Operating Income Margins Improved in All Non-Defense Segments in
First Quarter
Raises Fiscal 2013 Adjusted EPS Estimate Range to $2.80 to $3.05
OSHKOSH, Wis.--(BUSINESS WIRE)--Jan. 25, 2013--
Oshkosh Corporation (NYSE: OSK) today reported fiscal 2013 first quarter
net income of $46.2 million, or $0.51 per diluted share, compared to
$38.9 million, or $0.43 per diluted share, in the first quarter of
fiscal 2012. Fiscal 2013 first quarter net income, adjusted for items
discussed in the following paragraph1, was $55.1 million, or
$0.60 per diluted share, compared to $34.6 million, or $0.39 per diluted
share, in the first quarter of fiscal 2012. All results are for
continuing operations attributable to Oshkosh Corporation, unless stated
otherwise.
Adjusted results for the first quarter of fiscal 2013 excluded: pre-tax
costs of $16.3 million incurred in connection with a tender offer for
the Company’s common stock and threatened proxy contest; pre-tax charges
of $0.9 million associated with the curtailment of a pension plan;
favorable pre-tax adjustments to restructuring charges of $0.3 million
associated with the Company’s plan to exit its ambulance business; and
discrete income tax benefits of $1.9 million. Adjusted results for the
first quarter of fiscal 2012 excluded: pre-tax costs incurred in
connection with a proxy contest of $2.8 million; pre-tax restructuring
related charges of $1.0 million, primarily associated with
inefficiencies related to the transition of production of ambulances to
the Company’s facilities in Florida; and discrete income tax benefits of
$6.7 million.
Consolidated net sales in the first quarter of fiscal 2013 were
$1.76 billion, a decrease of 6.1 percent compared to the prior year
first quarter due to a decline in defense segment sales. Sales to
external customers increased in all non-defense segments.
Consolidated operating income in the first quarter of fiscal 2013 was
$80.8 million, or 4.6 percent of sales, compared to $75.4 million, or
4.0 percent of sales, in the prior year first quarter. Adjusted
consolidated operating income in the first quarter of fiscal 2013 was
$97.7 million, or 5.6 percent of sales, compared to $79.2 million, or
4.2 percent of sales, in the prior year first quarter. The increase in
operating income in the first quarter of fiscal 2013 was largely
attributable to higher sales and improved performance in the Company’s
access equipment and fire & emergency segments.
“We started the year strong with results that exceeded our expectations
as we continued to execute our MOVE strategy,” said Charlie Szews, chief
executive officer of Oshkosh Corporation. “MOVE provides a clear roadmap
and targets for delivering shareholder value, and the Oshkosh team is
working diligently to deliver against that roadmap.
“Each of our non-defense segments improved its operating income margins
compared to the prior year quarter, favorably positioning our company to
deliver on our long-range goals. Our strong first quarter performance
and other positive developments, give us confidence to raise our
full-year outlook for adjusted diluted earnings per share to a range of
$2.80 to $3.05.
“I am also pleased to announce that, as part of a previously announced
plan to repurchase up to $300 million of our common stock over a 12 to
18 month period, we repurchased approximately 4.25 million shares of
Oshkosh Corporation common stock in the quarter at an aggregate cost of
$125 million,” added Szews.
Factors affecting first quarter results for the Company’s business
segments included:
Access Equipment – Access equipment segment sales to external
customers increased 15.1 percent to $581.2 million for the first quarter
of fiscal 2013 compared to the prior year first quarter. The increase
was principally the result of higher telehandler volumes in North
America, the realization of previously announced price increases and
improved aftermarket sales. Including intersegment sales, access
equipment segment sales decreased 7.4 percent for the first quarter of
fiscal 2013 compared with the prior year quarter when the segment
produced $122.6 million of components for MRAP All-Terrain Vehicles
(M-ATVs) for the Company’s defense segment.
In the first quarter of fiscal 2013, access equipment segment operating
income more than tripled to $48.9 million, or 8.4 percent of sales,
compared to prior year first quarter operating income of $13.1 million,
or 2.1 percent of sales. The increase in operating income was primarily
the result of higher sales volume to external customers and the
realization of previously announced price increases.
Defense – Defense segment sales decreased 21.1 percent to
$828.7 million for the first quarter of fiscal 2013 compared with the
prior year first quarter. The decrease in sales was primarily due to
expected lower M-ATV and related aftermarket parts shipments, offset in
part by higher Family of Heavy Tactical Vehicles and Family of Medium
Tactical Vehicles unit sales.
In the first quarter of fiscal 2013, defense segment operating income
decreased 34.1 percent to $60.9 million, or 7.4 percent of sales,
compared to prior year first quarter operating income of $92.4 million,
or 8.8 percent of sales. The decrease in operating income was largely
due to lower sales volumes, offset in part by favorable adjustments on
the definitization of domestic contracts and warranty matters.
Fire & Emergency – Fire & emergency segment sales for the
first quarter of fiscal 2013 increased 20.7 percent to $193.3 million
compared to the prior year quarter. The increase in sales primarily
reflected higher unit volumes at all business units in the segment as
the segment benefited from the timing of international deliveries and
improved product mix.
The fire & emergency segment reported operating income of $5.8 million,
or 3.0 percent of sales, for the first quarter of fiscal 2013 compared
to an operating loss of $9.9 million, or 6.2 percent of sales, in the
prior year quarter. Operating results for the first quarter of fiscal
2013 were positively impacted by higher sales volume, the elimination of
inefficiencies incurred in the prior year quarter related to the
transition of ambulance production to the Company’s facilities in
Florida and improved price realization.
Commercial – Commercial segment sales increased 3.3 percent to
$177.3 million in the first quarter of fiscal 2013 compared to the prior
year quarter. The increase in sales was primarily attributable to higher
concrete placement products volume as a result of increased demand in
the concrete mixer market and improved aftermarket parts & service
sales, offset in part by lower chassis volume.
In the first quarter of fiscal 2013, commercial segment operating income
increased 16.2 percent to $8.0 million, or 4.5 percent of sales,
compared to $6.9 million, or 4.0 percent of sales, in the prior year
quarter. The increase in operating income was primarily a result of
higher sales volume.
Corporate – Corporate operating expenses increased $15.6 million
to $42.7 million for the first quarter of fiscal 2013 compared to the
prior year quarter. Results for the first quarter of fiscal 2013
included pre-tax costs of $16.3 million incurred in connection with a
tender offer for the Company’s common stock and threatened proxy
contest. Results for the first quarter of fiscal 2012 included pre-tax
costs of $2.8 million incurred in connection with a proxy contest.
Excluding tender offer and proxy contest costs, adjusted corporate
operating expenses increased $2.1 million to $26.4 million for the first
quarter of fiscal 2013 compared to the prior year quarter. The increase
in adjusted corporate expenses in the first quarter of fiscal 2013
compared to the first quarter of fiscal 2012 was related to higher
share-based compensation costs.
Interest Expense Net of Interest Income – Interest expense net of
interest income decreased $5.8 million to $14.2 million in the first
quarter of fiscal 2013 compared to the prior year quarter. The decrease
was largely due to the expiration of the Company’s interest rate swap in
the first quarter of fiscal 2012. First quarter fiscal 2012 interest
expense included $2.2 million of expense related to the Company’s
interest rate swap. In addition, in the first quarter of fiscal 2013,
the Company recognized $2.3 million of interest income upon receipt of
payment on a note receivable.
Provision for Income Taxes – The Company recorded income tax
expense of $21.0 million in the first quarter of fiscal 2013, or
31.5 percent of pre-tax income, compared to 22.3 percent of pre-tax
income in the prior year quarter. Excluding discrete items, the
Company’s effective tax rate was 34.3 percent in the first quarter of
fiscal 2013 compared to 35.7 percent in the prior year quarter.
Share Repurchases – During the first quarter of fiscal 2013, the
Company repurchased 4,250,072 shares of its common stock at an aggregate
cost of $125.1 million. The Company is targeting to spend an additional
$175 million to repurchase shares over the next 9 to 15 months.
Fiscal 2013 Expectations
As a result of its strong first fiscal quarter results, its outlook for
the remainder of the year, the impact of share repurchases to date and
benefits associated with the reinstatement of the U.S. research and
development tax credit, the Company is increasing its outlook range for
full-year fiscal 2013 adjusted earnings from continuing operations to
$2.80 - $3.05 per share. This estimate excludes $0.09 per share incurred
in the first quarter of fiscal 2013 as well as any future potential
costs related to the tender offer for the Company’s common stock and
threatened proxy contest, restructuring costs and discrete tax items.
Conference Call
The Company will comment on its fiscal 2013 first quarter earnings and
its full-year fiscal 2013 outlook during a conference call at 9:00 a.m.
EST this morning. Slides for the call will be available on the Company’s
website beginning at 7:00 a.m. EST this morning. The call will be
webcast simultaneously over the Internet. To access the webcast,
listeners can go to www.oshkoshcorporation.com
at least 15 minutes prior to the event and follow instructions for
listening to the webcast. An audio replay of the call and related
question and answer session will be available for 12 months at this
website.
Non-GAAP Financial Measures
The Company reports its financial results in accordance with generally
accepted accounting principles (GAAP) in the United States of America.
The Company is presenting various operating results, such as operating
income, income from continuing operations and earnings per share from
continuing operations, both on a reported basis and on a basis excluding
items that affect comparability of operating results. When the Company
uses operating results such as operating income, income from continuing
operations and earnings per share from continuing operations, excluding
items, they are considered non-GAAP financial measures. The Company
believes excluding the impact of these items is useful to investors to
allow a more accurate comparison of the Company’s operating performance
to prior year 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):
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Three Months Ended
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|
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December 31,
|
|
|
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2012
|
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2011
|
|
Access equipment segment
|
|
|
|
|
|
Non-GAAP operating income
|
|
$
|
48.9
|
|
|
$
|
12.6
|
|
|
Restructuring-related benefits
|
|
|
-
|
|
|
|
0.5
|
|
|
GAAP operating income
|
|
$
|
48.9
|
|
|
$
|
13.1
|
|
|
|
|
|
|
|
|
Defense segment
|
|
|
|
|
|
Non-GAAP operating income
|
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$
|
61.8
|
|
|
$
|
92.4
|
|
|
Curtailment expense
|
|
|
(0.9
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)
|
|
|
-
|
|
|
GAAP operating income
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$
|
60.9
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|
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$
|
92.4
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|
|
|
|
|
|
|
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Fire & emergency segment
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|
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Non-GAAP operating income (loss)
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$
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5.5
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$
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(8.4
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)
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Restructuring-related benefits (charges)
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0.3
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|
|
|
(1.5
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)
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GAAP operating income (loss)
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$
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5.8
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$
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(9.9
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)
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|
|
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Corporate
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Non-GAAP operating expenses
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$
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(26.4
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)
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$
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(24.3
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)
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Tender offer and proxy contest costs
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|
|
(16.3
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)
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|
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(2.8
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)
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GAAP operating expenses
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$
|
(42.7
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)
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$
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(27.1
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)
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|
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Consolidated
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Non-GAAP operating income
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$
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97.7
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$
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79.2
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|
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Restructuring-related benefits (charges)
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0.3
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|
|
|
(1.0
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)
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|
Curtailment expense
|
|
|
(0.9
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)
|
|
|
-
|
|
|
Tender offer and proxy contest costs
|
|
|
(16.3
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)
|
|
|
(2.8
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)
|
|
GAAP operating income
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|
$
|
80.8
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|
|
$
|
75.4
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|
|
|
|
|
|
|
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Non-GAAP provision for income taxes
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$
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29.0
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$
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19.2
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Income tax benefit associated with pre-tax charges
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|
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(6.1
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)
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|
|
(1.4
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)
|
|
Discrete tax benefits
|
|
|
(1.9
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)
|
|
|
(6.7
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)
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GAAP provision for income taxes
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|
$
|
21.0
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|
|
$
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11.1
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|
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|
|
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Non-GAAP income from continuing operations
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|
|
|
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attributable to Oshkosh Corporation, net of tax
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$
|
55.1
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|
|
$
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34.6
|
|
|
Restructuring-related benefits (charges), net of tax
|
|
|
0.2
|
|
|
|
(0.6
|
)
|
|
Curtailment expense, net of tax
|
|
|
(0.6
|
)
|
|
|
-
|
|
|
Tender offer and proxy contest costs, net of tax
|
|
|
(10.4
|
)
|
|
|
(1.8
|
)
|
|
Discrete tax benefits
|
|
|
1.9
|
|
|
|
6.7
|
|
|
GAAP income from continuing operations
|
|
|
|
|
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attributable to Oshkosh Corporation, net of tax
|
|
$
|
46.2
|
|
|
$
|
38.9
|
|
|
|
|
|
|
|
|
Non-GAAP earnings per share attributable to Oshkosh
|
|
|
|
|
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Corporation from continuing operations-diluted
|
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$
|
0.60
|
|
|
$
|
0.39
|
|
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Restructuring-related benefits (charges), net of tax
|
|
|
-
|
|
|
|
(0.01
|
)
|
|
Curtailment expense, net of tax
|
|
|
-
|
|
|
|
-
|
|
|
Tender offer and proxy contest costs, net of tax
|
|
|
(0.11
|
)
|
|
|
(0.02
|
)
|
|
Discrete tax benefits
|
|
|
0.02
|
|
|
|
0.07
|
|
|
GAAP earnings per share attributable to Oshkosh
|
|
|
|
|
|
Corporation from continuing operations-diluted
|
|
$
|
0.51
|
|
|
$
|
0.43
|
|
|
|
|
|
|
|
|
|
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Fiscal 2013 Expectations
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|
|
Low
|
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High
|
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Non-GAAP earnings per share attributable to Oshkosh
|
|
|
|
|
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Corporation from continuing operations-diluted
|
|
$
|
2.80
|
|
|
$
|
3.05
|
|
|
Tender offer and proxy contest costs, net of tax
|
|
|
(0.11
|
)
|
|
|
(0.11
|
)
|
|
Discrete tax benefits
|
|
|
0.02
|
|
|
|
0.02
|
|
|
GAAP earnings per share attributable to Oshkosh
|
|
|
|
|
|
Corporation from continuing operations-diluted
|
|
$
|
2.71
|
|
|
$
|
2.96
|
|
|
|
|
|
|
|
|
|
|
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Forward-Looking Statements
This press 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 press
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, especially in
the current environment where there are conflicting signs regarding the
global economic outlook and the ability of the U.S. government to
resolve budgetary and debt issues; the expected level and timing of the
U.S. Department of Defense (DoD) procurement of products and services
and funding thereof; risks related to reductions in government
expenditures in light of U.S. defense budget pressures and an uncertain
DoD tactical wheeled vehicle strategy; the ability to comply with laws
and regulations applicable to U.S. government contractors; the 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 the Company’s exit from
its ambulance business, including the amounts of related costs and
charges; risks related to facilities consolidation and alignment,
including the amounts of related costs and charges and that anticipated
cost savings may not be achieved; the duration of the ongoing global
economic weakness, 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; the potential for the U.S. government to
competitively bid the Company’s Army and Marine Corps contracts; 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;
risks associated with international operations and sales, including
foreign currency fluctuations and compliance with the Foreign Corrupt
Practices Act; risks related to actions of activist shareholders; 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 press release. The Company assumes no obligation,
and disclaims any obligation, to update information contained in this
press 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 specialty access equipment, commercial, fire &
emergency and military vehicles and vehicle bodies. Oshkosh Corporation
manufactures, distributes and services products under the brands of
Oshkosh®, JLG®, Pierce®, McNeilus®,
Medtec®, Jerr-Dan®, Frontline™, CON-E-CO®,
London® and IMT®. Oshkosh products are valued
worldwide in businesses 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.
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OSHKOSH CORPORATION
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
|
(Unaudited; in millions)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
December 31,
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
1,761.0
|
|
|
$
|
1,875.7
|
|
|
Cost of sales
|
|
|
1,514.7
|
|
|
|
1,654.2
|
|
|
Gross income
|
|
|
246.3
|
|
|
|
221.5
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
Selling, general and administrative
|
|
|
151.1
|
|
|
|
131.4
|
|
|
Amortization of purchased intangibles
|
|
|
14.4
|
|
|
|
14.7
|
|
|
Total operating expenses
|
|
|
165.5
|
|
|
|
146.1
|
|
|
Operating income
|
|
|
80.8
|
|
|
|
75.4
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
Interest expense
|
|
|
(16.7
|
)
|
|
|
(20.6
|
)
|
|
Interest income
|
|
|
2.5
|
|
|
|
0.6
|
|
|
Miscellaneous, net
|
|
|
0.3
|
|
|
|
(5.6
|
)
|
|
Income from continuing operations before income
|
|
|
|
|
|
taxes and equity in earnings of unconsolidated affiliates
|
|
|
66.9
|
|
|
|
49.8
|
|
|
Provision for income taxes
|
|
|
21.0
|
|
|
|
11.1
|
|
|
Income from continuing operations before
|
|
|
|
|
|
equity in earnings of unconsolidated affiliates
|
|
|
45.9
|
|
|
|
38.7
|
|
|
Equity in earnings of unconsolidated affiliates
|
|
|
0.6
|
|
|
|
0.7
|
|
|
Income from continuing operations, net of tax
|
|
|
46.5
|
|
|
|
39.4
|
|
|
Income (loss) from discontinued operations, net of tax
|
|
|
-
|
|
|
|
(0.1
|
)
|
|
Net income
|
|
|
46.5
|
|
|
|
39.3
|
|
|
Net income attributable to noncontrolling interest
|
|
|
-
|
|
|
|
(0.4
|
)
|
|
Net income attributable to Oshkosh Corporation
|
|
$
|
46.5
|
|
|
$
|
38.9
|
|
|
|
|
|
|
|
|
Amounts available to Oshkosh Corporation
|
|
|
|
|
|
common shareholders, net of tax:
|
|
|
|
|
|
Income from continuing operations
|
|
$
|
46.5
|
|
|
$
|
39.0
|
|
|
Income allocated to participating securities
|
|
|
(0.3
|
)
|
|
|
(0.1
|
)
|
|
Income available to Oshkosh Corporation common
|
|
|
|
|
|
shareholders
|
|
$
|
46.2
|
|
|
$
|
38.9
|
|
|
|
|
|
|
|
|
Income (loss) from discontinued operations
|
|
$
|
-
|
|
|
$
|
(0.1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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OSHKOSH CORPORATION
|
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EARNINGS (LOSS) PER SHARE
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
December 31,
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
Earnings (loss) per share attributable to Oshkosh
|
|
|
|
|
|
Corporation common shareholders-basic:
|
|
|
|
|
|
Continuing operations
|
|
$
|
0.51
|
|
$
|
0.43
|
|
|
Discontinued operations
|
|
|
-
|
|
|
(0.01
|
)
|
|
|
|
$
|
0.51
|
|
$
|
0.42
|
|
|
|
|
|
|
|
|
Earnings (loss) per share attributable to Oshkosh
|
|
|
|
|
|
Corporation common shareholders-diluted:
|
|
|
|
|
|
Continuing operations
|
|
$
|
0.51
|
|
$
|
0.43
|
|
|
Discontinued operations
|
|
|
-
|
|
|
(0.01
|
)
|
|
|
|
$
|
0.51
|
|
$
|
0.42
|
|
|
|
|
|
|
|
|
Basic weighted average shares outstanding
|
|
|
90,303,191
|
|
|
91,186,347
|
|
|
Effect of dilutive stock options and other
|
|
|
|
|
|
equity-based compensation awards
|
|
|
878,606
|
|
|
585,278
|
|
|
Diluted weighted average shares outstanding
|
|
|
91,181,797
|
|
|
91,771,625
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OSHKOSH CORPORATION
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(Unaudited; in millions)
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
September 30,
|
|
|
|
2012
|
|
2012
|
|
ASSETS
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
455.7
|
|
|
$
|
540.7
|
|
|
Receivables, net
|
|
|
646.2
|
|
|
|
1,018.6
|
|
|
Inventories, net
|
|
|
1,056.9
|
|
|
|
937.5
|
|
|
Deferred income taxes
|
|
|
60.5
|
|
|
|
69.9
|
|
|
Prepaid income taxes
|
|
|
122.3
|
|
|
|
98.0
|
|
|
Other current assets
|
|
|
28.6
|
|
|
|
29.8
|
|
|
Total current assets
|
|
|
2,370.2
|
|
|
|
2,694.5
|
|
|
Investment in unconsolidated affiliates
|
|
|
19.7
|
|
|
|
18.8
|
|
|
Property, plant and equipment:
|
|
|
|
|
|
Property, plant and equipment
|
|
|
851.3
|
|
|
|
856.5
|
|
|
Accumulated depreciation
|
|
|
(493.3
|
)
|
|
|
(486.6
|
)
|
|
Property, plant and equipment, net
|
|
|
358.0
|
|
|
|
369.9
|
|
|
Goodwill
|
|
|
1,038.9
|
|
|
|
1,033.8
|
|
|
Purchased intangible assets, net
|
|
|
762.0
|
|
|
|
775.4
|
|
|
Other long-term assets
|
|
|
55.1
|
|
|
|
55.4
|
|
|
Total assets
|
|
$
|
4,603.9
|
|
|
$
|
4,947.8
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Revolving credit facility and current maturities
|
|
|
|
|
|
of long-term debt
|
|
$
|
16.3
|
|
|
$
|
-
|
|
|
Accounts payable
|
|
|
532.6
|
|
|
|
683.3
|
|
|
Customer advances
|
|
|
481.7
|
|
|
|
510.4
|
|
|
Payroll-related obligations
|
|
|
87.8
|
|
|
|
130.1
|
|
|
Accrued warranty
|
|
|
90.5
|
|
|
|
95.0
|
|
|
Deferred revenue
|
|
|
34.2
|
|
|
|
113.0
|
|
|
Other current liabilities
|
|
|
193.8
|
|
|
|
172.7
|
|
|
Total current liabilities
|
|
|
1,436.9
|
|
|
|
1,704.5
|
|
|
Long-term debt, less current maturities
|
|
|
938.7
|
|
|
|
955.0
|
|
|
Deferred income taxes
|
|
|
119.9
|
|
|
|
129.6
|
|
|
Other long-term liabilities
|
|
|
320.5
|
|
|
|
305.2
|
|
|
Commitments and contingencies
|
|
|
|
|
|
Shareholders' equity
|
|
|
1,787.9
|
|
|
|
1,853.5
|
|
|
Total liabilities and shareholders' equity
|
|
$
|
4,603.9
|
|
|
$
|
4,947.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OSHKOSH CORPORATION
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(Unaudited; in millions)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
December 31,
|
|
|
|
2012
|
|
2011
|
|
Operating activities:
|
|
|
|
|
|
Net income
|
|
$
|
46.5
|
|
|
$
|
39.3
|
|
|
Depreciation and amortization
|
|
|
31.4
|
|
|
|
33.7
|
|
|
Deferred income taxes
|
|
|
(2.5
|
)
|
|
|
0.7
|
|
|
Other non-cash adjustments
|
|
|
0.4
|
|
|
|
2.1
|
|
|
Changes in operating assets and liabilities
|
|
|
(30.7
|
)
|
|
|
(13.9
|
)
|
|
Net cash provided by operating activities
|
|
|
45.1
|
|
|
|
61.9
|
|
|
|
|
|
|
|
|
Investing activities:
|
|
|
|
|
|
Additions to property, plant and equipment
|
|
|
(8.3
|
)
|
|
|
(14.2
|
)
|
|
Additions to equipment held for rental
|
|
|
(1.1
|
)
|
|
|
(3.5
|
)
|
|
Proceeds from sale of equipment held for rental
|
|
|
3.5
|
|
|
|
1.1
|
|
|
Other investing activities
|
|
|
-
|
|
|
|
2.4
|
|
|
Net cash used by investing activities
|
|
|
(5.9
|
)
|
|
|
(14.2
|
)
|
|
|
|
|
|
|
|
Financing activities:
|
|
|
|
|
|
Repayment of long-term debt
|
|
|
-
|
|
|
|
(40.0
|
)
|
|
Repurchases of common stock
|
|
|
(125.1
|
)
|
|
|
-
|
|
|
Other financing activities
|
|
|
0.7
|
|
|
|
0.1
|
|
|
Net cash used by financing activities
|
|
|
(124.4
|
)
|
|
|
(39.9
|
)
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
|
0.2
|
|
|
|
4.0
|
|
|
Increase (decrease) in cash and cash equivalents
|
|
|
(85.0
|
)
|
|
|
11.8
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
540.7
|
|
|
|
428.5
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
455.7
|
|
|
$
|
440.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OSHKOSH CORPORATION
|
|
SEGMENT INFORMATION
|
|
(Unaudited; in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Three Months Ended
|
|
|
|
December 31, 2012
|
|
December 31, 2011
|
|
|
|
External
|
|
Inter-
|
|
Net
|
|
External
|
|
Inter-
|
|
Net
|
|
|
|
Customers
|
|
segment
|
|
Sales
|
|
Customers
|
|
segment
|
|
Sales
|
|
Access equipment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerial work platforms
|
|
$
|
252.2
|
|
$
|
-
|
|
|
$
|
252.2
|
|
|
$
|
252.9
|
|
$
|
-
|
|
|
$
|
252.9
|
|
|
Telehandlers
|
|
|
206.9
|
|
|
-
|
|
|
|
206.9
|
|
|
|
148.4
|
|
|
-
|
|
|
|
148.4
|
|
|
Other
|
|
|
122.1
|
|
|
0.1
|
|
|
|
122.2
|
|
|
|
103.8
|
|
|
122.6
|
|
|
|
226.4
|
|
|
Total access equipment
|
|
|
581.2
|
|
|
0.1
|
|
|
|
581.3
|
|
|
|
505.1
|
|
|
122.6
|
|
|
|
627.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defense
|
|
|
827.8
|
|
|
0.9
|
|
|
|
828.7
|
|
|
|
1,050.2
|
|
|
0.8
|
|
|
|
1,051.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fire & emergency
|
|
|
182.6
|
|
|
10.7
|
|
|
|
193.3
|
|
|
|
155.4
|
|
|
4.7
|
|
|
|
160.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Concrete placement
|
|
|
63.3
|
|
|
-
|
|
|
|
63.3
|
|
|
|
46.7
|
|
|
-
|
|
|
|
46.7
|
|
|
Refuse collection
|
|
|
80.8
|
|
|
-
|
|
|
|
80.8
|
|
|
|
95.3
|
|
|
-
|
|
|
|
95.3
|
|
|
Other
|
|
|
25.3
|
|
|
7.9
|
|
|
|
33.2
|
|
|
|
23.0
|
|
|
6.6
|
|
|
|
29.6
|
|
|
Total commercial
|
|
|
169.4
|
|
|
7.9
|
|
|
|
177.3
|
|
|
|
165.0
|
|
|
6.6
|
|
|
|
171.6
|
|
|
Intersegment eliminations
|
|
|
-
|
|
|
(19.6
|
)
|
|
|
(19.6
|
)
|
|
|
-
|
|
|
(134.7
|
)
|
|
|
(134.7
|
)
|
|
Consolidated
|
|
$
|
1,761.0
|
|
$
|
-
|
|
|
$
|
1,761.0
|
|
|
$
|
1,875.7
|
|
$
|
-
|
|
|
$
|
1,875.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
December 31,
|
|
|
|
2012
|
|
2011
|
|
Operating income (loss):
|
|
|
|
|
|
Access equipment
|
|
$
|
48.9
|
|
|
$
|
13.1
|
|
|
Defense
|
|
|
60.9
|
|
|
|
92.4
|
|
|
Fire & emergency
|
|
|
5.8
|
|
|
|
(9.9
|
)
|
|
Commercial
|
|
|
8.0
|
|
|
|
6.9
|
|
|
Corporate
|
|
|
(42.7
|
)
|
|
|
(27.1
|
)
|
|
Intersegment eliminations
|
|
|
(0.1
|
)
|
|
|
-
|
|
|
Consolidated
|
|
$
|
80.8
|
|
|
$
|
75.4
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
2012
|
|
2011
|
|
Period-end backlog:
|
|
|
|
|
|
Access equipment
|
|
$
|
767.1
|
|
|
$
|
785.3
|
|
|
Defense
|
|
|
3,138.1
|
|
|
|
4,258.8
|
|
|
Fire & emergency
|
|
|
479.2
|
|
|
|
522.6
|
|
|
Commercial
|
|
|
145.9
|
|
|
|
120.4
|
|
|
Consolidated
|
|
$
|
4,530.3
|
|
|
$
|
5,687.1
|
|
1 This press release refers to GAAP (U.S. generally accepted
accounting principles) and non-GAAP financial measures. Oshkosh
Corporation believes that the non-GAAP measures provide a more
meaningful comparison of its underlying operating performance. These
non-GAAP measures may not be comparable to similarly titled measures
being 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 press release.
Source: Oshkosh Corporation
Oshkosh Corporation
Financial:
Patrick Davidson
Vice
President, Investor Relations
920.966.5939
or
Media:
John
Daggett
Vice President, Communications
920.233.9247
