M-ATVs in the fourth quarter of fiscal 2016 in the defense segment.
The Company expects fiscal 2016 net cash flow provided by operating
activities of approximately $500 million less additions to property,
plant and equipment of approximately $100 million to result in free cash
flow of approximately $400 million.
Dividend Announcement
The Company’s Board of Directors today declared a quarterly cash
dividend of $0.19 per share of Common Stock. The dividend will be
payable on August 29, 2016, to shareholders of record as of August 15,
2016.
Conference Call
The Company will comment on its fiscal 2016 third quarter earnings and
its full-year fiscal 2016 outlook during a conference call at 9:00 a.m.
EDT this morning. Slides for the call will be available on the Company’s
website beginning at 7:00 a.m. EDT this morning. The call will be
webcast simultaneously over the Internet. To access the webcast,
listeners can go to www.oshkoshcorporation.com
at least 15 minutes prior to the event and follow instructions for
listening to the webcast. An audio replay of the call and related
question and answer session will be available for 12 months at this
website.
Forward-Looking Statements
This news release 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 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 news
release, 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 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 and
construction seasons; the Company’s estimates of access equipment demand
which, among other factors, is influenced by customer historical buying
patterns and rental company fleet replacement strategies; the strength
of the U.S. dollar and its impact on Company exports, translation of
foreign sales and purchased materials; the expected level and timing of
U.S. Department of Defense (DoD) and international defense customer
procurement of products and services and funding or payments thereof;
the Company’s ability to utilize material and components which it has
committed to purchase from suppliers; higher material costs resulting
from production variability due to uncertainty of timing of funding or
payments from international defense customers; risks related to
reductions in government expenditures in light of U.S. defense budget
pressures, sequestration and an uncertain DoD tactical wheeled vehicle
strategy; the impact of any DoD solicitation for competition for future
contracts to produce military vehicles, including a future Family of
Medium Tactical Vehicle production contract; 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 expansion,
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; projected adoption rates of work at height
machinery in emerging markets; the impact of severe weather or natural
disasters that may affect the Company, its suppliers or its customers;
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
compliance with the Foreign Corrupt Practices Act; the Company’s ability
to comply with complex laws and regulations applicable to U.S.
government contractors; 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. Additional
information concerning these and other factors is contained in the
Company’s filings with the Securities and Exchange Commission, including
the Form 8-K filed today. All forward-looking statements speak only as
of the date of this news release. The Company assumes no obligation, and
disclaims any obligation, to update information contained in this news
release. Investors should be aware that the Company may not update such
information until the Company’s next quarterly earnings conference call,
if at all.
About Oshkosh Corporation
Oshkosh Corporation is a leading designer, manufacturer and marketer of
a broad range of access equipment, commercial, fire & emergency,
military and specialty vehicles and vehicle bodies. Oshkosh Corporation
manufactures, distributes and services products under the brands of
Oshkosh®, JLG®, Pierce®, McNeilus®,
Jerr-Dan®, Frontline™, CON-E-CO®, London®
and IMT®. Oshkosh products are valued worldwide by rental
companies, concrete placement and refuse collection businesses, fire &
emergency departments, municipal and airport services and defense
forces, where high quality, superior performance, rugged reliability and
long-term value are paramount. For more information, log on to www.oshkoshcorporation.com.
®, TM All brand names referred to in this news release are
trademarks of Oshkosh Corporation or its subsidiary companies.
|
OSHKOSH CORPORATION
|
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
|
(Unaudited; in millions, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
1,747.5
|
|
|
$
|
1,612.3
|
|
|
$
|
4,523.8
|
|
|
$
|
4,519.8
|
|
|
Cost of sales
|
|
|
1,432.9
|
|
|
|
1,328.3
|
|
|
|
3,767.1
|
|
|
|
3,730.3
|
|
|
Gross income
|
|
|
314.6
|
|
|
|
284.0
|
|
|
|
756.7
|
|
|
|
789.5
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative
|
|
|
154.7
|
|
|
|
134.2
|
|
|
|
448.7
|
|
|
|
437.5
|
|
|
Amortization of purchased intangibles
|
|
|
13.1
|
|
|
|
13.2
|
|
|
|
39.5
|
|
|
|
40.0
|
|
|
Total operating expenses
|
|
|
167.8
|
|
|
|
147.4
|
|
|
|
488.2
|
|
|
|
477.5
|
|
|
Operating income
|
|
|
146.8
|
|
|
|
136.6
|
|
|
|
268.5
|
|
|
|
312.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(15.8
|
)
|
|
|
(13.2
|
)
|
|
|
(46.0
|
)
|
|
|
(56.4
|
)
|
|
Interest income
|
|
|
0.5
|
|
|
|
0.6
|
|
|
|
1.5
|
|
|
|
2.0
|
|
|
Miscellaneous, net
|
|
|
0.8
|
|
|
|
(0.2
|
)
|
|
|
(0.2
|
)
|
|
|
(0.2
|
)
|
|
Income before income taxes and equity
|
|
|
|
|
|
|
|
|
|
in earnings of unconsolidated affiliates
|
|
|
132.3
|
|
|
|
123.8
|
|
|
|
223.8
|
|
|
|
257.4
|
|
|
Provision for income taxes
|
|
|
48.4
|
|
|
|
34.8
|
|
|
|
70.4
|
|
|
|
80.5
|
|
|
Income before equity in earnings of
|
|
|
|
|
|
|
|
|
|
unconsolidated affiliates
|
|
|
83.9
|
|
|
|
89.0
|
|
|
|
153.4
|
|
|
|
176.9
|
|
|
Equity in earnings of unconsolidated
|
|
|
|
|
|
|
|
|
|
affiliates
|
|
|
0.3
|
|
|
|
0.9
|
|
|
|
1.5
|
|
|
|
2.3
|
|
|
Net income
|
|
$
|
84.2
|
|
|
$
|
89.9
|
|
|
$
|
154.9
|
|
|
$
|
179.2
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts available to common shareholders, net of tax:
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
84.2
|
|
|
$
|
89.9
|
|
|
$
|
154.9
|
|
|
$
|
179.2
|
|
|
Allocated to participating securities
|
|
|
-
|
|
|
|
(0.2
|
)
|
|
|
-
|
|
|
|
(0.4
|
)
|
|
Net income available to common shareholders
|
|
$
|
84.2
|
|
|
$
|
89.7
|
|
|
$
|
154.9
|
|
|
$
|
178.8
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share attributable to common shareholders:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.15
|
|
|
$
|
1.15
|
|
|
$
|
2.11
|
|
|
$
|
2.28
|
|
|
Diluted
|
|
|
1.13
|
|
|
|
1.13
|
|
|
|
2.08
|
|
|
|
2.25
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted-average shares outstanding
|
|
|
73,390,624
|
|
|
|
78,117,876
|
|
|
|
73,526,081
|
|
|
|
78,327,982
|
|
|
Dilutive stock options and other equity-
|
|
|
|
|
|
|
|
|
|
based compensation awards
|
|
|
876,338
|
|
|
|
1,185,651
|
|
|
|
803,060
|
|
|
|
1,131,081
|
|
|
Participating restricted stock
|
|
|
-
|
|
|
|
(119,450
|
)
|
|
|
-
|
|
|
|
(114,641
|
)
|
|
Diluted weighted-average shares outstanding
|
|
|
74,266,962
|
|
|
|
79,184,077
|
|
|
|
74,329,141
|
|
|
|
79,344,422
|
|
|
OSHKOSH CORPORATION
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(Unaudited; in millions)
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
September 30,
|
|
|
|
2016
|
|
2015
|
|
ASSETS
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
45.5
|
|
|
$
|
42.9
|
|
|
Receivables, net
|
|
|
1,198.4
|
|
|
|
964.6
|
|
|
Inventories, net
|
|
|
1,254.9
|
|
|
|
1,301.7
|
|
|
Deferred income taxes, net
|
|
|
55.1
|
|
|
|
52.2
|
|
|
Other current assets
|
|
|
90.5
|
|
|
|
67.9
|
|
|
Total current assets
|
|
|
2,644.4
|
|
|
|
2,429.3
|
|
|
Property, plant and equipment:
|
|
|
|
|
|
Property, plant and equipment
|
|
|
1,134.3
|
|
|
|
1,093.7
|
|
|
Accumulated depreciation
|
|
|
(655.2
|
)
|
|
|
(617.9
|
)
|
|
Property, plant and equipment, net
|
|
|
479.1
|
|
|
|
475.8
|
|
|
Goodwill
|
|
|
1,001.0
|
|
|
|
1,001.1
|
|
|
Purchased intangible assets, net
|
|
|
566.7
|
|
|
|
606.7
|
|
|
Other long-term assets
|
|
|
101.5
|
|
|
|
100.1
|
|
|
Total assets
|
|
$
|
4,792.7
|
|
|
$
|
4,613.0
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Revolving credit facilities and current maturities
|
|
|
|
|
|
of long-term debt
|
|
$
|
127.0
|
|
|
$
|
83.5
|
|
|
Accounts payable
|
|
|
565.1
|
|
|
|
552.8
|
|
|
Customer advances
|
|
|
492.9
|
|
|
|
440.2
|
|
|
Payroll-related obligations
|
|
|
138.5
|
|
|
|
116.6
|
|
|
Other current liabilities
|
|
|
293.9
|
|
|
|
265.0
|
|
|
Total current liabilities
|
|
|
1,617.4
|
|
|
|
1,458.1
|
|
|
Long-term debt, less current maturities
|
|
|
840.0
|
|
|
|
855.0
|
|
|
Deferred income taxes, net
|
|
|
92.9
|
|
|
|
91.7
|
|
|
Other long-term liabilities
|
|
|
298.0
|
|
|
|
297.1
|
|
|
Commitments and contingencies
|
|
|
|
|
|
Shareholders' equity
|
|
|
1,944.4
|
|
|
|
1,911.1
|
|
|
Total liabilities and shareholders' equity
|
|
$
|
4,792.7
|
|
|
$
|
4,613.0
|
|
|
OSHKOSH CORPORATION
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(Unaudited; in millions)
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
|
|
|
|
June 30,
|
|
|
|
2016
|
|
2015
|
|
Operating activities:
|
|
|
|
|
|
Net income
|
|
$
|
154.9
|
|
|
$
|
179.2
|
|
|
Depreciation and amortization
|
|
|
95.9
|
|
|
|
94.1
|
|
|
Stock-based compensation expense
|
|
|
16.0
|
|
|
|
16.4
|
|
|
Deferred income taxes
|
|
|
(4.5
|
)
|
|
|
(7.1
|
)
|
|
Foreign currency transaction losses
|
|
|
0.1
|
|
|
|
7.9
|
|
|
Gain on sale of assets
|
|
|
(7.6
|
)
|
|
|
(8.6
|
)
|
|
Other non-cash adjustments
|
|
|
0.7
|
|
|
|
14.5
|
|
|
Changes in operating assets and liabilities
|
|
|
(93.6
|
)
|
|
|
(333.0
|
)
|
|
Net cash provided (used) by operating activities
|
|
|
161.9
|
|
|
|
(36.6
|
)
|
|
|
|
|
|
|
|
Investing activities:
|
|
|
|
|
|
Additions to property, plant and equipment
|
|
|
(62.3
|
)
|
|
|
(100.0
|
)
|
|
Additions to equipment held for rental
|
|
|
(30.9
|
)
|
|
|
(19.8
|
)
|
|
Acquisition of business, net of cash acquired
|
|
|
-
|
|
|
|
(8.8
|
)
|
|
Proceeds from sale of equipment held for rental
|
|
|
33.7
|
|
|
|
25.5
|
|
|
Other investing activities
|
|
|
(1.5
|
)
|
|
|
(0.7
|
)
|
|
Net cash used by investing activities
|
|
|
(61.0
|
)
|
|
|
(103.8
|
)
|
|
|
|
|
|
|
|
Financing activities:
|
|
|
|
|
|
Proceeds from issuance of debt
|
|
|
|
|
|
(original maturities greater than three months)
|
|
|
323.5
|
|
|
|
345.0
|
|
|
Repayments of debt (original maturities greater than three months)
|
|
|
(278.5
|
)
|
|
|
(340.0
|
)
|
|
Net decrease in short-term debt
|
|
|
(16.5
|
)
|
|
|
-
|
|
|
Debt issuance costs
|
|
|
-
|
|
|
|
(15.5
|
)
|
|
Repurchases of common stock
|
|
|
(100.1
|
)
|
|
|
(88.1
|
)
|
|
Dividends paid
|
|
|
(41.9
|
)
|
|
|
(40.0
|
)
|
|
Proceeds from exercise of stock options
|
|
|
8.8
|
|
|
|
7.3
|
|
|
Excess tax benefit from stock-based compensation
|
|
|
1.3
|
|
|
|
4.3
|
|
|
Net cash used by financing activities
|
|
|
(103.4
|
)
|
|
|
(127.0
|
)
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
|
5.1
|
|
|
|
(0.2
|
)
|
|
Increase (decrease) in cash and cash equivalents
|
|
|
2.6
|
|
|
|
(267.6
|
)
|
|
Cash and cash equivalents at beginning of period
|
|
|
42.9
|
|
|
|
313.8
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
45.5
|
|
|
$
|
46.2
|
|
|
OSHKOSH CORPORATION
|
|
SEGMENT INFORMATION
|
|
(Unaudited; in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
|
2016
|
|
2015
|
|
|
|
External
|
|
Inter-
|
|
Net
|
|
External
|
|
Inter-
|
|
Net
|
|
|
|
Customers
|
|
segment
|
|
Sales
|
|
Customers
|
|
segment
|
|
Sales
|
|
Access equipment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerial work platforms
|
|
$
|
511.4
|
|
$
|
-
|
|
|
$
|
511.4
|
|
|
$
|
542.7
|
|
$
|
-
|
|
|
$
|
542.7
|
|
|
Telehandlers
|
|
|
266.6
|
|
|
-
|
|
|
|
266.6
|
|
|
|
221.4
|
|
|
-
|
|
|
|
221.4
|
|
|
Other
|
|
|
174.5
|
|
|
-
|
|
|
|
174.5
|
|
|
|
168.5
|
|
|
-
|
|
|
|
168.5
|
|
|
Total access equipment
|
|
|
952.5
|
|
|
-
|
|
|
|
952.5
|
|
|
|
932.6
|
|
|
-
|
|
|
|
932.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defense
|
|
|
264.0
|
|
|
0.3
|
|
|
|
264.3
|
|
|
|
191.1
|
|
|
3.1
|
|
|
|
194.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fire & emergency
|
|
|
244.2
|
|
|
4.3
|
|
|
|
248.5
|
|
|
|
195.0
|
|
|
4.8
|
|
|
|
199.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Concrete placement
|
|
|
164.6
|
|
|
-
|
|
|
|
164.6
|
|
|
|
158.0
|
|
|
-
|
|
|
|
158.0
|
|
|
Refuse collection
|
|
|
96.5
|
|
|
-
|
|
|
|
96.5
|
|
|
|
103.6
|
|
|
-
|
|
|
|
103.6
|
|
|
Other
|
|
|
25.7
|
|
|
1.1
|
|
|
|
26.8
|
|
|
|
32.0
|
|
|
0.4
|
|
|
|
32.4
|
|
|
Total commercial
|
|
|
286.8
|
|
|
1.1
|
|
|
|
287.9
|
|
|
|
293.6
|
|
|
0.4
|
|
|
|
294.0
|
|
|
Intersegment eliminations
|
|
|
-
|
|
|
(5.7
|
)
|
|
|
(5.7
|
)
|
|
|
-
|
|
|
(8.3
|
)
|
|
|
(8.3
|
)
|
|
Consolidated net sales
|
|
$
|
1,747.5
|
|
$
|
-
|
|
|
$
|
1,747.5
|
|
|
$
|
1,612.3
|
|
$
|
-
|
|
|
$
|
1,612.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended June 30,
|
|
|
|
2016
|
|
2015
|
|
|
|
External
|
|
Inter-
|
|
Net
|
|
External
|
|
Inter-
|
|
Net
|
|
|
|
Customers
|
|
segment
|
|
Sales
|
|
Customers
|
|
segment
|
|
Sales
|
|
Access equipment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerial work platforms
|
|
$
|
1,128.5
|
|
$
|
-
|
|
|
$
|
1,128.5
|
|
|
$
|
1,252.5
|
|
$
|
-
|
|
|
$
|
1,252.5
|
|
|
Telehandlers
|
|
|
593.1
|
|
|
-
|
|
|
|
593.1
|
|
|
|
891.5
|
|
|
-
|
|
|
|
891.5
|
|
|
Other
|
|
|
515.0
|
|
|
-
|
|
|
|
515.0
|
|
|
|
487.1
|
|
|
-
|
|
|
|
487.1
|
|
|
Total access equipment
|
|
|
2,236.6
|
|
|
-
|
|
|
|
2,236.6
|
|
|
|
2,631.1
|
|
|
-
|
|
|
|
2,631.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defense
|
|
|
877.7
|
|
|
1.6
|
|
|
|
879.3
|
|
|
|
617.9
|
|
|
4.3
|
|
|
|
622.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fire & emergency
|
|
|
686.8
|
|
|
9.6
|
|
|
|
696.4
|
|
|
|
549.1
|
|
|
20.6
|
|
|
|
569.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Concrete placement
|
|
|
348.2
|
|
|
-
|
|
|
|
348.2
|
|
|
|
355.1
|
|
|
-
|
|
|
|
355.1
|
|
|
Refuse collection
|
|
|
295.0
|
|
|
-
|
|
|
|
295.0
|
|
|
|
269.9
|
|
|
-
|
|
|
|
269.9
|
|
|
Other
|
|
|
79.5
|
|
|
2.2
|
|
|
|
81.7
|
|
|
|
96.7
|
|
|
3.4
|
|
|
|
100.1
|
|
|
Total commercial
|
|
|
722.7
|
|
|
2.2
|
|
|
|
724.9
|
|
|
|
721.7
|
|
|
3.4
|
|
|
|
725.1
|
|
|
Intersegment eliminations
|
|
|
-
|
|
|
(13.4
|
)
|
|
|
(13.4
|
)
|
|
|
-
|
|
|
(28.3
|
)
|
|
|
(28.3
|
)
|
|
Consolidated net sales
|
|
$
|
4,523.8
|
|
$
|
-
|
|
|
$
|
4,523.8
|
|
|
$
|
4,519.8
|
|
$
|
-
|
|
|
$
|
4,519.8
|
|
|
OSHKOSH CORPORATION
|
|
SEGMENT INFORMATION (continued)
|
|
(Unaudited; in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Operating income (loss):
|
|
|
|
|
|
|
|
|
|
Access equipment
|
|
$
|
122.1
|
|
|
$
|
136.4
|
|
|
$
|
218.2
|
|
|
$
|
350.5
|
|
|
Defense
|
|
|
19.1
|
|
|
|
(7.1
|
)
|
|
|
70.1
|
|
|
|
(9.3
|
)
|
|
Fire & emergency
|
|
|
19.7
|
|
|
|
9.6
|
|
|
|
44.7
|
|
|
|
20.1
|
|
|
Commercial
|
|
|
23.8
|
|
|
|
22.4
|
|
|
|
49.9
|
|
|
|
43.4
|
|
|
Corporate
|
|
|
(37.9
|
)
|
|
|
(24.7
|
)
|
|
|
(114.4
|
)
|
|
|
(92.8
|
)
|
|
Intersegment eliminations
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
0.1
|
|
|
Consolidated
|
|
$
|
146.8
|
|
|
$
|
136.6
|
|
|
$
|
268.5
|
|
|
$
|
312.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
Period-end backlog:
|
|
|
|
|
|
|
|
|
|
Access equipment
|
|
$
|
374.6
|
|
|
$
|
394.9
|
|
|
|
|
|
|
Defense
|
|
|
2,288.3
|
|
|
|
1,216.6
|
|
|
|
|
|
|
Fire & emergency
|
|
|
852.8
|
|
|
|
761.1
|
|
|
|
|
|
|
Commercial
|
|
|
206.3
|
|
|
|
218.0
|
|
|
|
|
|
|
Consolidated
|
|
$
|
3,722.0
|
|
|
$
|
2,590.6
|
|
|
|
|
|
Non-GAAP Financial Measures
The Company reports its financial results in accordance with generally
accepted accounting principles in the United States of America (GAAP).
The Company is presenting various operating results both on a reported
basis and on a basis excluding items that affect comparability of
results. When the Company uses operating results excluding certain items
as described below, they are considered non-GAAP financial measures. The
Company believes excluding the impact of these items is useful to
investors in comparing the Company’s performance to prior period
results. Non-GAAP financial measures should be viewed in addition to,
and not as an alternative for, the Company’s results prepared in
accordance with GAAP. The table below presents a reconciliation of the
Company’s presented non-GAAP measures to the most directly comparable
GAAP measures (in millions, except per share amounts):
|
|
|
Nine Months
|
|
|
|
Ended
|
|
|
|
June 30, 2015
|
|
|
|
|
|
Adjusted net income (non-GAAP)
|
|
$
|
186.4
|
|
|
OPEB curtailment / settlement, net of tax
|
|
|
2.1
|
|
|
Debt extinguishment costs, net of tax
|
|
|
(9.3
|
)
|
|
Net income (GAAP)
|
|
$
|
179.2
|
|
|
|
|
|
|
Adjusted earnings per share-diluted (non-GAAP)
|
|
$
|
2.34
|
|
|
OPEB curtailment / settlement, net of tax
|
|
|
0.03
|
|
|
Debt extinguishment costs, net of tax
|
|
|
(0.12
|
)
|
|
Earnings per share-diluted (GAAP)
|
|
$
|
2.25
|
|
|
|
|
|
|
|
|
Fiscal 2016
|
|
|
|
Expectations
|
|
|
|
|
|
Net cash flows provided by operating activities
|
|
$
|
500.0
|
|
|
Additions to property, plant and equipment
|
|
|
(100.0
|
)
|
|
Free cash flow
|
|
$
|
400.0
|
|
___________________________________
1 This news release refers to GAAP (U.S. generally accepted
accounting principles) and non-GAAP financial measures. Oshkosh
Corporation believes that the non-GAAP measures provide investors a
useful comparison of the Company’s performance to prior period results.
These non-GAAP measures may not be comparable to similarly titled
measures disclosed by other companies. A reconciliation of these
non-GAAP financial measures to the most comparable GAAP measures can be
found under the caption “Non-GAAP Financial Measures” in this news
release.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160728005290/en/
Source: Oshkosh Corporation