Updates Fiscal 2017 Estimated EPS Range
Announces Restructuring Actions in the Access Equipment Segment
Declares Quarterly Cash Dividend of $0.21 Per Share
OSHKOSH, Wis.--(BUSINESS WIRE)--
Oshkosh Corporation (NYSE: OSK) today reported fiscal 2017 first quarter
net income of $19.2 million, or $0.26 per diluted share, compared to
$14.6 million, or $0.19 per diluted share, in the first quarter of
fiscal 2016. 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 2017 were
$1.21 billion, a decrease of 3.2 percent. Decreases in sales in the
access equipment and defense segments were offset in part by higher
sales in the fire & emergency segment.
Consolidated operating income in the first quarter of fiscal 2017 was
$36.2 million, or 3.0 percent of sales, compared to $30.3 million, or
2.4 percent of sales, in the prior year first quarter. The increase in
operating income was primarily the result of improved performance in the
access equipment, defense and fire & emergency segments, offset in part
by the impact of lower sales volume and lower commercial segment
performance.
“We are pleased to report fiscal first quarter results that exceeded
both the prior year and our expectations. This is a great way to kick
off 2017, the year of our 100th anniversary at Oshkosh
Corporation. Company-wide, our teams executed well. In particular, we
experienced better than anticipated performance from our access
equipment and defense segments,” said Wilson Jones, president and chief
executive officer of Oshkosh Corporation.
“Today, as part of simplification activities in support of the Company’s
MOVE strategy, we are also announcing plans to rationalize operations in
our access equipment segment by consolidating our manufacturing
footprint in Europe and the United States. In addition, we are
streamlining telehandler offerings to a reduced range in Europe to
simplify our portfolio. These are difficult actions, but we believe they
are necessary to position our company for long-term success. Once fully
implemented, we expect these actions to generate $20 million to
$25 million of annual pre-tax savings. We expect pre-tax implementation
costs of $45 million to $50 million, including $10 million of non-cash
charges, the majority of which we expect to recognize in fiscal 2017.
“Our overall outlook for fiscal 2017 is unchanged from our last
quarterly earnings call and we continue to be confident about the future
opportunities for Oshkosh Corporation. As a result of the restructuring
actions, our expectations for fiscal 2017 earnings per share are in a
range of $2.50 to $2.90. We are reiterating our expectations for fiscal
2017 adjusted1 earnings per share to be in a range of $3.00
to $3.40,” said Jones.
Factors affecting first quarter results for the Company’s business
segments included:
Access Equipment – Access equipment segment net sales decreased
7.7 percent to $489.2 million in the first quarter of fiscal 2017. The
decline in sales was primarily due to lower sales volumes in North
America and Europe.
Access equipment segment operating income increased 19.2 percent to
$24.4 million, or 5.0 percent of sales, in the first quarter of fiscal
2017 compared to $20.4 million, or 3.9 percent of sales, in the first
quarter of fiscal 2016. The timing of new product development spending
and favorable product mix more than offset the impact of lower sales.
Defense – Defense segment net sales for the first quarter of
fiscal 2017 decreased 7.4 percent to $294.5 million. The decrease in
sales was primarily due to the absence of international Mine Resistant
Ambush Protected All Terrain Vehicle sales, offset in part by higher
sales of heavy tactical wheeled vehicles to the U.S. government.
Defense segment operating income increased 2.6 percent to $23.8 million,
or 8.1 percent of sales, in the first quarter of fiscal 2017 compared to
$23.2 million, or 7.3 percent of sales, in the first quarter of fiscal
2016. The increase in operating income was largely due to favorable
product mix and performance on multi-year contracts, offset in part by
higher bid and proposal spending and the impact of lower sales volume.
Fire & Emergency – Fire & emergency segment net sales for the
first quarter of fiscal 2017 increased 12.0 percent to $232.5 million.
Sales in the first quarter of fiscal 2017 benefited from higher domestic
fire apparatus deliveries as a result of increased production rates to
meet higher demand, higher airport products volume and improved pricing.
Improved operational efficiencies have allowed the fire & emergency
segment to increase its production rates to support strong demand for
Pierce fire trucks.
Fire & emergency segment operating income increased 68.1 percent to
$17.0 million, or 7.3 percent of sales, in the first quarter of fiscal
2017 compared to $10.1 million, or 4.9 percent of sales, in the first
quarter of fiscal 2016. The increase in operating income was primarily a
result of improved pricing and the impact of higher sales volumes.
Commercial – Commercial segment net sales decreased 0.6 percent
to $199.2 million in the first quarter of fiscal 2017. The decrease in
sales was primarily due to lower unit volumes, offset in part by sales
of higher content units.
Commercial segment operating income decreased 47.9 percent to
$4.6 million, or 2.3 percent of sales, in the first quarter of fiscal
2017 compared to $8.9 million, or 4.4 percent of sales, in the first
quarter of fiscal 2016. The decrease in operating income was primarily a
result of underabsorption related to lower production. Commercial
segment first quarter fiscal 2017 results also included $0.4 million of
restructuring costs related to workforce reduction actions.
Corporate – Corporate operating costs increased $1.3 million in
the first quarter of fiscal 2017 to $33.6 million due primarily to
higher incentive and share-based compensation expense. The higher
compensation costs were partially offset by improved operating results
related to a corporate-led manufacturing facility which was incurring
start-up costs during the first quarter of fiscal 2016.
Interest Expense Net of Interest Income – Interest expense net of
interest income decreased $0.2 million to $13.9 million in the first
quarter of fiscal 2017.
Provision for Income Taxes – The Company recorded income tax
expense of $5.2 million in the first quarter of fiscal 2017, or
21.8 percent of pre-tax income, compared to $1.7 million, or
10.6 percent of pre-tax income, in the first quarter of fiscal 2016. The
Company recorded $2.8 million of discrete tax benefits in the first
quarter of fiscal 2017 largely related to state tax matters and recorded
$3.7 million of discrete tax benefits in the first quarter of fiscal
2016 largely related to the retroactive reinstatement of the research
and development tax credit in the United States.
Access Equipment Segment Restructuring
Today, the Company also announced certain restructuring plans in its
access equipment segment, final details of which are subject to
discussions with employees or their representatives in several
countries. These plans include the closure of its manufacturing plant
and pre-delivery inspection facilities in Belgium, the streamlining of
telehandler product offerings to a reduced range in Europe, the transfer
of remaining European telehandler manufacturing to the Company’s
facility in Romania and reductions in engineering staff supporting
European telehandlers, including the closure of the UK-based engineering
facility. The announced plans also include the move of North American
telehandler production from Ohio to facilities in Pennsylvania. It is
expected that, once fully implemented in fiscal 2019, these initiatives
would collectively generate approximately $20 million to $25 million of
annual pre-tax savings. As these actions are planned to be implemented
over the next 12 to 18 months, the pre-tax benefit expected in fiscal
2018 is between $15 million and $20 million. The Company expects
implementation costs for these actions to be between $45 million and
$50 million, pre-tax, including approximately $10 million of non-cash
charges. Approximately $43 million of the pre-tax implementation costs
are expected to be incurred in fiscal 2017 with the remainder to be
incurred in fiscal 2018.
Fiscal 2017 Expectations
The Company, as a result of the expected access equipment segment
restructuring-related charges noted above, lowered its fiscal 2017
diluted earnings per share estimate range to $2.50 to $2.90 on operating
income of $347 million to $387 million. Excluding expected access
equipment segment restructuring-related charges, the Company reaffirmed
its fiscal 2017 adjusted1 diluted earnings per share estimate
range of $3.00 to $3.40 on projected net sales of $6.5 billion to
$6.7 billion and adjusted1 operating income of
$390 million to $430 million.
Dividend Announcement
The Company’s Board of Directors today declared a quarterly cash
dividend of $0.21 per share of Common Stock. The dividend will be
payable on February 27, 2017, to shareholders of record as of February
13, 2017.
Conference Call
The Company will comment on its fiscal 2017 first quarter earnings and
its full-year fiscal 2017 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 7:30 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; 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,
including any delays as a result of a recent accident at the Company’s
Dodge Center manufacturing facility; 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
|
|
|
December 31,
|
|
|
2016
|
|
2015
|
|
|
|
|
|
Net sales
|
|
$
|
1,211.4
|
|
|
$
|
1,252.0
|
|
Cost of sales
|
|
|
1,011.7
|
|
|
|
1,069.2
|
|
Gross income
|
|
|
199.7
|
|
|
|
182.8
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
Selling, general and administrative
|
|
|
151.0
|
|
|
|
139.3
|
|
Amortization of purchased intangibles
|
|
|
12.5
|
|
|
|
13.2
|
|
Total operating expenses
|
|
|
163.5
|
|
|
|
152.5
|
|
Operating income
|
|
|
36.2
|
|
|
|
30.3
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
Interest expense
|
|
|
(14.7
|
)
|
|
|
(14.6
|
)
|
Interest income
|
|
|
0.8
|
|
|
|
0.5
|
|
Miscellaneous, net
|
|
|
1.3
|
|
|
|
-
|
|
Income before income taxes and equity
|
|
|
|
|
in earnings of unconsolidated affiliates
|
|
|
23.6
|
|
|
|
16.2
|
|
Provision for income taxes
|
|
|
5.2
|
|
|
|
1.7
|
|
Income before equity in earnings of
|
|
|
|
|
unconsolidated affiliates
|
|
|
18.4
|
|
|
|
14.5
|
|
Equity in earnings of unconsolidated
|
|
|
|
|
affiliates
|
|
|
0.8
|
|
|
|
0.1
|
|
Net income
|
|
$
|
19.2
|
|
|
$
|
14.6
|
|
|
|
|
|
|
Earnings per share attributable to common shareholders:
|
|
|
|
|
Basic
|
|
$
|
0.26
|
|
|
$
|
0.20
|
|
Diluted
|
|
|
0.26
|
|
|
|
0.19
|
|
|
|
|
|
|
Basic weighted-average shares outstanding
|
|
|
74,280,377
|
|
|
|
74,063,418
|
|
Dilutive stock options and other equity-
|
|
|
|
|
based compensation awards
|
|
|
1,104,540
|
|
|
|
789,798
|
|
Diluted weighted-average shares outstanding
|
|
|
75,384,917
|
|
|
|
74,853,216
|
|
|
OSHKOSH CORPORATION
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(Unaudited; in millions)
|
|
|
|
|
|
|
|
December 31,
|
|
September 30,
|
|
|
2016
|
|
2016
|
ASSETS
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
369.6
|
|
|
$
|
321.9
|
|
Receivables, net
|
|
|
699.0
|
|
|
|
1,021.9
|
|
Inventories, net
|
|
|
1,208.7
|
|
|
|
979.8
|
|
Other current assets
|
|
|
118.7
|
|
|
|
93.9
|
|
Total current assets
|
|
|
2,396.0
|
|
|
|
2,417.5
|
|
Property, plant and equipment:
|
|
|
|
|
Property, plant and equipment
|
|
|
1,119.0
|
|
|
|
1,110.6
|
|
Accumulated depreciation
|
|
|
(672.1
|
)
|
|
|
(658.5
|
)
|
Property, plant and equipment, net
|
|
|
446.9
|
|
|
|
452.1
|
|
Goodwill
|
|
|
991.0
|
|
|
|
1,003.5
|
|
Purchased intangible assets, net
|
|
|
540.7
|
|
|
|
553.5
|
|
Other long-term assets
|
|
|
116.4
|
|
|
|
87.2
|
|
Total assets
|
|
$
|
4,491.0
|
|
|
$
|
4,513.8
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Revolving credit facilities and current maturities
|
|
|
|
|
of long-term debt
|
|
$
|
5.0
|
|
|
$
|
20.0
|
|
Accounts payable
|
|
|
477.7
|
|
|
|
466.1
|
|
Customer advances
|
|
|
502.8
|
|
|
|
471.8
|
|
Payroll-related obligations
|
|
|
109.0
|
|
|
|
147.9
|
|
Other current liabilities
|
|
|
243.5
|
|
|
|
261.8
|
|
Total current liabilities
|
|
|
1,338.0
|
|
|
|
1,367.6
|
|
Long-term debt, less current maturities
|
|
|
821.6
|
|
|
|
826.2
|
|
Other long-term liabilities
|
|
|
351.1
|
|
|
|
343.5
|
|
Commitments and contingencies
|
|
|
|
|
Shareholders' equity
|
|
|
1,980.3
|
|
|
|
1,976.5
|
|
Total liabilities and shareholders' equity
|
|
$
|
4,491.0
|
|
|
$
|
4,513.8
|
|
|
OSHKOSH CORPORATION
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited; in millions)
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
December 31,
|
|
|
2016
|
|
2015
|
Operating activities:
|
|
|
|
|
Net income
|
|
$
|
19.2
|
|
|
$
|
14.6
|
|
Depreciation and amortization
|
|
|
32.1
|
|
|
|
31.0
|
|
Stock-based compensation expense
|
|
|
6.5
|
|
|
|
5.3
|
|
Deferred income taxes
|
|
|
8.4
|
|
|
|
(1.6
|
)
|
Gain on sale of assets
|
|
|
(0.3
|
)
|
|
|
(5.7
|
)
|
Foreign currency transaction (gains) losses
|
|
|
0.4
|
|
|
|
(4.1
|
)
|
Other non-cash adjustments
|
|
|
0.8
|
|
|
|
0.9
|
|
Changes in operating assets and liabilities
|
|
|
16.7
|
|
|
|
32.8
|
|
Net cash provided by operating activities
|
|
|
83.8
|
|
|
|
73.2
|
|
|
|
|
|
|
Investing activities:
|
|
|
|
|
Additions to property, plant and equipment
|
|
|
(14.2
|
)
|
|
|
(21.3
|
)
|
Additions to equipment held for rental
|
|
|
(12.9
|
)
|
|
|
(15.0
|
)
|
Proceeds from sale of equipment held for rental
|
|
|
5.3
|
|
|
|
18.7
|
|
Other investing activities
|
|
|
(0.2
|
)
|
|
|
(0.6
|
)
|
Net cash used by investing activities
|
|
|
(22.0
|
)
|
|
|
(18.2
|
)
|
|
|
|
|
|
Financing activities:
|
|
|
|
|
Proceeds from issuance of debt
|
|
|
|
|
(original maturities greater than three months)
|
|
|
-
|
|
|
|
153.6
|
|
Repayments of debt
|
|
|
|
|
(original maturities greater than three months)
|
|
|
(20.0
|
)
|
|
|
(135.0
|
)
|
Net increase in short-term debt
|
|
|
-
|
|
|
|
28.2
|
|
Repurchases of common stock
|
|
|
(3.0
|
)
|
|
|
(101.5
|
)
|
Dividends paid
|
|
|
(15.6
|
)
|
|
|
(14.1
|
)
|
Proceeds from exercise of stock options
|
|
|
26.2
|
|
|
|
1.4
|
|
Excess tax benefit from stock-based compensation
|
|
|
-
|
|
|
|
0.8
|
|
Net cash used by financing activities
|
|
|
(12.4
|
)
|
|
|
(66.6
|
)
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
|
(1.7
|
)
|
|
|
2.4
|
|
Increase (decrease) in cash and cash equivalents
|
|
|
47.7
|
|
|
|
(9.2
|
)
|
Cash and cash equivalents at beginning of period
|
|
|
321.9
|
|
|
|
42.9
|
|
Cash and cash equivalents at end of period
|
|
$
|
369.6
|
|
|
$
|
33.7
|
|
|
OSHKOSH CORPORATION
|
SEGMENT INFORMATION
|
(Unaudited; in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
2016
|
|
2015
|
|
|
External
|
|
Inter-
|
|
Net
|
|
External
|
|
Inter-
|
|
Net
|
|
|
Customers
|
|
segment
|
|
Sales
|
|
Customers
|
|
segment
|
|
Sales
|
Access equipment
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerial work platforms
|
|
$
|
233.7
|
|
$
|
-
|
|
|
$
|
233.7
|
|
|
$
|
242.0
|
|
$
|
-
|
|
|
$
|
242.0
|
|
Telehandlers
|
|
|
93.3
|
|
|
-
|
|
|
|
93.3
|
|
|
|
111.8
|
|
|
-
|
|
|
|
111.8
|
|
Other
|
|
|
162.2
|
|
|
-
|
|
|
|
162.2
|
|
|
|
176.0
|
|
|
-
|
|
|
|
176.0
|
|
Total access equipment
|
|
|
489.2
|
|
|
-
|
|
|
|
489.2
|
|
|
|
529.8
|
|
|
-
|
|
|
|
529.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defense
|
|
|
294.2
|
|
|
0.3
|
|
|
|
294.5
|
|
|
|
316.9
|
|
|
1.1
|
|
|
|
318.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fire & emergency
|
|
|
229.1
|
|
|
3.4
|
|
|
|
232.5
|
|
|
|
205.4
|
|
|
2.1
|
|
|
|
207.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
Concrete placement
|
|
|
84.4
|
|
|
-
|
|
|
|
84.4
|
|
|
|
72.3
|
|
|
-
|
|
|
|
72.3
|
|
Refuse collection
|
|
|
92.2
|
|
|
-
|
|
|
|
92.2
|
|
|
|
99.0
|
|
|
-
|
|
|
|
99.0
|
|
Other
|
|
|
21.5
|
|
|
1.1
|
|
|
|
22.6
|
|
|
|
28.6
|
|
|
0.4
|
|
|
|
29.0
|
|
Total commercial
|
|
|
198.1
|
|
|
1.1
|
|
|
|
199.2
|
|
|
|
199.9
|
|
|
0.4
|
|
|
|
200.3
|
|
Corporate & eliminations
|
|
|
0.8
|
|
|
(4.8
|
)
|
|
|
(4.0
|
)
|
|
|
-
|
|
|
(3.6
|
)
|
|
|
(3.6
|
)
|
|
|
$
|
1,211.4
|
|
$
|
-
|
|
|
$
|
1,211.4
|
|
|
$
|
1,252.0
|
|
$
|
-
|
|
|
$
|
1,252.0
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
|
|
2016
|
|
2015
|
Operating income (loss):
|
|
|
|
|
|
|
|
|
Access equipment
|
|
|
|
|
|
$
|
24.4
|
|
|
$
|
20.4
|
|
Defense
|
|
|
|
|
|
|
23.8
|
|
|
|
23.2
|
|
Fire & emergency
|
|
|
|
|
|
|
17.0
|
|
|
|
10.1
|
|
Commercial
|
|
|
|
|
|
|
4.6
|
|
|
|
8.9
|
|
Corporate
|
|
|
|
|
|
|
(33.6
|
)
|
|
|
(32.3
|
)
|
Eliminations
|
|
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
$
|
36.2
|
|
|
$
|
30.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
|
|
2016
|
|
2015
|
Period-end backlog:
|
|
|
|
|
|
|
|
|
Access equipment
|
|
|
|
|
|
$
|
594.3
|
|
|
$
|
724.5
|
|
Defense
|
|
|
|
|
|
|
2,226.0
|
|
|
|
1,239.2
|
|
Fire & emergency
|
|
|
|
|
|
|
901.1
|
|
|
|
898.4
|
|
Commercial
|
|
|
|
|
|
|
237.4
|
|
|
|
269.8
|
|
|
|
|
|
|
|
$
|
3,958.8
|
|
|
$
|
3,131.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 fiscal 2017 estimates 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 expected 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):
|
|
|
|
|
|
|
|
|
Fiscal Year Ended
|
|
|
|
|
September 30, 2017 Expectations
|
|
|
|
|
Low
|
|
High
|
Adjusted operating income (Non-GAAP)
|
|
|
|
$
|
390.0
|
|
|
$
|
430.0
|
|
Restructuring-related costs
|
|
|
|
|
(43.0
|
)
|
|
|
(43.0
|
)
|
Operating income (GAAP)
|
|
|
|
$
|
347.0
|
|
|
$
|
387.0
|
|
|
|
|
|
|
|
|
Adjusted diluted earnings per share (Non-GAAP)
|
|
|
|
$
|
3.00
|
|
|
$
|
3.40
|
|
Restructuring-related costs
|
|
|
|
|
(0.50
|
)
|
|
|
(0.50
|
)
|
Diluted earnings per share (GAAP)
|
|
|
|
$
|
2.50
|
|
|
$
|
2.90
|
|
|
|
|
|
|
|
|
|
|
|
|
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 expected performance. 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/20170126005212/en/
Oshkosh Corporation
Financial:
Patrick Davidson
Vice
President, Investor Relations
920.966.5939
or
Media:
Bryan
Brandt
Vice President, Global Branding and Communications
920.966.5982
Source: Oshkosh Corporation