News Details
Oshkosh Corporation Reports Fiscal 2021 Third Quarter Results
Jul. 29, 2021
Updates Fiscal 2021 Sales and Earnings Expectations
Declares Quarterly Cash Dividend of
Consolidated net sales in the third quarter of fiscal 2021 increased 39.7 percent to
Consolidated operating income in the third quarter of fiscal 2021 increased 71.8 percent to
“I’m proud of the focus shown by
“We made several positive announcements during the quarter, including North America’s first electric fire truck, our
“We are increasing our fiscal 2021 GAAP earnings per share expectations to a range of
Factors affecting third quarter results for the Company’s segments included:
Access Equipment - Access Equipment segment sales in the third quarter of fiscal 2021 increased 89.4 percent to
Access Equipment segment operating income in the third quarter of fiscal 2021 increased 237.3 percent to
Defense - Defense segment sales for the third quarter of fiscal 2021 increased 26.6 percent to
Defense segment operating income in the third quarter of fiscal 2021 increased 44.4 percent to
Fire & Emergency - Fire & Emergency segment sales for the third quarter of fiscal 2021 increased 1.0 percent to
Fire & Emergency segment operating income in the third quarter of fiscal 2021 decreased 3.7 percent to
Commercial - Commercial segment sales for the third quarter of fiscal 2021 increased 12.3 percent to
Commercial segment operating income in the third quarter of fiscal 2021 increased 24.4 percent to
Corporate - Corporate operating costs in the third quarter of fiscal 2021 increased
Interest Expense Net of Interest Income - Interest expense net of interest income was
Provision for Income Taxes - The Company recorded an income tax benefit of
Nine-month Results
The Company reported net sales for the first nine months of fiscal 2021 of
Results for the first nine months of fiscal 2021 included the
Fiscal 2021 Expectations
As a result of continued supply chain challenges partially offsetting the tax benefit associated with the carryback of the
These estimates reflect estimated operating income between
Dividend Announcement
The Company’s Board of Directors today declared a quarterly cash dividend of
Conference Call
The Company will host a conference call at
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 performance issues with suppliers or subcontractors, particularly as demand rebounds from the COVID-19 pandemic; the Company’s ability to increase prices or impose surcharges to raise margins or to offset higher input costs, including increased raw material, labor and freight costs; the cyclical nature of the Company’s access equipment, commercial and fire & emergency markets, which are particularly impacted by the strength of
About
At
®, ™ All brand names referred to in this news release are trademarks of
|
||||||||||||||||
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||||||||||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Net sales |
|
$ |
2,208.8 |
|
|
$ |
1,580.8 |
|
|
$ |
5,674.3 |
|
|
$ |
5,072.6 |
|
Cost of sales |
|
|
1,824.2 |
|
|
|
1,323.3 |
|
|
|
4,732.0 |
|
|
|
4,233.2 |
|
Gross income |
|
|
384.6 |
|
|
|
257.5 |
|
|
|
942.3 |
|
|
|
839.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
177.6 |
|
|
|
137.6 |
|
|
|
495.0 |
|
|
|
468.4 |
|
Amortization of purchased intangibles |
|
|
3.2 |
|
|
|
1.3 |
|
|
|
6.8 |
|
|
|
9.7 |
|
Total operating expenses |
|
|
180.8 |
|
|
|
138.9 |
|
|
|
501.8 |
|
|
|
478.1 |
|
Operating income |
|
|
203.8 |
|
|
|
118.6 |
|
|
|
440.5 |
|
|
|
361.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(12.2 |
) |
|
|
(12.4 |
) |
|
|
(36.0 |
) |
|
|
(47.8 |
) |
Interest income |
|
|
0.5 |
|
|
|
0.7 |
|
|
|
1.7 |
|
|
|
3.6 |
|
Miscellaneous, net |
|
|
0.4 |
|
|
|
1.5 |
|
|
|
2.0 |
|
|
|
(4.7 |
) |
Income before income taxes and losses of unconsolidated affiliates |
|
|
192.5 |
|
|
|
108.4 |
|
|
|
408.2 |
|
|
|
312.4 |
|
Provision for (benefit of) income taxes |
|
|
(21.9 |
) |
|
|
28.0 |
|
|
|
24.5 |
|
|
|
87.0 |
|
Income before losses of unconsolidated affiliates |
|
|
214.4 |
|
|
|
80.4 |
|
|
|
383.7 |
|
|
|
225.4 |
|
Equity in losses of unconsolidated affiliates |
|
|
(0.5 |
) |
|
|
(0.2 |
) |
|
|
(0.7 |
) |
|
|
(0.9 |
) |
Net income |
|
$ |
213.9 |
|
|
$ |
80.2 |
|
|
$ |
383.0 |
|
|
$ |
224.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
3.11 |
|
|
$ |
1.18 |
|
|
$ |
5.59 |
|
|
$ |
3.29 |
|
Diluted |
|
|
3.07 |
|
|
|
1.17 |
|
|
|
5.53 |
|
|
|
3.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted-average shares outstanding |
|
|
68,781,801 |
|
|
|
68,087,363 |
|
|
|
68,510,847 |
|
|
|
68,155,389 |
|
Dilutive equity-based compensation awards |
|
|
829,844 |
|
|
|
492,575 |
|
|
|
724,429 |
|
|
|
642,231 |
|
Diluted weighted-average shares outstanding |
|
|
69,611,645 |
|
|
|
68,579,938 |
|
|
|
69,235,276 |
|
|
|
68,797,620 |
|
|
||||||||
|
||||||||
|
|
2021 |
|
2020 |
||||
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,166.3 |
|
|
$ |
582.9 |
|
Receivables, net |
|
|
1,072.5 |
|
|
|
857.6 |
|
Unbilled receivables |
|
|
501.7 |
|
|
|
483.6 |
|
Inventories, net |
|
|
1,273.2 |
|
|
|
1,505.4 |
|
Income taxes receivable |
|
|
227.3 |
|
|
|
45.4 |
|
Other current assets |
|
|
51.1 |
|
|
|
60.9 |
|
Total current assets |
|
|
4,292.1 |
|
|
|
3,535.8 |
|
Property, plant and equipment: |
|
|
|
|
|
|
|
|
Property, plant and equipment |
|
|
1,422.9 |
|
|
|
1,397.0 |
|
Accumulated depreciation |
|
|
(859.5 |
) |
|
|
(831.1 |
) |
Property, plant and equipment, net |
|
|
563.4 |
|
|
|
565.9 |
|
|
|
|
1,057.2 |
|
|
|
1,009.5 |
|
Purchased intangible assets, net |
|
|
469.7 |
|
|
|
418.2 |
|
Other long-term assets |
|
|
323.9 |
|
|
|
286.5 |
|
Total assets |
|
$ |
6,706.3 |
|
|
$ |
5,815.9 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Revolving credit facilities and current maturities of long-term debt |
|
$ |
- |
|
|
$ |
5.2 |
|
Accounts payable |
|
|
753.9 |
|
|
|
577.8 |
|
Customer advances |
|
|
623.3 |
|
|
|
491.4 |
|
Payroll-related obligations |
|
|
217.5 |
|
|
|
150.8 |
|
Income taxes payable |
|
|
80.5 |
|
|
|
14.7 |
|
Other current liabilities |
|
|
372.3 |
|
|
|
345.2 |
|
Total current liabilities |
|
|
2,047.5 |
|
|
|
1,585.1 |
|
Long-term debt, less current maturities |
|
|
818.6 |
|
|
|
817.9 |
|
Other long-term liabilities |
|
|
611.5 |
|
|
|
562.2 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
3,228.7 |
|
|
|
2,850.7 |
|
Total liabilities and shareholders’ equity |
|
$ |
6,706.3 |
|
|
$ |
5,815.9 |
|
|
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|
||||||||
|
|
Nine Months Ended
|
||||||
|
|
2021 |
|
2020 |
||||
Operating activities: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
383.0 |
|
|
$ |
224.5 |
|
Depreciation and amortization |
|
|
77.6 |
|
|
|
73.4 |
|
Stock-based compensation expense |
|
|
20.3 |
|
|
|
24.3 |
|
Deferred income taxes |
|
|
22.8 |
|
|
|
17.5 |
|
Gain on sale of assets |
|
|
(1.7 |
) |
|
|
(10.4 |
) |
Foreign currency transaction gains |
|
|
(2.6 |
) |
|
|
(2.7 |
) |
Loss on extinguishment of debt |
|
|
- |
|
|
|
8.5 |
|
Other non-cash adjustments |
|
|
2.9 |
|
|
|
1.0 |
|
Changes in operating assets and liabilities |
|
|
314.5 |
|
|
|
(299.7 |
) |
Net cash provided by operating activities |
|
|
816.8 |
|
|
|
36.4 |
|
|
|
|
|
|
|
|
|
|
Investing activities: |
|
|
|
|
|
|
|
|
Additions to property, plant and equipment |
|
|
(60.8 |
) |
|
|
(73.2 |
) |
Additions to equipment held for rental |
|
|
(7.4 |
) |
|
|
(14.7 |
) |
Acquisition of business, net of cash acquired |
|
|
(112.6 |
) |
|
|
- |
|
Proceeds from sale of equipment held for rental |
|
|
9.3 |
|
|
|
34.3 |
|
Other investing activities |
|
|
(5.5 |
) |
|
|
(4.9 |
) |
Net cash used by investing activities |
|
|
(177.0 |
) |
|
|
(58.5 |
) |
|
|
|
|
|
|
|
|
|
Financing activities: |
|
|
|
|
|
|
|
|
Proceeds from the issuance of debt |
|
|
- |
|
|
|
303.9 |
|
Repayment of debt |
|
|
(5.2 |
) |
|
|
(300.0 |
) |
Debt extinguishment and issuance costs |
|
|
- |
|
|
|
(9.6 |
) |
Repurchases of Common Stock |
|
|
(22.6 |
) |
|
|
(50.7 |
) |
Dividends paid |
|
|
(67.9 |
) |
|
|
(61.4 |
) |
Proceeds from exercise of stock options |
|
|
42.1 |
|
|
|
24.2 |
|
Other financing activities |
|
|
(3.7 |
) |
|
|
(1.5 |
) |
Net cash used by financing activities |
|
|
(57.3 |
) |
|
|
(95.1 |
) |
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash |
|
|
0.9 |
|
|
|
0.4 |
|
Increase (decrease) in cash and cash equivalents |
|
|
583.4 |
|
|
|
(116.8 |
) |
Cash and cash equivalents at beginning of period |
|
|
582.9 |
|
|
|
448.4 |
|
Cash and cash equivalents at end of period |
|
$ |
1,166.3 |
|
|
$ |
331.6 |
|
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
|
|
Three Months Ended |
||||||||||||||||||||||
|
|
2021 |
|
2020 |
||||||||||||||||||||
|
|
External Customers |
|
Inter- segment |
|
Net Sales |
|
External Customers |
|
Inter- segment |
|
Net Sales |
||||||||||||
Access Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerial work platforms |
|
$ |
450.9 |
|
|
$ |
- |
|
|
$ |
450.9 |
|
|
$ |
221.0 |
|
|
$ |
- |
|
|
$ |
221.0 |
|
Telehandlers |
|
|
233.5 |
|
|
|
- |
|
|
|
233.5 |
|
|
|
127.5 |
|
|
|
- |
|
|
|
127.5 |
|
Other |
|
|
238.7 |
|
|
|
1.2 |
|
|
|
239.9 |
|
|
|
131.4 |
|
|
|
8.1 |
|
|
|
139.5 |
|
Total Access Equipment |
|
|
923.1 |
|
|
|
1.2 |
|
|
|
924.3 |
|
|
|
479.9 |
|
|
|
8.1 |
|
|
|
488.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defense(a) |
|
|
709.9 |
|
|
|
0.5 |
|
|
|
710.4 |
|
|
|
558.1 |
|
|
|
3.1 |
|
|
|
561.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fire & Emergency(a) |
|
|
298.4 |
|
|
|
4.1 |
|
|
|
302.5 |
|
|
|
297.6 |
|
|
|
2.0 |
|
|
|
299.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Refuse collection |
|
|
137.4 |
|
|
|
- |
|
|
|
137.4 |
|
|
|
99.2 |
|
|
|
- |
|
|
|
99.2 |
|
Concrete placement |
|
|
113.4 |
|
|
|
- |
|
|
|
113.4 |
|
|
|
121.5 |
|
|
|
- |
|
|
|
121.5 |
|
Other |
|
|
26.6 |
|
|
|
0.7 |
|
|
|
27.3 |
|
|
|
24.4 |
|
|
|
2.6 |
|
|
|
27.0 |
|
Total Commercial |
|
|
277.4 |
|
|
|
0.7 |
|
|
|
278.1 |
|
|
|
245.1 |
|
|
|
2.6 |
|
|
|
247.7 |
|
Corporate and intersegment eliminations(a) |
|
|
- |
|
|
|
(6.5 |
) |
|
|
(6.5 |
) |
|
|
0.1 |
|
|
|
(15.8 |
) |
|
|
(15.7 |
) |
|
|
$ |
2,208.8 |
|
|
$ |
- |
|
|
$ |
2,208.8 |
|
|
$ |
1,580.8 |
|
|
$ |
- |
|
|
$ |
1,580.8 |
|
|
|
Nine Months Ended |
||||||||||||||||||||||
|
|
2021 |
|
2020 |
||||||||||||||||||||
|
|
External Customers |
|
Inter- segment |
|
Net Sales |
|
External Customers |
|
Inter- segment |
|
Net Sales |
||||||||||||
Access Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerial work platforms |
|
$ |
1,087.1 |
|
|
$ |
- |
|
|
$ |
1,087.1 |
|
|
$ |
800.7 |
|
|
$ |
- |
|
|
$ |
800.7 |
|
Telehandlers |
|
|
531.6 |
|
|
|
- |
|
|
|
531.6 |
|
|
|
546.5 |
|
|
|
- |
|
|
|
546.5 |
|
Other |
|
|
603.4 |
|
|
|
4.1 |
|
|
|
607.5 |
|
|
|
543.6 |
|
|
|
8.1 |
|
|
|
551.7 |
|
Total Access Equipment |
|
|
2,222.1 |
|
|
|
4.1 |
|
|
|
2,226.2 |
|
|
|
1,890.8 |
|
|
|
8.1 |
|
|
|
1,898.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defense(a) |
|
|
1,874.2 |
|
|
|
1.2 |
|
|
|
1,875.4 |
|
|
|
1,684.1 |
|
|
|
8.4 |
|
|
|
1,692.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fire & Emergency(a) |
|
|
876.9 |
|
|
|
12.0 |
|
|
|
888.9 |
|
|
|
792.2 |
|
|
|
6.6 |
|
|
|
798.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Refuse collection |
|
|
344.1 |
|
|
|
- |
|
|
|
344.1 |
|
|
|
330.3 |
|
|
|
- |
|
|
|
330.3 |
|
Concrete placement |
|
|
278.4 |
|
|
|
- |
|
|
|
278.4 |
|
|
|
286.9 |
|
|
|
- |
|
|
|
286.9 |
|
Other |
|
|
77.9 |
|
|
|
3.4 |
|
|
|
81.3 |
|
|
|
86.8 |
|
|
|
4.6 |
|
|
|
91.4 |
|
Total Commercial |
|
|
700.4 |
|
|
|
3.4 |
|
|
|
703.8 |
|
|
|
704.0 |
|
|
|
4.6 |
|
|
|
708.6 |
|
Corporate and intersegment eliminations(a) |
|
|
0.7 |
|
|
|
(20.7 |
) |
|
|
(20.0 |
) |
|
|
1.5 |
|
|
|
(27.7 |
) |
|
|
(26.2 |
) |
|
|
$ |
5,674.3 |
|
|
$ |
- |
|
|
$ |
5,674.3 |
|
|
$ |
5,072.6 |
|
|
$ |
- |
|
|
$ |
5,072.6 |
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Access Equipment |
|
$ |
113.0 |
|
|
$ |
33.5 |
|
|
$ |
218.4 |
|
|
$ |
173.3 |
|
Defense(a) |
|
|
59.8 |
|
|
|
41.4 |
|
|
|
148.1 |
|
|
|
132.1 |
|
Fire & Emergency(a) |
|
|
44.5 |
|
|
|
46.2 |
|
|
|
127.0 |
|
|
|
96.1 |
|
Commercial |
|
|
29.6 |
|
|
|
23.8 |
|
|
|
60.3 |
|
|
|
49.7 |
|
Corporate and intersegment eliminations(a) |
|
|
(43.1 |
) |
|
|
(26.3 |
) |
|
|
(113.3 |
) |
|
|
(89.9 |
) |
|
|
$ |
203.8 |
|
|
$ |
118.6 |
|
|
$ |
440.5 |
|
|
$ |
361.3 |
|
|
|
|
||||||
|
|
2021 |
|
2020 |
||||
Period-end backlog: |
|
|
|
|
|
|
|
|
Access Equipment |
|
$ |
1,747.7 |
|
|
$ |
557.0 |
|
Defense(a) |
|
|
3,397.8 |
|
|
|
3,317.4 |
|
Fire & Emergency(a) |
|
|
1,219.1 |
|
|
|
1,123.5 |
|
Commercial |
|
|
498.1 |
|
|
|
287.6 |
|
|
|
$ |
6,862.7 |
|
|
$ |
5,285.5 |
|
(a) |
On |
|
Non-GAAP Financial Measures
The Company reports its financial results in accordance with generally accepted accounting principles in
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Access Equipment segment operating income (GAAP) |
|
$ |
113.0 |
|
|
$ |
33.5 |
|
|
$ |
218.4 |
|
|
$ |
173.3 |
|
Restructuring-related costs |
|
|
1.3 |
|
|
|
7.6 |
|
|
|
11.5 |
|
|
|
7.6 |
|
Adjusted Access Equipment segment operating income (non-GAAP) |
|
$ |
114.3 |
|
|
$ |
41.1 |
|
|
$ |
229.9 |
|
|
$ |
180.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defense segment operating income (GAAP) |
|
$ |
59.8 |
|
|
$ |
41.4 |
|
|
$ |
148.1 |
|
|
$ |
132.1 |
|
Acquisition costs |
|
|
- |
|
|
|
- |
|
|
|
1.0 |
|
|
|
- |
|
Adjusted Defense segment operating income (non-GAAP) |
|
$ |
59.8 |
|
|
$ |
41.4 |
|
|
$ |
149.1 |
|
|
$ |
132.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fire & Emergency segment operating income (GAAP) |
|
$ |
44.5 |
|
|
$ |
46.2 |
|
|
$ |
127.0 |
|
|
$ |
96.1 |
|
Restructuring-related costs |
|
|
- |
|
|
|
1.1 |
|
|
|
- |
|
|
|
1.1 |
|
Adjusted Fire & Emergency segment operating income (non-GAAP) |
|
$ |
44.5 |
|
|
$ |
47.3 |
|
|
$ |
127.0 |
|
|
$ |
97.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial segment operating income (GAAP) |
|
$ |
29.6 |
|
|
$ |
23.8 |
|
|
$ |
60.3 |
|
|
$ |
49.7 |
|
Restructuring-related costs |
|
|
- |
|
|
|
1.5 |
|
|
|
- |
|
|
|
1.5 |
|
Adjusted Commercial segment operating income (non-GAAP) |
|
$ |
29.6 |
|
|
$ |
25.3 |
|
|
$ |
60.3 |
|
|
$ |
51.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated operating income (GAAP) |
|
$ |
203.8 |
|
|
$ |
118.6 |
|
|
$ |
440.5 |
|
|
$ |
361.3 |
|
Restructuring-related costs |
|
|
1.3 |
|
|
|
10.2 |
|
|
|
11.5 |
|
|
|
10.2 |
|
Acquisition costs |
|
|
- |
|
|
|
- |
|
|
|
1.0 |
|
|
|
- |
|
Adjusted consolidated operating income (non-GAAP) |
|
$ |
205.1 |
|
|
$ |
128.8 |
|
|
$ |
453.0 |
|
|
$ |
371.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense net of interest income (GAAP) |
|
|
11.7 |
|
|
|
11.7 |
|
|
|
34.3 |
|
|
|
44.2 |
|
Loss on extinguishment of debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(8.5 |
) |
Adjusted interest expense net of interest income (non-GAAP) |
|
|
11.7 |
|
|
|
11.7 |
|
|
|
34.3 |
|
|
|
35.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax Income (GAAP) |
|
$ |
192.5 |
|
|
$ |
108.4 |
|
|
$ |
408.2 |
|
|
$ |
312.4 |
|
Restructuring-related costs |
|
|
1.3 |
|
|
|
10.2 |
|
|
|
11.5 |
|
|
|
10.2 |
|
Acquisition costs |
|
|
- |
|
|
|
- |
|
|
|
1.0 |
|
|
|
- |
|
Loss on extinguishment of debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
8.5 |
|
Adjusted pre-tax income (non-GAAP) |
|
$ |
193.8 |
|
|
$ |
118.6 |
|
|
$ |
420.7 |
|
|
$ |
331.1 |
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Provision for income taxes (GAAP) |
|
$ |
(21.9 |
) |
|
$ |
28.0 |
|
|
$ |
24.5 |
|
|
$ |
87.0 |
|
Tax benefit related to restructuring-related costs |
|
|
(0.1 |
) |
|
|
1.8 |
|
|
|
(0.2 |
) |
|
|
1.8 |
|
Tax benefit related to acquisition costs |
|
|
- |
|
|
|
- |
|
|
|
0.2 |
|
|
|
- |
|
Tax benefit related to loss on extinguishment of debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2.0 |
|
Benefit from tax loss carryback to prior years |
|
|
69.9 |
|
|
|
- |
|
|
|
69.9 |
|
|
|
- |
|
Valuation allowance on deferred tax assets |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(11.4 |
) |
Adjusted provision for income taxes (non-GAAP) |
|
$ |
47.9 |
|
|
$ |
29.8 |
|
|
$ |
94.4 |
|
|
$ |
79.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
|
$ |
213.9 |
|
|
$ |
80.2 |
|
|
$ |
383.0 |
|
|
$ |
224.5 |
|
Restructuring-related costs, net of tax |
|
|
1.4 |
|
|
|
8.4 |
|
|
|
11.7 |
|
|
|
8.4 |
|
Acquisition costs, net of tax |
|
|
- |
|
|
|
- |
|
|
|
0.8 |
|
|
|
- |
|
Loss on extinguishment of debt, net of tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6.5 |
|
Benefit from tax loss carryback to prior years |
|
|
(69.9 |
) |
|
|
- |
|
|
|
(69.9 |
) |
|
|
- |
|
Valuation allowance on deferred tax assets |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
11.4 |
|
Adjusted net income (non-GAAP) |
|
$ |
145.4 |
|
|
$ |
88.6 |
|
|
$ |
325.6 |
|
|
$ |
250.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share-diluted (GAAP) |
|
$ |
3.07 |
|
|
$ |
1.17 |
|
|
$ |
5.53 |
|
|
$ |
3.26 |
|
Restructuring-related costs, net of tax |
|
|
0.02 |
|
|
|
0.12 |
|
|
|
0.17 |
|
|
|
0.12 |
|
Acquisition costs, net of tax |
|
|
- |
|
|
|
- |
|
|
|
0.01 |
|
|
|
- |
|
Loss on extinguishment of debt, net of tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.10 |
|
Benefit from tax loss carryback to prior years |
|
|
(1.00 |
) |
|
|
- |
|
|
|
(1.01 |
) |
|
|
- |
|
Valuation allowance on deferred tax assets |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.16 |
|
Adjusted earnings per share-diluted (non-GAAP) |
|
$ |
2.09 |
|
|
$ |
1.29 |
|
|
$ |
4.70 |
|
|
$ |
3.64 |
|
|
|
Fiscal 2021 Expectations |
||||||
|
|
Low |
|
High |
||||
Operating income (GAAP) |
|
$ |
595.0 |
|
|
$ |
615.0 |
|
Restructuring-related costs |
|
|
14.0 |
|
|
|
14.0 |
|
Acquisition costs |
|
|
1.0 |
|
|
|
1.0 |
|
Adjusted operating income (non-GAAP) |
|
$ |
610.0 |
|
|
$ |
630.0 |
|
|
|
|
|
|
|
|
|
|
Earnings per share-diluted (GAAP) |
|
$ |
7.15 |
|
|
$ |
7.30 |
|
Restructuring-related costs, net of tax |
|
|
0.19 |
|
|
|
0.19 |
|
Acquisition costs, net of tax |
|
|
0.01 |
|
|
|
0.01 |
|
Benefit from tax loss carryback to prior years |
|
|
(1.00 |
) |
|
|
(1.00 |
) |
Adjusted earnings per share-diluted (non-GAAP) |
|
$ |
6.35 |
|
|
$ |
6.50 |
|
_______________________
1 This news release refers to GAAP (
View source version on businesswire.com: https://www.businesswire.com/news/home/20210729005191/en/
Financial:
Senior Vice President, Investor Relations
920.502.3266
Media:
Senior Vice President, Chief Marketing Officer
920.502.3670
Source: