Raises Fiscal 2019 Estimated EPS Range
Declares Quarterly Cash Dividend of $0.27 Per Share
OSHKOSH, Wis.--(BUSINESS WIRE)--
Oshkosh Corporation (NYSE: OSK) today reported fiscal 2019 first quarter
net income of $109.0 million, or $1.51 per diluted share, compared to
$56.4 million, or $0.74 per diluted share, in the first quarter of
fiscal 2018. Results for the first quarter of fiscal 2019 included a
$7.0 million tax charge related to an adjustment of the repatriation tax
required under tax legislation passed in the United States in December
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 discrete tax
benefits of $6.5 million related to implementation of tax legislation in
the United States. Excluding these items, fiscal 2019 first quarter
adjusted1 net income was $116.0 million, or $1.61 per diluted
share, compared to fiscal 2018 first quarter adjusted1 net
income of $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 2019 increased
13.7 percent to $1.80 billion compared to the first quarter of fiscal
2018 due to higher access equipment and fire & emergency segment sales,
offset in part by lower defense and commercial segment sales.
Consolidated sales for the first quarter of fiscal 2019 without the
adoption of the new revenue recognition standard would have been
$1.77 billion, an increase of 11.3 percent compared to the first quarter
of fiscal 2018.
Consolidated operating income in the first quarter of fiscal 2019
increased 115.4 percent to $160.5 million, or 8.9 percent of sales,
compared to $74.5 million, or 4.7 percent of sales, in the first quarter
of fiscal 2018. This increase was primarily a result of the impact of
higher sales volume, the absence of restructuring-related charges and
the application of the new revenue recognition standard. Consolidated
operating income for the first quarter of fiscal 2019 without the
adoption of the new revenue recognition standard would have been
$135.3 million, or 7.7 percent of sales. 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 $93.1 million,
or 5.9 percent of sales.
“I am pleased to report strong performance by our team in the first
quarter, with sales growth of 13.7 percent, adjusted1
operating income growth of 72.4 percent and adjusted1
earnings per share growth of 91.7 percent to $1.61,” said Wilson R.
Jones, president and chief executive officer of Oshkosh Corporation.
“Fiscal 2019 is off to a good start and we remain confident in our
outlook, supported by positive customer sentiment, elevated backlog and
a focused Oshkosh team. Led by double digit sales growth in our access
equipment and fire & emergency segments, the continued execution of our
MOVE strategy drove higher operating income and higher operating income
margins in all four segments.
"During the quarter, our defense segment received an order valued at
$1.7 billion for our revolutionary light protected defense vehicle, the
Joint Light Tactical Vehicle (JLTV). The JLTV is shaping the future of
light military vehicles and continues to draw significant interest from
international armed forces.
“As a result of our positive start to the year and improved outlook in
our access equipment segment, we are raising our fiscal 2019 earnings
expectations. We now expect full year earnings per share to be in a
range of $6.90 to $7.40 and adjusted1 earnings per share to
be in a range of $7.00 to $7.50,” said Jones.
Factors affecting first quarter results for the Company’s business
segments included:
Access Equipment - Access equipment segment net sales in the
first quarter of fiscal 2019 increased 31.6 percent to $826.5 million.
The increase in sales was led by an increase in telehandler sales in
North America, reflecting continued favorable business conditions and
improved production rates as the access equipment segment was completing
the move of North American telehandler production in fiscal 2018. Higher
pricing to cover material cost escalation also contributed to the
increase in sales.
Access equipment segment operating income in the first quarter of fiscal
2019 increased 384.7 percent to $66.4 million, or 8.0 percent of sales,
compared to $13.7 million, or 2.2 percent of sales, in the first quarter
of fiscal 2018. The increase in operating income was primarily due to
the impact of higher sales volume, improved pricing and the absence of
restructuring-related expenses, offset in part by higher material costs
and adverse product mix. The first quarter of fiscal 2018 also included
a benefit of $5.5 million related to the collection of a receivable that
had been fully reserved.
Access equipment segment results for the first quarter of fiscal 2018
included pre-tax charges and operating inefficiencies associated with
restructuring actions of $16.1 million. Excluding these charges and
inefficiencies, adjusted1 operating income in the first
quarter of fiscal 2018 was $29.8 million, or 4.7 percent of sales.
Defense - Defense segment net sales for the first quarter of
fiscal 2019 decreased 6.0 percent to $464.1 million. The decrease in
sales was due to the absence of international Mine Resistant Ambush
Protected-All Terrain Vehicle (M-ATV) sales in the first quarter of
fiscal 2019, offset in part by the continued ramp up of sales to the
U.S. government under the JLTV program and changes associated with the
application of the new revenue recognition standard. Defense segment
sales for the first quarter of fiscal 2019 without the adoption of the
new revenue recognition standard would have been $449.5 million, a
decrease of 8.9 percent compared to the first quarter of fiscal 2018.
Defense segment operating income in the first quarter of fiscal 2019
increased 8.1 percent to $71.1 million, or 15.3 percent of sales,
compared to $65.8 million, or 13.3 percent of sales, in the first
quarter of fiscal 2018. The increase in operating income was due to
changes associated with the application of the new revenue recognition
standard, including an increase in contract margins on the JLTV program
upon the receipt of the large order in the quarter, and a favorable
resolution of contract compliance matters, offset in part by the impact
of lower sales volume and an adverse product mix. Defense segment
operating income for the first quarter of fiscal 2019 without the
adoption of the new revenue recognition standard would have been
$51.9 million, or 11.5 percent of sales.
Fire & Emergency - Fire & emergency segment net sales for the
first quarter of fiscal 2019 increased 29.0 percent to $295.5 million as
a result of the timing of deliveries and changes associated with the
application of the new revenue recognition standard. Fire & emergency
segment sales for the first quarter of fiscal 2019 without the adoption
of the new revenue recognition standard would have been $268.7 million,
an increase of 17.3 percent compared to the first quarter of fiscal 2018.
Fire & emergency segment operating income in the first quarter of fiscal
2019 increased 57.7 percent to $39.9 million, or 13.5 percent of sales,
compared to $25.3 million, or 11.0 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. Fire & emergency segment
operating income for the first quarter of fiscal 2019 without the
adoption of the new revenue recognition standard would have been
$34.1 million, or 12.7 percent of sales.
Commercial - Commercial segment net sales for the first quarter
of fiscal 2019 decreased 8.0 percent to $222.2 million on a lower mix of
package sales, which include third-party chassis.
Commercial segment operating income in the first quarter of fiscal 2019
increased 125.3 percent to $18.7 million, or 8.4 percent of sales,
compared to $8.3 million, or 3.4 percent of sales, in the first quarter
of fiscal 2018. The increase in operating income was largely a result of
lower operating expenses, the absence of restructuring-related costs in
the first quarter of fiscal 2019 and lower warranty expense. Excluding
restructuring-related charges of $2.5 million in the prior year, adjusted1
operating income was $10.8 million, or 4.5 percent of sales, in
the first quarter of fiscal 2018.
Corporate - Corporate operating costs in the first quarter of
fiscal 2019 decreased $3.0 million to $35.6 million due primarily to
lower share-based compensation costs and a decrease in post-retirement
liabilities.
Interest Expense Net of Interest Income - Interest expense net of
interest income in the first quarter of fiscal 2019 decreased
$2.2 million to $11.5 million.
Provision for Income Taxes - The Company recorded income tax
expense in the first quarter of fiscal 2019 of $39.7 million, or
26.9 percent of pre-tax income, compared to $4.7 million, or 7.8 percent
of pre-tax income, in the first quarter of fiscal 2018. Excluding
$7.0 million related to an adjustment of the repatriation tax required
under tax legislation passed in the United States in December 2017,
adjusted1 income tax expense in the first quarter of fiscal
2019 was $32.7 million, or 22.1 percent of pre-tax income. Excluding the
tax impact of restructuring-related charges of $4.5 million as well as
discrete tax benefits of $6.5 million related to the implementation of
tax legislation in the prior year, adjusted1 income tax
expense in the first quarter of fiscal 2018 was $15.7 million, or
19.8 percent of adjusted pre-tax income. Adjusted1
income tax expense included $0.3 million of discrete tax charges and
$3.8 million of discrete tax benefits in the first quarter of fiscal
2019 and 2018, respectively, primarily related to share-based
compensation tax benefits and the resolution of state tax matters.
Share Repurchases -The Company repurchased 2,563,087 shares of
Common Stock for $170.0 million in the first quarter of fiscal 2019.
Share repurchases completed during the previous twelve months benefited
earnings per share in the first quarter of fiscal 2019 by $0.08 compared
to the first quarter of fiscal 2018.
Fiscal 2019 Expectations
The Company is raising its fiscal 2019 full year outlook as a result of
the positive start to the year and an improved outlook for the access
equipment segment. The Company now expects consolidated sales to be
$8.05 billion to $8.25 billion, an increase from the Company’s previous
sales estimate range of $7.85 billion to $8.15 billion.
The Company now expects its fiscal 2019 consolidated operating income to
be $685 million to $735 million, an increase from the Company’s previous
sales estimate range of $640 million to $710 million.
The Company now expects its fiscal 2019 diluted earnings per share to be
in the range of $6.90 to $7.40. Excluding the impact of discrete items
associated with tax legislation in the U.S., the Company expects its
fiscal 2019 adjusted1 diluted earnings per share to be in the
range of $7.00 to $7.50 compared to the prior diluted earnings per share
estimated range of $6.50 to $7.25.
Dividend Announcement
The Company’s Board of Directors today declared a quarterly cash
dividend of $0.27 per share of Common Stock. The dividend will be
payable on March 1, 2019, to shareholders of record as of February 15,
2019.
Conference Call
The Company will host a conference call at 9:00 a.m. EST this morning to
discuss its fiscal 2019 first quarter results and its full-year fiscal
2019 outlook. 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, 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 ability to increase prices or impose
surcharges to raise margins or to offset higher input costs, including
increased commodity, raw material, labor and freight costs; 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 the
cost of 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; the Company’s ability to
predict the level and timing of orders for indefinite
delivery/indefinite quantity contracts with the U.S. federal government;
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; 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;
performance issues with key suppliers or subcontractors; 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; risks that an escalating trade war and
related tariffs could reduce the competitiveness of the Company’s
products; 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; the Company’s ability to successfully
identify, complete and integrate acquisitions and to realize the
anticipated benefits associated with the same; 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,
|
|
|
2018
|
|
2017
|
Net sales
|
|
$
|
1,803.4
|
|
|
$
|
1,586.3
|
|
Cost of sales
|
|
1,475.1
|
|
|
1,343.3
|
|
Gross income
|
|
328.3
|
|
|
243.0
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
Selling, general and administrative
|
|
158.6
|
|
|
157.9
|
|
Amortization of purchased intangibles
|
|
9.2
|
|
|
10.6
|
|
Total operating expenses
|
|
167.8
|
|
|
168.5
|
|
Operating income
|
|
160.5
|
|
|
74.5
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
Interest expense
|
|
(13.7
|
)
|
|
(15.4
|
)
|
Interest income
|
|
2.2
|
|
|
1.7
|
|
Miscellaneous, net
|
|
(1.2
|
)
|
|
(0.2
|
)
|
Income before income taxes and earnings of unconsolidated affiliates
|
|
147.8
|
|
|
60.6
|
|
Provision for income taxes
|
|
39.7
|
|
|
4.7
|
|
Income before earnings of unconsolidated affiliates
|
|
108.1
|
|
|
55.9
|
|
Equity in earnings of unconsolidated affiliates
|
|
0.9
|
|
|
0.5
|
|
Net income
|
|
$
|
109.0
|
|
|
$
|
56.4
|
|
|
|
|
|
|
Earnings per share:
|
|
|
|
|
Basic
|
|
$
|
1.53
|
|
|
$
|
0.75
|
|
Diluted
|
|
1.51
|
|
|
0.74
|
|
|
|
|
|
|
Basic weighted-average shares outstanding
|
|
71,464,489
|
|
|
74,846,829
|
|
Dilutive equity-based compensation awards
|
|
637,337
|
|
|
1,177,636
|
|
Diluted weighted-average shares outstanding
|
|
72,101,826
|
|
|
76,024,465
|
|
|
|
|
|
|
|
|
|
OSHKOSH CORPORATION
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(In millions; unaudited)
|
|
|
|
December 31,
|
|
September 30,
|
|
|
2018
|
|
2018
|
Assets
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
159.9
|
|
|
$
|
454.6
|
|
Receivables, net
|
|
1,072.1
|
|
|
1,521.6
|
|
Unbilled receivables, net
|
|
342.9
|
|
|
—
|
|
Inventories, net
|
|
1,291.6
|
|
|
1,227.7
|
|
Other current assets
|
|
77.7
|
|
|
66.0
|
|
Total current assets
|
|
2,944.2
|
|
|
3,269.9
|
|
Property, plant and equipment:
|
|
|
|
|
Property, plant and equipment
|
|
1,245.8
|
|
|
1,222.7
|
|
Accumulated depreciation
|
|
(758.7
|
)
|
|
(741.6
|
)
|
Property, plant and equipment, net
|
|
487.1
|
|
|
481.1
|
|
Goodwill
|
|
1,005.2
|
|
|
1,007.9
|
|
Purchased intangible assets, net
|
|
460.0
|
|
|
469.4
|
|
Other long-term assets
|
|
133.6
|
|
|
65.9
|
|
Total assets
|
|
$
|
5,030.1
|
|
|
$
|
5,294.2
|
|
|
|
|
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Revolving credit facilities and current maturities of long-term debt
|
|
$
|
—
|
|
|
$
|
—
|
|
Accounts payable
|
|
608.4
|
|
|
776.9
|
|
Customer advances
|
|
425.2
|
|
|
444.9
|
|
Payroll-related obligations
|
|
119.8
|
|
|
192.5
|
|
Other current liabilities
|
|
324.8
|
|
|
275.8
|
|
Total current liabilities
|
|
1,478.2
|
|
|
1,690.1
|
|
Long-term debt, less current maturities
|
|
818.3
|
|
|
818.0
|
|
Other long-term liabilities
|
|
322.4
|
|
|
272.6
|
|
Commitments and contingencies
|
|
|
|
|
Shareholders’ equity
|
|
2,411.2
|
|
|
2,513.5
|
|
Total liabilities and shareholders’ equity
|
|
$
|
5,030.1
|
|
|
$
|
5,294.2
|
|
|
|
|
|
|
|
|
|
|
|
OSHKOSH CORPORATION
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In millions; unaudited)
|
|
|
|
|
|
Three Months Ended
|
|
|
December 31,
|
|
|
2018
|
|
2017
|
Operating activities:
|
|
|
|
|
Net income
|
|
$
|
109.0
|
|
|
$
|
56.4
|
|
Depreciation and amortization
|
|
28.7
|
|
|
31.4
|
|
Stock-based compensation expense
|
|
7.9
|
|
|
7.5
|
|
Deferred income taxes
|
|
(1.0
|
)
|
|
(27.8
|
)
|
Gain on sale of assets
|
|
(0.8
|
)
|
|
(0.6
|
)
|
Foreign currency transaction gains
|
|
(0.2
|
)
|
|
(0.8
|
)
|
Other non-cash adjustments
|
|
(0.9
|
)
|
|
0.9
|
|
Changes in operating assets and liabilities
|
|
(228.6
|
)
|
|
(37.8
|
)
|
Net cash provided (used) by operating activities
|
|
(85.9
|
)
|
|
29.2
|
|
|
|
|
|
|
Investing activities:
|
|
|
|
|
Additions to property, plant and equipment
|
|
(13.2
|
)
|
|
(18.7
|
)
|
Additions to equipment held for rental
|
|
(5.9
|
)
|
|
(1.2
|
)
|
Proceeds from sale of equipment held for rental
|
|
2.3
|
|
|
2.5
|
|
Other investing activities
|
|
1.7
|
|
|
(0.8
|
)
|
Net cash used by investing activities
|
|
(15.1
|
)
|
|
(18.2
|
)
|
|
|
|
|
|
Financing activities:
|
|
|
|
|
Proceeds from issuance of debt
|
|
—
|
|
|
6.5
|
|
Repayments of debt
|
|
—
|
|
|
(5.0
|
)
|
Repurchases of Common Stock
|
|
(176.9
|
)
|
|
(71.1
|
)
|
Dividends paid
|
|
(19.3
|
)
|
|
(18.0
|
)
|
Proceeds from exercise of stock options
|
|
1.7
|
|
|
8.6
|
|
Net cash used by financing activities
|
|
(194.5
|
)
|
|
(79.0
|
)
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
0.8
|
|
|
0.1
|
|
Decrease in cash and cash equivalents
|
|
(294.7
|
)
|
|
(67.9
|
)
|
Cash and cash equivalents at beginning of period
|
|
454.6
|
|
|
447.0
|
|
Cash and cash equivalents at end of period
|
|
$
|
159.9
|
|
|
$
|
379.1
|
|
|
|
|
|
|
|
|
|
|
OSHKOSH CORPORATION
|
SEGMENT INFORMATION
|
(In millions; unaudited)
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
2018
|
|
2017
|
|
|
External
|
|
Inter-
|
|
Net
|
|
External
|
|
Inter-
|
|
Net
|
|
|
Customers
|
|
segment
|
|
Sales
|
|
Customers
|
|
segment
|
|
Sales
|
Access equipment
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerial work platforms
|
|
$
|
337.7
|
|
|
$
|
—
|
|
|
$
|
337.7
|
|
|
$
|
323.5
|
|
|
$
|
—
|
|
|
$
|
323.5
|
|
Telehandlers
|
|
269.5
|
|
|
—
|
|
|
269.5
|
|
|
129.5
|
|
|
—
|
|
|
129.5
|
|
Other
|
|
219.3
|
|
|
—
|
|
|
219.3
|
|
|
175.2
|
|
|
—
|
|
|
175.2
|
|
Total access equipment
|
|
826.5
|
|
|
—
|
|
|
826.5
|
|
|
628.2
|
|
|
—
|
|
|
628.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defense
|
|
463.8
|
|
|
0.3
|
|
|
464.1
|
|
|
493.2
|
|
|
0.3
|
|
|
493.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fire & emergency
|
|
291.2
|
|
|
4.3
|
|
|
295.5
|
|
|
224.9
|
|
|
4.2
|
|
|
229.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
Concrete placement
|
|
81.7
|
|
|
—
|
|
|
81.7
|
|
|
111.5
|
|
|
—
|
|
|
111.5
|
|
Refuse collection
|
|
109.2
|
|
|
—
|
|
|
109.2
|
|
|
101.2
|
|
|
—
|
|
|
101.2
|
|
Other
|
|
30.7
|
|
|
0.6
|
|
|
31.3
|
|
|
27.0
|
|
|
1.7
|
|
|
28.7
|
|
Total commercial
|
|
221.6
|
|
|
0.6
|
|
|
222.2
|
|
|
239.7
|
|
|
1.7
|
|
|
241.4
|
|
Corporate & eliminations
|
|
0.3
|
|
|
(5.2
|
)
|
|
(4.9
|
)
|
|
0.3
|
|
|
(6.2
|
)
|
|
(5.9
|
)
|
|
|
$
|
1,803.4
|
|
|
$
|
—
|
|
|
$
|
1,803.4
|
|
|
$
|
1,586.3
|
|
|
$
|
—
|
|
|
$
|
1,586.3
|
|
|
|
|
|
|
Three Months Ended
|
|
|
December 31,
|
|
|
2018
|
|
2017
|
Operating income (loss):
|
|
|
|
|
Access equipment
|
|
$
|
66.4
|
|
|
$
|
13.7
|
|
Defense
|
|
71.1
|
|
|
65.8
|
|
Fire & emergency
|
|
39.9
|
|
|
25.3
|
|
Commercial
|
|
18.7
|
|
|
8.3
|
|
Corporate
|
|
(35.6
|
)
|
|
(38.6
|
)
|
|
|
$
|
160.5
|
|
|
$
|
74.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
2018
|
|
2017
|
Period-end backlog:
|
|
|
|
|
Access equipment
|
|
$
|
1,697.2
|
|
|
$
|
1,576.8
|
Defense
|
|
3,195.7
|
|
|
1,854.3
|
Fire & emergency
|
|
949.5
|
|
|
985.1
|
Commercial
|
|
415.4
|
|
|
373.9
|
|
|
$
|
6,257.8
|
|
|
$
|
4,790.1
|
|
|
|
|
|
|
|
|
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,
|
|
|
2018
|
|
2017
|
|
|
|
|
|
Access equipment segment operating income (GAAP)
|
|
$
|
66.4
|
|
|
$
|
13.7
|
|
Costs and inefficiencies related to restructuring actions
|
|
—
|
|
|
16.1
|
|
Adjusted access equipment segment operating income (non-GAAP)
|
|
$
|
66.4
|
|
|
$
|
29.8
|
|
|
|
|
|
|
Commercial segment operating income (GAAP)
|
|
$
|
18.7
|
|
|
$
|
8.3
|
|
Restructuring costs
|
|
—
|
|
|
2.5
|
|
Adjusted commercial segment operating income (non-GAAP)
|
|
$
|
18.7
|
|
|
$
|
10.8
|
|
|
|
|
|
|
Consolidated operating income (GAAP)
|
|
$
|
160.5
|
|
|
$
|
74.5
|
|
Costs and inefficiencies related to restructuring actions
|
|
—
|
|
|
18.6
|
|
Adjusted consolidated operating income (non-GAAP)
|
|
$
|
160.5
|
|
|
$
|
93.1
|
|
|
|
|
|
|
Provision for income taxes (GAAP)
|
|
$
|
39.7
|
|
|
$
|
4.7
|
|
Income tax benefit of costs and inefficiencies related to
restructuring actions
|
|
—
|
|
|
4.5
|
|
Revaluation of net deferred tax liabilities
|
|
—
|
|
|
23.9
|
|
Repatriation tax
|
|
(7.0
|
)
|
|
(17.4
|
)
|
Adjusted provision for income taxes (non-GAAP)
|
|
$
|
32.7
|
|
|
$
|
15.7
|
|
|
|
|
|
|
Net income (GAAP)
|
|
$
|
109.0
|
|
|
$
|
56.4
|
|
Costs and inefficiencies related to restructuring actions, net of tax
|
|
—
|
|
|
14.1
|
|
Revaluation of net deferred tax liabilities
|
|
—
|
|
|
(23.9
|
)
|
Repatriation tax
|
|
7.0
|
|
|
17.4
|
|
Adjusted net income (non-GAAP)
|
|
$
|
116.0
|
|
|
$
|
64.0
|
|
|
|
|
|
|
Earnings per share-diluted (GAAP)
|
|
$
|
1.51
|
|
|
$
|
0.74
|
|
Costs and inefficiencies related to restructuring actions, net of tax
|
|
—
|
|
|
0.18
|
|
Revaluation of net deferred tax liabilities
|
|
—
|
|
|
(0.31
|
)
|
Repatriation tax
|
|
0.10
|
|
|
0.23
|
|
Adjusted earnings per share-diluted (non-GAAP)
|
|
$
|
1.61
|
|
|
$
|
0.84
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal 2019 Expectations
|
|
|
Low
|
|
High
|
|
|
|
|
|
Earnings per share-diluted (GAAP)
|
|
$
|
6.90
|
|
|
$
|
7.40
|
Repatriation tax adjustment
|
|
0.10
|
|
|
0.10
|
Adjusted earnings per share-diluted (non-GAAP)
|
|
$
|
7.00
|
|
|
$
|
7.50
|
|
|
|
|
|
|
|
|
_____________________________________
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: https://www.businesswire.com/news/home/20190130005217/en/
Financial:
Patrick Davidson
Sr. Vice President, Investor
Relations
920.966.5939
Media:
Bryan Brandt
Sr.
Vice President and Chief Marketing Officer
920.966.5982
Source: Oshkosh Corporation