News Details
Oshkosh Corporation Reports Fiscal 2019 Fourth Quarter and Full Year Results
Oct. 30, 2019
Announces Fiscal 2020
Announces 11.1 Percent Increase in Quarterly Cash Dividend to
Consolidated net sales in the fourth quarter of fiscal 2019 increased 6.7 percent to
Consolidated operating income in the fourth quarter of fiscal 2019 increased 0.6 percent to
“We finished the year on a high note with strong fiscal fourth quarter earnings per share of
“Looking ahead, I am confident in our team’s ability to navigate through changing market conditions in our access equipment segment and position
“We are initiating our earnings per share expectations for fiscal 2020 with a range of
Factors affecting fourth quarter results for the Company’s business segments included:
Access Equipment - Access equipment segment net sales in the fourth quarter of fiscal 2019 decreased 4.2 percent to
Access equipment segment operating income in the fourth quarter of fiscal 2019 decreased 0.3 percent to
Access equipment segment results for the fourth quarter of fiscal 2018 included pre-tax charges and inefficiencies associated with restructuring actions of
Defense - Defense segment net sales for the fourth quarter of fiscal 2019 increased 22.7 percent to
Defense segment operating income in the fourth quarter of fiscal 2019 decreased 19.8 percent to
Fire & Emergency - Fire & emergency segment net sales for the fourth quarter of fiscal 2019 increased 22.1 percent to
Fire & emergency segment operating income in the fourth quarter of fiscal 2019 increased 23.9 percent to
Commercial - Commercial segment net sales for the fourth quarter of fiscal 2019 increased 4.6 percent to
Commercial segment operating income in the fourth quarter of fiscal 2019 increased 6.2 percent to
Commercial segment results for the fourth quarter of fiscal 2018 included a
Corporate - Corporate operating costs in the fourth quarter of fiscal 2019 decreased
Interest Expense Net of Interest Income - Interest expense net of interest income in the fourth quarter of fiscal 2019 increased
Provision for Income Taxes - The Company recorded income tax expense in the fourth quarter of fiscal 2019 of
Share Repurchases – The Company repurchased 822,905 shares of Common Stock for
Full-Year Results
The Company reported net sales for fiscal 2019 of
Fiscal 2020 Expectations
The Company announced its fiscal 2020 diluted earnings per share estimate range of
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 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
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In millions, except share and per share amounts; unaudited) |
||||||||||||||||
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
||||||||||
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
||||
Net sales |
|
$ |
2,195.7 |
|
|
$ |
2,057.0 |
|
|
$ |
8,382.0 |
|
|
$ |
7,705.5 |
|
Cost of sales |
|
|
1,798.4 |
|
|
|
1,681.1 |
|
|
|
6,864.6 |
|
|
|
6,346.9 |
|
Gross income |
|
|
397.3 |
|
|
|
375.9 |
|
|
|
1,517.4 |
|
|
|
1,358.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
185.0 |
|
|
|
164.8 |
|
|
|
683.5 |
|
|
|
664.3 |
|
Amortization of purchased intangibles |
|
|
9.2 |
|
|
|
9.2 |
|
|
|
36.9 |
|
|
|
38.3 |
|
Total operating expenses |
|
|
194.2 |
|
|
|
174.0 |
|
|
|
720.4 |
|
|
|
702.6 |
|
Operating income |
|
|
203.1 |
|
|
|
201.9 |
|
|
|
797.0 |
|
|
|
656.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(13.2 |
) |
|
|
(14.0 |
) |
|
|
(54.4 |
) |
|
|
(70.9 |
) |
Interest income |
|
|
1.0 |
|
|
|
3.6 |
|
|
|
6.8 |
|
|
|
15.3 |
|
Miscellaneous, net |
|
|
1.0 |
|
|
|
(1.7 |
) |
|
|
1.3 |
|
|
|
(5.8 |
) |
Income before income taxes and earnings (losses) of unconsolidated affiliates |
|
|
191.9 |
|
|
|
189.8 |
|
|
|
750.7 |
|
|
|
594.6 |
|
Provision for income taxes |
|
|
41.7 |
|
|
|
38.3 |
|
|
|
171.3 |
|
|
|
123.8 |
|
Income before earnings (losses) of unconsolidated affiliates |
|
|
150.2 |
|
|
|
151.5 |
|
|
|
579.4 |
|
|
|
470.8 |
|
Equity in earnings (losses) of unconsolidated affiliates |
|
|
(0.2 |
) |
|
|
(0.2 |
) |
|
|
- |
|
|
|
1.1 |
|
Net income |
|
$ |
150.0 |
|
|
$ |
151.3 |
|
|
$ |
579.4 |
|
|
$ |
471.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
2.20 |
|
|
$ |
2.08 |
|
|
$ |
8.30 |
|
|
$ |
6.38 |
|
Diluted |
|
|
2.17 |
|
|
|
2.05 |
|
|
|
8.21 |
|
|
|
6.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted-average shares outstanding |
|
|
68,196,577 |
|
|
|
72,880,114 |
|
|
|
69,819,980 |
|
|
|
74,001,582 |
|
Dilutive equity-based compensation awards |
|
|
800,670 |
|
|
|
874,078 |
|
|
|
738,255 |
|
|
|
980,417 |
|
Diluted weighted-average shares outstanding |
|
|
68,997,247 |
|
|
|
73,754,192 |
|
|
|
70,558,235 |
|
|
|
74,981,999 |
|
CONDENSED CONSOLIDATED BALANCE SHEETS (In millions; unaudited) |
||||||||
|
|
|
|
|
|
|
||
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
448.4 |
|
|
$ |
454.6 |
|
Receivables, net |
|
|
1,082.3 |
|
|
|
1,286.2 |
|
Unbilled receivables |
|
|
549.5 |
|
|
|
235.4 |
|
Inventories, net |
|
|
1,249.2 |
|
|
|
1,227.7 |
|
Other current assets |
|
|
78.9 |
|
|
|
66.0 |
|
Total current assets |
|
|
3,408.3 |
|
|
|
3,269.9 |
|
Property, plant and equipment: |
|
|
|
|
|
|
|
|
Property, plant and equipment |
|
|
1,360.9 |
|
|
|
1,222.7 |
|
Accumulated depreciation |
|
|
(787.3 |
) |
|
|
(741.6 |
) |
Property, plant and equipment, net |
|
|
573.6 |
|
|
|
481.1 |
|
|
|
|
995.7 |
|
|
|
1,007.9 |
|
Purchased intangible assets, net |
|
|
432.3 |
|
|
|
469.4 |
|
Other long-term assets |
|
|
156.4 |
|
|
|
65.9 |
|
Total assets |
|
$ |
5,566.3 |
|
|
$ |
5,294.2 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Revolving credit facilities and current maturities of long-term debt |
|
$ |
- |
|
|
$ |
- |
|
Accounts payable |
|
|
795.5 |
|
|
|
776.9 |
|
Customer advances |
|
|
382.0 |
|
|
|
444.9 |
|
Payroll-related obligations |
|
|
183.6 |
|
|
|
192.5 |
|
Other current liabilities |
|
|
380.8 |
|
|
|
275.8 |
|
Total current liabilities |
|
|
1,741.9 |
|
|
|
1,690.1 |
|
Long-term debt, less current maturities |
|
|
819.0 |
|
|
|
818.0 |
|
Other long-term liabilities |
|
|
405.6 |
|
|
|
272.6 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
2,599.8 |
|
|
|
2,513.5 |
|
Total liabilities and shareholders’ equity |
|
$ |
5,566.3 |
|
|
$ |
5,294.2 |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions; unaudited) |
||||||||
|
|
Twelve Months Ended
|
|
|||||
|
|
2019 |
|
|
2018 |
|
||
Operating activities: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
579.4 |
|
|
$ |
471.9 |
|
Depreciation and amortization |
|
|
115.2 |
|
|
|
120.5 |
|
Stock-based compensation expense |
|
|
29.0 |
|
|
|
26.7 |
|
Deferred income taxes |
|
|
10.0 |
|
|
|
(3.1 |
) |
Gain (loss) on sale of assets |
|
|
(3.3 |
) |
|
|
1.1 |
|
Foreign currency transaction (gains) losses |
|
|
0.8 |
|
|
|
1.4 |
|
Debt extinguishment costs |
|
|
- |
|
|
|
10.3 |
|
Other non-cash adjustments |
|
|
0.3 |
|
|
|
2.3 |
|
Changes in operating assets and liabilities |
|
|
(142.3 |
) |
|
|
(194.8 |
) |
Net cash provided by operating activities |
|
|
589.1 |
|
|
|
436.3 |
|
|
|
|
|
|
|
|
|
|
Investing activities: |
|
|
|
|
|
|
|
|
Additions to property, plant and equipment |
|
|
(168.4 |
) |
|
|
(95.3 |
) |
Additions to equipment held for rental |
|
|
(26.6 |
) |
|
|
(4.8 |
) |
Proceeds from sale of property, plant and equipment |
|
|
3.1 |
|
|
|
5.7 |
|
Proceeds from sale of equipment held for rental |
|
|
12.0 |
|
|
|
5.8 |
|
Other investing activities |
|
|
6.1 |
|
|
|
(1.8 |
) |
Net cash used by investing activities |
|
|
(173.8 |
) |
|
|
(90.4 |
) |
|
|
|
|
|
|
|
|
|
Financing activities: |
|
|
|
|
|
|
|
|
Proceeds from issuance of debt |
|
|
- |
|
|
|
639.4 |
|
Repayments of debt |
|
|
- |
|
|
|
(653.8 |
) |
Debt issuance costs |
|
|
- |
|
|
|
(12.9 |
) |
Repurchases of Common Stock |
|
|
(357.4 |
) |
|
|
(257.0 |
) |
Dividends paid |
|
|
(75.5 |
) |
|
|
(71.2 |
) |
Proceeds from exercise of stock options |
|
|
11.3 |
|
|
|
16.6 |
|
Net cash used by financing activities |
|
|
(421.6 |
) |
|
|
(338.9 |
) |
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash |
|
|
0.1 |
|
|
|
0.6 |
|
Increase (decrease) in cash and cash equivalents |
|
|
(6.2 |
) |
|
|
7.6 |
|
Cash and cash equivalents at beginning of period |
|
|
454.6 |
|
|
|
447.0 |
|
Cash and cash equivalents at end of period |
|
$ |
448.4 |
|
|
$ |
454.6 |
|
SEGMENT INFORMATION (In millions; unaudited) |
||||||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||||||
|
|
2019 |
|
|
2018 |
|
||||||||||||||||||
|
|
External Customers |
|
|
Inter- segment |
|
|
Net Sales |
|
|
External Customers |
|
|
Inter- segment |
|
|
Net Sales |
|
||||||
Access Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerial work platforms |
|
$ |
479.0 |
|
|
$ |
- |
|
|
$ |
479.0 |
|
|
$ |
555.7 |
|
|
$ |
- |
|
|
$ |
555.7 |
|
Telehandlers |
|
|
307.0 |
|
|
|
- |
|
|
|
307.0 |
|
|
|
284.3 |
|
|
|
- |
|
|
|
284.3 |
|
Other |
|
|
230.5 |
|
|
|
- |
|
|
|
230.5 |
|
|
|
220.6 |
|
|
|
- |
|
|
|
220.6 |
|
Total access equipment |
|
|
1,016.5 |
|
|
|
- |
|
|
|
1,016.5 |
|
|
|
1,060.6 |
|
|
|
- |
|
|
|
1,060.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defense |
|
|
569.7 |
|
|
|
0.5 |
|
|
|
570.2 |
|
|
|
464.1 |
|
|
|
0.5 |
|
|
|
464.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fire & Emergency |
|
|
342.7 |
|
|
|
3.7 |
|
|
|
346.4 |
|
|
|
279.4 |
|
|
|
4.3 |
|
|
|
283.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Concrete placement |
|
|
106.5 |
|
|
|
- |
|
|
|
106.5 |
|
|
|
120.3 |
|
|
|
- |
|
|
|
120.3 |
|
Refuse collection |
|
|
125.2 |
|
|
|
- |
|
|
|
125.2 |
|
|
|
103.0 |
|
|
|
- |
|
|
|
103.0 |
|
Other |
|
|
34.1 |
|
|
|
0.2 |
|
|
|
34.3 |
|
|
|
29.2 |
|
|
|
1.7 |
|
|
|
30.9 |
|
Total commercial |
|
|
265.8 |
|
|
|
0.2 |
|
|
|
266.0 |
|
|
|
252.5 |
|
|
|
1.7 |
|
|
|
254.2 |
|
Corporate and intersegment eliminations |
|
|
1.0 |
|
|
|
(4.4 |
) |
|
|
(3.4 |
) |
|
|
0.4 |
|
|
|
(6.5 |
) |
|
|
(6.1 |
) |
|
|
$ |
2,195.7 |
|
|
$ |
- |
|
|
$ |
2,195.7 |
|
|
$ |
2,057.0 |
|
|
$ |
- |
|
|
$ |
2,057.0 |
|
|
|
Twelve Months Ended |
|
|||||||||||||||||||||
|
|
2019 |
|
|
2018 |
|
||||||||||||||||||
|
|
External Customers |
|
|
Inter- segment |
|
|
Net Sales |
|
|
External Customers |
|
|
Inter- segment |
|
|
Net Sales |
|
||||||
Access Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerial work platforms |
|
$ |
1,944.4 |
|
|
$ |
- |
|
|
$ |
1,944.4 |
|
|
$ |
2,017.2 |
|
|
$ |
- |
|
|
$ |
2,017.2 |
|
Telehandlers |
|
|
1,254.9 |
|
|
|
- |
|
|
|
1,254.9 |
|
|
|
948.9 |
|
|
|
- |
|
|
|
948.9 |
|
Other |
|
|
880.4 |
|
|
|
- |
|
|
|
880.4 |
|
|
|
810.7 |
|
|
|
- |
|
|
|
810.7 |
|
Total access equipment |
|
|
4,079.7 |
|
|
|
- |
|
|
|
4,079.7 |
|
|
|
3,776.8 |
|
|
|
- |
|
|
|
3,776.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defense |
|
|
2,030.3 |
|
|
|
1.8 |
|
|
|
2,032.1 |
|
|
|
1,827.3 |
|
|
|
1.6 |
|
|
|
1,828.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fire & Emergency |
|
|
1,249.8 |
|
|
|
16.3 |
|
|
|
1,266.1 |
|
|
|
1,053.6 |
|
|
|
16.1 |
|
|
|
1,069.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Concrete placement |
|
|
439.9 |
|
|
|
- |
|
|
|
439.9 |
|
|
|
491.8 |
|
|
|
- |
|
|
|
491.8 |
|
Refuse collection |
|
|
451.9 |
|
|
|
- |
|
|
|
451.9 |
|
|
|
438.3 |
|
|
|
- |
|
|
|
438.3 |
|
Other |
|
|
128.3 |
|
|
|
2.1 |
|
|
|
130.4 |
|
|
|
116.7 |
|
|
|
7.9 |
|
|
|
124.6 |
|
Total commercial |
|
|
1,020.1 |
|
|
|
2.1 |
|
|
|
1,022.2 |
|
|
|
1,046.8 |
|
|
|
7.9 |
|
|
|
1,054.7 |
|
Corporate and intersegment eliminations |
|
|
2.1 |
|
|
|
(20.2 |
) |
|
|
(18.1 |
) |
|
|
1.0 |
|
|
|
(25.6 |
) |
|
|
(24.6 |
) |
|
|
$ |
8,382.0 |
|
|
$ |
- |
|
|
$ |
8,382.0 |
|
|
$ |
7,705.5 |
|
|
$ |
- |
|
|
$ |
7,705.5 |
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
||||||||||
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
||||
Operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Access Equipment |
|
$ |
126.5 |
|
|
$ |
126.9 |
|
|
$ |
502.6 |
|
|
$ |
387.5 |
|
Defense |
|
|
50.5 |
|
|
|
63.0 |
|
|
|
203.3 |
|
|
|
225.4 |
|
Fire & Emergency |
|
|
49.3 |
|
|
|
39.8 |
|
|
|
176.5 |
|
|
|
137.6 |
|
Commercial |
|
|
18.8 |
|
|
|
17.7 |
|
|
|
66.8 |
|
|
|
67.5 |
|
Corporate and intersegment eliminations |
|
|
(42.0 |
) |
|
|
(45.5 |
) |
|
|
(152.2 |
) |
|
|
(162.0 |
) |
|
|
$ |
203.1 |
|
|
$ |
201.9 |
|
|
$ |
797.0 |
|
|
$ |
656.0 |
|
|
|
|
|
|||||
|
|
2019 |
|
|
2018 |
|
||
Period-end backlog: |
|
|
|
|
|
|
|
|
Access Equipment |
|
$ |
390.1 |
|
|
$ |
962.4 |
|
Defense |
|
|
2,487.8 |
|
|
|
1,856.4 |
|
Fire & Emergency |
|
|
970.1 |
|
|
|
978.1 |
|
Commercial |
|
|
296.7 |
|
|
|
376.0 |
|
|
|
$ |
4,144.7 |
|
|
$ |
4,172.9 |
|
Non-GAAP Financial Measures
The Company reports its financial results in accordance with generally accepted accounting principles in
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
||||||||||
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
||||
Access equipment segment operating income (GAAP) |
|
$ |
126.5 |
|
|
$ |
126.9 |
|
|
$ |
502.6 |
|
|
$ |
387.5 |
|
Costs and inefficiencies related to restructuring actions |
|
|
- |
|
|
|
1.3 |
|
|
|
- |
|
|
|
29.5 |
|
Adjusted access equipment segment operating income (non-GAAP) |
|
$ |
126.5 |
|
|
$ |
128.2 |
|
|
$ |
502.6 |
|
|
$ |
417.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defense segment operating income (GAAP) |
|
$ |
50.5 |
|
|
$ |
63.0 |
|
|
$ |
203.3 |
|
|
$ |
225.4 |
|
Litigation settlement |
|
|
- |
|
|
|
(19.0 |
) |
|
|
- |
|
|
|
(19.0 |
) |
Adjusted defense segment operating income (non-GAAP) |
|
$ |
50.5 |
|
|
$ |
44.0 |
|
|
$ |
203.3 |
|
|
$ |
206.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial segment operating income (GAAP) |
|
$ |
18.8 |
|
|
$ |
17.7 |
|
|
$ |
66.8 |
|
|
$ |
67.5 |
|
Restructuring costs |
|
|
- |
|
|
|
1.6 |
|
|
|
- |
|
|
|
5.9 |
|
Proceeds from business interruption insurance |
|
|
- |
|
|
|
(6.6 |
) |
|
|
- |
|
|
|
(6.6 |
) |
Loss on sale of a business |
|
|
- |
|
|
|
1.4 |
|
|
|
- |
|
|
|
1.4 |
|
Adjusted commercial segment operating income (non-GAAP) |
|
$ |
18.8 |
|
|
$ |
14.1 |
|
|
$ |
66.8 |
|
|
$ |
68.2 |
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
||||||||||
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
||||
Consolidated operating income (GAAP) |
|
$ |
203.1 |
|
|
$ |
201.9 |
|
|
$ |
797.0 |
|
|
$ |
656.0 |
|
Costs and inefficiencies related to restructuring actions |
|
|
- |
|
|
|
2.9 |
|
|
|
- |
|
|
|
35.4 |
|
Litigation settlement |
|
|
- |
|
|
|
(19.0 |
) |
|
|
- |
|
|
|
(19.0 |
) |
Proceeds from business interruption insurance |
|
|
- |
|
|
|
(6.6 |
) |
|
|
- |
|
|
|
(6.6 |
) |
Loss on sale of a business |
|
|
- |
|
|
|
1.4 |
|
|
|
- |
|
|
|
1.4 |
|
Adjusted consolidated operating income (non-GAAP) |
|
$ |
203.1 |
|
|
$ |
180.6 |
|
|
$ |
797.0 |
|
|
$ |
667.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense net of interest income (GAAP) |
|
$ |
(12.2 |
) |
|
$ |
(10.4 |
) |
|
$ |
(47.6 |
) |
|
$ |
(55.6 |
) |
Debt extinguishment costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
9.9 |
|
Adjusted interest expense net of interest income (non-GAAP) |
|
$ |
(12.2 |
) |
|
$ |
(10.4 |
) |
|
$ |
(47.6 |
) |
|
$ |
(45.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes (GAAP) |
|
$ |
41.7 |
|
|
$ |
38.3 |
|
|
$ |
171.3 |
|
|
$ |
123.8 |
|
Income tax benefit of costs and inefficiencies related to restructuring |
|
|
- |
|
|
|
0.5 |
|
|
|
- |
|
|
|
7.9 |
|
Income tax expense on litigation settlement |
|
|
- |
|
|
|
(3.6 |
) |
|
|
- |
|
|
|
(3.6 |
) |
Income tax expense on insurance proceeds |
|
|
- |
|
|
|
(1.7 |
) |
|
|
- |
|
|
|
(1.7 |
) |
Income tax benefit of loss on sale of a business |
|
|
- |
|
|
|
0.4 |
|
|
|
- |
|
|
|
0.4 |
|
Income tax benefit of debt extinguishment costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2.2 |
|
Revaluation of net deferred tax liabilities |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
30.2 |
|
Repatriation tax |
|
|
- |
|
|
|
2.0 |
|
|
|
(7.0 |
) |
|
|
(19.5 |
) |
Adjusted provision for income taxes (non-GAAP) |
|
$ |
41.7 |
|
|
$ |
35.9 |
|
|
$ |
164.3 |
|
|
$ |
139.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
|
$ |
150.0 |
|
|
$ |
151.3 |
|
|
$ |
579.4 |
|
|
$ |
471.9 |
|
Costs and inefficiencies related to restructuring, net of tax |
|
|
- |
|
|
|
2.4 |
|
|
|
- |
|
|
|
27.5 |
|
Litigation settlement, net of tax |
|
|
- |
|
|
|
(15.4 |
) |
|
|
- |
|
|
|
(15.4 |
) |
Insurance proceeds, net of tax |
|
|
- |
|
|
|
(4.9 |
) |
|
|
- |
|
|
|
(4.9 |
) |
Loss on sale of a business, net of tax |
|
|
- |
|
|
|
1.0 |
|
|
|
- |
|
|
|
1.0 |
|
Debt extinguishment costs, net of tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
7.7 |
|
Revaluation of net deferred tax liabilities |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(30.2 |
) |
Repatriation tax |
|
|
- |
|
|
|
(2.0 |
) |
|
|
7.0 |
|
|
|
19.5 |
|
Adjusted net income (non-GAAP) |
|
$ |
150.0 |
|
|
$ |
132.4 |
|
|
$ |
586.4 |
|
|
$ |
477.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share-diluted (GAAP) |
|
$ |
2.17 |
|
|
$ |
2.05 |
|
|
$ |
8.21 |
|
|
$ |
6.29 |
|
Costs and inefficiencies related to restructuring, net of tax |
|
|
- |
|
|
|
0.05 |
|
|
|
- |
|
|
|
0.37 |
|
Litigation settlement, net of tax |
|
|
- |
|
|
|
(0.21 |
) |
|
|
- |
|
|
|
(0.21 |
) |
Insurance proceeds, net of tax |
|
|
- |
|
|
|
(0.07 |
) |
|
|
- |
|
|
|
(0.07 |
) |
Loss on sale of a business, net of tax |
|
|
- |
|
|
|
0.01 |
|
|
|
- |
|
|
|
0.01 |
|
Debt extinguishment costs, net of tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.10 |
|
Revaluation of net deferred tax liabilities |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(0.39 |
) |
Repatriation tax |
|
|
- |
|
|
|
(0.03 |
) |
|
|
0.10 |
|
|
|
0.26 |
|
Adjusted earnings per share-diluted (non-GAAP) |
|
$ |
2.17 |
|
|
$ |
1.80 |
|
|
$ |
8.31 |
|
|
$ |
6.36 |
|
1 This news release refers to GAAP (
View source version on businesswire.com: https://www.businesswire.com/news/home/20191030005316/en/
Financial:
Senior Vice President, Investor Relations
920.966.5939
Media:
Senior Vice President, Chief Marketing Officer
920.966.5982
Source: