Raises Fiscal 2018 Estimated EPS Range
Declares Quarterly Cash Dividend of $0.24 Per Share
OSHKOSH, Wis.--(BUSINESS WIRE)--
Oshkosh Corporation (NYSE: OSK) today reported fiscal 2018 first quarter
net income of $56.4 million, or $0.74 per diluted share, compared to
$19.2 million, or $0.26 per diluted share, in the first quarter of
fiscal 2017. Results for the first quarter of fiscal 2018 included
after-tax charges of $14.1 million associated with restructuring actions
in the access equipment and commercial segments as well as one-time
discrete tax benefits of $6.5 million related to implementation of tax
reform in the United States. Excluding these items, fiscal 2018 first
quarter adjusted1 net income was $64.0 million or $0.84 per
diluted share. Comparisons in this news release are to the corresponding
period of the prior year, unless otherwise noted.
Consolidated net sales in the first quarter of fiscal 2018 were
$1.59 billion, an increase of 30.9 percent compared to the first quarter
of fiscal 2017. The Company reported double-digit percentage sales
growth in the defense, access equipment and commercial segments.
Consolidated operating income increased 103.9 percent to $73.8 million,
or 4.7 percent of sales, in the first quarter of fiscal 2018 compared to
$36.2 million, or 3.0 percent of sales, in the first quarter of fiscal
2017. The increase in operating income in the first quarter of fiscal
2018 was primarily a result of the impact of higher sales volume, offset
in part by costs related to restructuring actions, increased material
costs and adverse product mix. Excluding $18.6 million of pre-tax
charges and operating inefficiencies related to restructuring actions in
the access equipment and commercial segments, adjusted1
operating income in the first quarter of fiscal 2018 was $92.4 million
or 5.8 percent of sales.
“I am pleased to report a positive start to fiscal 2018, with results
that exceeded our expectations,” said Wilson R. Jones, president and
chief executive officer of Oshkosh Corporation. “Strong orders in the
quarter and strong backlogs exiting the quarter reflect the broader
positive macroeconomic environment driving favorable conditions in many
of our markets.
“I am proud of the hard work and dedication of our Oshkosh team members
that delivered these solid results. Sales grew in three of our four
segments, and all four segments reported higher adjusted1
operating income. We continue to identify opportunities to improve our
execution and remain focused on delivering strong performance and
shareholder value.
“As a result of our positive start to the year, solid outlook and lower
tax rate as a result of tax reform in the U.S., we are increasing our
full year expectations for earnings per share and adjusted1
earnings per share. We now expect full year earnings per share to be in
a range of $4.75 to $5.20 and adjusted1 earnings per share to
be in a range of $5.00 to $5.45,” said Jones.
Factors affecting first quarter results for the Company’s business
segments included:
Access Equipment – Access equipment segment net sales increased
28.4 percent to $628.2 million in the first quarter of fiscal 2018. The
increase in sales was due to improved demand for both aerial work
platforms and telehandlers.
Access equipment segment operating income decreased 43.4 percent to
$13.8 million, or 2.2 percent of sales, in the first quarter of fiscal
2018 compared to $24.4 million, or 5.0 percent of sales, in the first
quarter of fiscal 2017. Excluding charges and operating inefficiencies
associated with previously announced restructuring actions of
$16.1 million, adjusted1 operating income was
$29.9 million, or 4.8 percent of sales, in the first quarter of fiscal
2018. The increase in adjusted1 operating income in the first
quarter of fiscal 2018 compared to operating income in the first quarter
of fiscal 2017 was primarily due to the impact of higher sales volume,
offset in part by higher material costs and, to a lesser extent, higher
legal and inventory reserve adjustments, unfavorable customer mix and an
adverse foreign exchange impact.
Defense – Defense segment net sales for the first quarter of
fiscal 2018 increased 67.6 percent to $493.5 million. The increase in
sales was due to the ramp up of sales to the U.S. government under the
Joint Light Tactical Vehicle (JLTV) program and international Mine
Resistant Ambush Protected-All Terrain Vehicle (M-ATV) sales.
Defense segment operating income increased 173.9 percent to
$65.2 million, or 13.2 percent of sales, in the first quarter of fiscal
2018 compared to $23.8 million, or 8.1 percent of sales, in the first
quarter of fiscal 2017. The increase in operating income was due to the
impact of higher sales volume and improved manufacturing performance,
offset in part by an adverse product mix.
Fire & Emergency – Fire & emergency segment net sales for the
first quarter of fiscal 2018 decreased 1.5 percent to $229.1 million.
The decrease in sales was due to lower airport products international
volume, largely offset by higher fire apparatus sales.
Fire & emergency segment operating income increased 47.6 percent to
$25.1 million, or 11.0 percent of sales, in the first quarter of fiscal
2018 compared to $17.0 million, or 7.3 percent of sales, in the first
quarter of fiscal 2017. The increase in operating income was a result of
improved pricing and improved manufacturing performance, offset in part
by higher selling, general and administrative expenses.
Commercial – Commercial segment net sales increased 21.2 percent
to $241.4 million in the first quarter of fiscal 2018. The increase in
sales was primarily due to higher concrete placement and refuse
collection vehicle unit volume. Fiscal 2017 first quarter sales were
negatively impacted by an atypical order pattern.
Commercial segment operating income increased 80.4 percent to
$8.3 million, or 3.4 percent of sales, in the first quarter of fiscal
2018 compared to $4.6 million, or 2.3 percent of sales, in the first
quarter of fiscal 2017. Excluding restructuring-related charges of
$2.5 million, adjusted1 operating income was
$10.8 million, or 4.5 percent of sales, in the first quarter of fiscal
2018. The increase in operating income was largely a result of the
impact of higher sales volume.
Corporate – Corporate operating costs increased $5.0 million in
the first quarter of fiscal 2018 to $38.6 million due primarily to
higher new product development spending, increased share-based
compensation expense and the timing of costs.
Interest Expense Net of Interest Income – Interest expense net of
interest income decreased $0.2 million to $13.7 million in the first
quarter of fiscal 2018.
Provision for Income Taxes – The Company recorded income tax
expense of $4.7 million in the first quarter of fiscal 2018, or
7.8 percent of pre-tax income, compared to $5.2 million, or 21.8 percent
of pre-tax income, in the first quarter of fiscal 2017. Excluding the
tax impact of restructuring-related charges of $4.5 million as well as
one-time discrete tax benefits of $6.5 million related to implementation
of tax reform, adjusted1 income tax expense in the first
quarter of fiscal 2018 was $15.7 million, or 19.8 percent of adjusted1
pre-tax income. The Company recorded $3.8 million of discrete tax
benefits in the first quarter of fiscal 2018 largely related to
favorable share-based compensation tax benefits. The Company recorded
$2.8 million of discrete tax benefits in the first quarter of fiscal
2017 largely related to state tax matters.
U.S. tax legislation lowered the federal corporate statutory tax rate
for income earned in the U.S. from 35 percent to 21 percent effective
January 1, 2018. For the first quarter of fiscal 2018, the Company
applied its fiscal 2018 blended federal statutory tax rate of
24.5 percent.
Share Repurchases –The Company deployed cash of $63.7 million to
repurchase 748,000 shares of Common Stock in the first quarter of fiscal
2018. Share repurchases did not have a material impact on earnings per
share in the first quarter of fiscal 2018.
Fiscal 2018 Expectations
As a result of the positive start to the fiscal year, improved demand
outlook for access equipment and the impact of tax reform, the Company
is raising its fiscal 2018 full year outlook. The Company now expects
consolidated sales to be $7.1 billion to $7.3 billion, an increase of
$200 million from the Company’s previous sales estimate range of
$6.9 billion to $7.1 billion.
The Company now expects its fiscal 2018 consolidated operating income to
be $520 million to $570 million. Excluding anticipated charges and
operating inefficiencies for announced restructuring actions in the
access equipment and commercial segments, the Company expects its fiscal
2018 adjusted1 operating income to be $550 million to
$600 million, compared to its previous estimated adjusted operating
income range of $515 million to $565 million.
The Company now expects its fiscal 2018 diluted earnings per share to be
in the range of $4.75 to $5.20. Excluding anticipated charges and
operating inefficiencies for announced restructuring actions in the
access equipment and commercial segments as well as the impact of
one-time discrete items associated with tax reform in the U.S., the
Company expects its fiscal 2018 adjusted1 diluted earnings
per share to be in the range of $5.00 to $5.45, compared to the prior
adjusted diluted earnings per share estimated range of $4.25 to $4.65.
Dividend Announcement
The Company’s Board of Directors today declared a quarterly cash
dividend of $0.24 per share of Common Stock. The dividend will be
payable on February 26, 2018, to shareholders of record as of February
12, 2018.
Conference Call
The Company will comment on its fiscal 2018 first quarter earnings and
its full-year fiscal 2018 outlook during a conference call at 9:00 a.m.
EST this morning. Slides for the call will be available on the Company’s
website beginning at 7:00 a.m. EST 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 acceptance of and funding or
payments for such products and services; 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 Vehicles 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; 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 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 data security threats
and breaches; 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
Founded in 1917, Oshkosh Corporation is more than 100 years strong and
continues to make a difference in people’s lives. Oshkosh brings
together a unique set of integrated capabilities and diverse end markets
that, when combined with the Company’s MOVE strategy and positive
long-term outlook, illustrate why Oshkosh is a different integrated
global industrial. The Company is a leader in designing, manufacturing
and servicing a broad range of access equipment, commercial, fire &
emergency, military and specialty vehicles and vehicle bodies under the
brands of Oshkosh®, JLG®, Pierce®,
McNeilus®, Jerr-Dan®, Frontline™,
CON-E-CO®, London® and IMT®.
Today, Oshkosh Corporation is a Fortune 500 Company with manufacturing
operations on four continents. Its products are recognized around the
world for quality, durability and innovation and can be found in more
than 150 countries around the globe. As a different integrated global
industrial, Oshkosh is committed to making a difference for team
members, customers, shareholders, communities and the environment. For
more information, please visit www.oshkoshcorporation.com.
®, ™ 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
|
(In millions, except share and per share amounts; unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
December 31,
|
|
|
|
2017
|
|
|
2016
|
|
|
|
|
|
|
|
Net sales
|
|
|
$
|
1,586.3
|
|
|
|
$
|
1,211.4
|
|
Cost of sales
|
|
|
|
1,344.1
|
|
|
|
|
1,011.7
|
|
Gross income
|
|
|
|
242.2
|
|
|
|
|
199.7
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
Selling, general and administrative
|
|
|
|
157.8
|
|
|
|
|
151.0
|
|
Amortization of purchased intangibles
|
|
|
|
10.6
|
|
|
|
|
12.5
|
|
Total operating expenses
|
|
|
|
168.4
|
|
|
|
|
163.5
|
|
Operating income
|
|
|
|
73.8
|
|
|
|
|
36.2
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
Interest expense
|
|
|
|
(15.4
|
)
|
|
|
|
(14.7
|
)
|
Interest income
|
|
|
|
1.7
|
|
|
|
|
0.8
|
|
Miscellaneous, net
|
|
|
|
0.5
|
|
|
|
|
1.3
|
|
Income before income taxes and equity
|
|
|
|
|
|
|
in earnings of unconsolidated affiliates
|
|
|
|
60.6
|
|
|
|
|
23.6
|
|
Provision for income taxes
|
|
|
|
4.7
|
|
|
|
|
5.2
|
|
Income before equity in earnings of
|
|
|
|
|
|
|
unconsolidated affiliates
|
|
|
|
55.9
|
|
|
|
|
18.4
|
|
Equity in earnings of unconsolidated
|
|
|
|
|
|
|
affiliates
|
|
|
|
0.5
|
|
|
|
|
0.8
|
|
Net income
|
|
|
$
|
56.4
|
|
|
|
$
|
19.2
|
|
|
|
|
|
|
|
|
Earnings per share:
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.75
|
|
|
|
$
|
0.26
|
|
Diluted
|
|
|
|
0.74
|
|
|
|
|
0.26
|
|
|
|
|
|
|
|
|
Basic weighted-average shares outstanding
|
|
|
|
74,846,829
|
|
|
|
|
74,280,377
|
|
Dilutive stock options and other equity-
|
|
|
|
|
|
|
based compensation awards
|
|
|
|
1,177,636
|
|
|
|
|
1,104,540
|
|
Diluted weighted-average shares outstanding
|
|
|
|
76,024,465
|
|
|
|
|
75,384,917
|
|
|
|
|
|
|
|
|
|
|
|
|
OSHKOSH CORPORATION
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(In millions; unaudited)
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
September 30,
|
|
|
|
2017
|
|
|
2017
|
ASSETS
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
379.1
|
|
|
|
$
|
447.0
|
|
Receivables, net
|
|
|
|
1,229.4
|
|
|
|
|
1,306.3
|
|
Inventories, net
|
|
|
|
1,219.9
|
|
|
|
|
1,198.4
|
|
Other current assets
|
|
|
|
88.2
|
|
|
|
|
88.1
|
|
Total current assets
|
|
|
|
2,916.6
|
|
|
|
|
3,039.8
|
|
Property, plant and equipment:
|
|
|
|
|
|
|
Property, plant and equipment
|
|
|
|
1,194.4
|
|
|
|
|
1,188.8
|
|
Accumulated depreciation
|
|
|
|
(736.4
|
)
|
|
|
|
(718.9
|
)
|
Property, plant and equipment, net
|
|
|
|
458.0
|
|
|
|
|
469.9
|
|
Goodwill
|
|
|
|
1,015.8
|
|
|
|
|
1,013.0
|
|
Purchased intangible assets, net
|
|
|
|
497.3
|
|
|
|
|
507.8
|
|
Other long-term assets
|
|
|
|
74.4
|
|
|
|
|
68.4
|
|
Total assets
|
|
|
$
|
4,962.1
|
|
|
|
$
|
5,098.9
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Revolving credit facilities and current maturities
|
|
|
|
|
|
|
of long-term debt
|
|
|
$
|
29.7
|
|
|
|
$
|
23.0
|
|
Accounts payable
|
|
|
|
554.8
|
|
|
|
|
651.0
|
|
Customer advances
|
|
|
|
551.3
|
|
|
|
|
513.4
|
|
Payroll-related obligations
|
|
|
|
129.6
|
|
|
|
|
191.8
|
|
Other current liabilities
|
|
|
|
300.0
|
|
|
|
|
303.9
|
|
Total current liabilities
|
|
|
|
1,565.4
|
|
|
|
|
1,683.1
|
|
Long-term debt, less current maturities
|
|
|
|
803.4
|
|
|
|
|
807.9
|
|
Other long-term liabilities
|
|
|
|
299.9
|
|
|
|
|
300.5
|
|
Commitments and contingencies
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
2,293.4
|
|
|
|
|
2,307.4
|
|
Total liabilities and shareholders' equity
|
|
|
$
|
4,962.1
|
|
|
|
$
|
5,098.9
|
|
|
|
|
|
|
|
|
|
|
|
|
OSHKOSH CORPORATION
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In millions; unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
December 31,
|
|
|
|
2017
|
|
|
2016
|
Operating activities:
|
|
|
|
|
|
|
Net income
|
|
|
$
|
56.4
|
|
|
|
$
|
19.2
|
|
Depreciation and amortization
|
|
|
|
31.4
|
|
|
|
|
32.1
|
|
Stock-based compensation expense
|
|
|
|
7.5
|
|
|
|
|
6.5
|
|
Deferred income taxes
|
|
|
|
(27.8
|
)
|
|
|
|
8.4
|
|
Gain on sale of assets
|
|
|
|
(0.6
|
)
|
|
|
|
(0.3
|
)
|
Foreign currency transaction (gains) losses
|
|
|
|
(0.8
|
)
|
|
|
|
0.4
|
|
Other non-cash adjustments
|
|
|
|
0.9
|
|
|
|
|
0.8
|
|
Changes in operating assets and liabilities
|
|
|
|
(37.8
|
)
|
|
|
|
16.7
|
|
Net cash provided by operating activities
|
|
|
|
29.2
|
|
|
|
|
83.8
|
|
|
|
|
|
|
|
|
Investing activities:
|
|
|
|
|
|
|
Additions to property, plant and equipment
|
|
|
|
(18.7
|
)
|
|
|
|
(14.2
|
)
|
Additions to equipment held for rental
|
|
|
|
(1.2
|
)
|
|
|
|
(12.9
|
)
|
Proceeds from sale of equipment held for rental
|
|
|
|
2.5
|
|
|
|
|
5.3
|
|
Other investing activities
|
|
|
|
(0.8
|
)
|
|
|
|
(0.2
|
)
|
Net cash used by investing activities
|
|
|
|
(18.2
|
)
|
|
|
|
(22.0
|
)
|
|
|
|
|
|
|
|
Financing activities:
|
|
|
|
|
|
|
Proceeds from issuance of debt
|
|
|
|
6.5
|
|
|
|
|
-
|
|
Repayments of debt
|
|
|
|
(5.0
|
)
|
|
|
|
(20.0
|
)
|
Repurchases of common stock
|
|
|
|
(71.1
|
)
|
|
|
|
(3.0
|
)
|
Dividends paid
|
|
|
|
(18.0
|
)
|
|
|
|
(15.6
|
)
|
Proceeds from exercise of stock options
|
|
|
|
8.6
|
|
|
|
|
26.2
|
|
Net cash used by financing activities
|
|
|
|
(79.0
|
)
|
|
|
|
(12.4
|
)
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
|
|
0.1
|
|
|
|
|
(1.7
|
)
|
Increase (decrease) in cash and cash equivalents
|
|
|
|
(67.9
|
)
|
|
|
|
47.7
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
447.0
|
|
|
|
|
321.9
|
|
Cash and cash equivalents at end of period
|
|
|
$
|
379.1
|
|
|
|
$
|
369.6
|
|
|
|
|
|
|
|
|
|
|
|
|
OSHKOSH CORPORATION
|
SEGMENT INFORMATION
|
(In millions; unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
|
2017
|
|
|
2016
|
|
|
|
External
|
|
|
Inter-
|
|
|
Net
|
|
|
External
|
|
|
Inter-
|
|
|
Net
|
|
|
|
Customers
|
|
|
segment
|
|
|
Sales
|
|
|
Customers
|
|
|
segment
|
|
|
Sales
|
Access equipment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerial work platforms
|
|
|
$
|
323.5
|
|
|
$
|
-
|
|
|
|
$
|
323.5
|
|
|
|
$
|
233.7
|
|
|
$
|
-
|
|
|
|
$
|
233.7
|
|
Telehandlers
|
|
|
|
129.5
|
|
|
|
-
|
|
|
|
|
129.5
|
|
|
|
|
93.3
|
|
|
|
-
|
|
|
|
|
93.3
|
|
Other
|
|
|
|
175.2
|
|
|
|
-
|
|
|
|
|
175.2
|
|
|
|
|
162.2
|
|
|
|
-
|
|
|
|
|
162.2
|
|
Total access equipment
|
|
|
|
628.2
|
|
|
|
-
|
|
|
|
|
628.2
|
|
|
|
|
489.2
|
|
|
|
-
|
|
|
|
|
489.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defense
|
|
|
|
493.2
|
|
|
|
0.3
|
|
|
|
|
493.5
|
|
|
|
|
294.2
|
|
|
|
0.3
|
|
|
|
|
294.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fire & emergency
|
|
|
|
224.9
|
|
|
|
4.2
|
|
|
|
|
229.1
|
|
|
|
|
229.1
|
|
|
|
3.4
|
|
|
|
|
232.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Concrete placement
|
|
|
|
111.5
|
|
|
|
-
|
|
|
|
|
111.5
|
|
|
|
|
84.4
|
|
|
|
-
|
|
|
|
|
84.4
|
|
Refuse collection
|
|
|
|
101.2
|
|
|
|
-
|
|
|
|
|
101.2
|
|
|
|
|
92.2
|
|
|
|
-
|
|
|
|
|
92.2
|
|
Other
|
|
|
|
27.0
|
|
|
|
1.7
|
|
|
|
|
28.7
|
|
|
|
|
21.5
|
|
|
|
1.1
|
|
|
|
|
22.6
|
|
Total commercial
|
|
|
|
239.7
|
|
|
|
1.7
|
|
|
|
|
241.4
|
|
|
|
|
198.1
|
|
|
|
1.1
|
|
|
|
|
199.2
|
|
Corporate & eliminations
|
|
|
|
0.3
|
|
|
|
(6.2
|
)
|
|
|
|
(5.9
|
)
|
|
|
|
0.8
|
|
|
|
(4.8
|
)
|
|
|
|
(4.0
|
)
|
|
|
|
$
|
1,586.3
|
|
|
$
|
-
|
|
|
|
$
|
1,586.3
|
|
|
|
$
|
1,211.4
|
|
|
$
|
-
|
|
|
|
$
|
1,211.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
December 31,
|
|
|
|
|
|
2017
|
|
|
|
2016
|
Operating income (loss):
|
|
|
|
|
|
|
|
|
|
Access equipment
|
|
|
|
|
$
|
13.8
|
|
|
|
|
$
|
24.4
|
|
Defense
|
|
|
|
|
|
65.2
|
|
|
|
|
|
23.8
|
|
Fire & emergency
|
|
|
|
|
|
25.1
|
|
|
|
|
|
17.0
|
|
Commercial
|
|
|
|
|
|
8.3
|
|
|
|
|
|
4.6
|
|
Corporate
|
|
|
|
|
|
(38.6
|
)
|
|
|
|
|
(33.6
|
)
|
|
|
|
|
|
$
|
73.8
|
|
|
|
|
$
|
36.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
|
2017
|
|
|
|
2016
|
Period-end backlog:
|
|
|
|
|
|
|
|
|
|
Access equipment
|
|
|
|
|
$
|
1,576.8
|
|
|
|
|
$
|
594.3
|
|
Defense
|
|
|
|
|
|
1,854.3
|
|
|
|
|
|
2,226.0
|
|
Fire & emergency
|
|
|
|
|
|
985.1
|
|
|
|
|
|
901.1
|
|
Commercial
|
|
|
|
|
|
373.9
|
|
|
|
|
|
237.4
|
|
|
|
|
|
|
$
|
4,790.1
|
|
|
|
|
$
|
3,958.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 GAAP basis
and on a basis excluding items that affect comparability of results.
When the Company excludes 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 GAAP measures to
the most directly comparable non-GAAP measures (in millions, except per
share amounts):
|
|
|
Three Months Ended
|
|
|
|
December 31,
|
|
|
|
2017
|
|
|
2016
|
|
|
|
|
|
|
|
Access equipment segment operating income (GAAP)
|
|
|
$
|
13.8
|
|
|
|
$
|
24.4
|
Costs and inefficiencies related to restructuring actions
|
|
|
|
16.1
|
|
|
|
|
-
|
Adjusted access equipment segment operating
|
|
|
|
|
|
|
|
|
|
income (non-GAAP)
|
|
|
$
|
29.9
|
|
|
|
$
|
24.4
|
|
|
|
|
|
|
|
Commercial segment operating income (GAAP)
|
|
|
$
|
8.3
|
|
|
|
$
|
4.6
|
Restructuring costs
|
|
|
|
2.5
|
|
|
|
|
-
|
Adjusted commercial segment operating income (non-GAAP)
|
|
|
$
|
10.8
|
|
|
|
$
|
4.6
|
|
|
|
|
|
|
|
Consolidated operating income (GAAP)
|
|
|
$
|
73.8
|
|
|
|
$
|
36.2
|
Costs and inefficiencies related to restructuring actions
|
|
|
|
18.6
|
|
|
|
|
-
|
Adjusted consolidated operating income (non-GAAP)
|
|
|
$
|
92.4
|
|
|
|
$
|
36.2
|
|
|
|
|
|
|
|
Provision for income taxes (GAAP)
|
|
|
$
|
4.7
|
|
|
|
$
|
5.2
|
Income tax benefit of costs and inefficiencies related to
|
|
|
|
|
|
|
|
|
|
restructuring actions
|
|
|
|
4.5
|
|
|
|
|
-
|
Revaluation of net deferred tax liabilities
|
|
|
|
23.9
|
|
|
|
|
-
|
Repatriation tax
|
|
|
|
(17.4
|
)
|
|
|
|
-
|
Adjusted provision for income taxes (non-GAAP)
|
|
|
$
|
15.7
|
|
|
|
$
|
5.2
|
|
|
|
|
|
|
|
Net income (GAAP)
|
|
|
$
|
56.4
|
|
|
|
$
|
19.2
|
Costs and inefficiencies related to restructuring
|
|
|
|
|
|
|
|
|
|
actions, net of tax
|
|
|
|
14.1
|
|
|
|
|
-
|
Revaluation of net deferred tax liabilities
|
|
|
|
(23.9
|
)
|
|
|
|
-
|
Repatriation tax
|
|
|
|
17.4
|
|
|
|
|
-
|
Adjusted net income (non-GAAP)
|
|
|
$
|
64.0
|
|
|
|
$
|
19.2
|
|
|
|
|
|
|
|
Earnings per share-diluted (GAAP)
|
|
|
$
|
0.74
|
|
|
|
$
|
0.26
|
Costs and inefficiencies related to restructuring
|
|
|
|
|
|
|
|
|
|
actions, net of tax
|
|
|
|
0.18
|
|
|
|
|
-
|
Revaluation of net deferred tax liabilities
|
|
|
|
(0.31
|
)
|
|
|
|
-
|
Repatriation tax
|
|
|
|
0.23
|
|
|
|
|
-
|
Adjusted earnings per share-diluted (non-GAAP)
|
|
|
$
|
0.84
|
|
|
|
$
|
0.26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal 2018 Expectations
|
|
|
|
Low
|
|
|
High
|
|
|
|
|
|
|
|
Consolidated operating income (GAAP)
|
|
|
$
|
520.0
|
|
|
|
$
|
570.0
|
|
Costs and inefficiencies related to restructuring actions
|
|
|
|
30.0
|
|
|
|
|
30.0
|
|
Adjusted consolidated operating income (Non-GAAP)
|
|
|
$
|
550.0
|
|
|
|
$
|
600.0
|
|
|
|
|
|
|
|
|
Earnings per share-diluted (GAAP)
|
|
|
$
|
4.75
|
|
|
|
$
|
5.20
|
|
Costs and inefficiencies related to restructuring
|
|
|
|
|
|
|
|
|
|
|
actions, net of tax
|
|
|
|
0.33
|
|
|
|
|
0.33
|
|
Revaluation of net deferred tax liabilities
|
|
|
|
(0.31
|
)
|
|
|
|
(0.31
|
)
|
Repatriation tax
|
|
|
|
0.23
|
|
|
|
|
0.23
|
|
Adjusted earnings per share-diluted (Non-GAAP)
|
|
|
$
|
5.00
|
|
|
|
$
|
5.45
|
|
|
|
|
|
|
|
|
|
|
|
|
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 the Company’s
presented GAAP measures to the most directly comparable non-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/20180125005388/en/
Source: Oshkosh Corporation