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Exhibit 99.1

 

GRAPHIC

 

 

 

 

 

O S H K O S H  C O R P O R A T I O N

 

 

 

For more information, contact:

 

Financial:

Patrick Davidson

 

 

Vice President, Investor Relations

 

 

920.966.5939

 

 

 

 

Media:

John Daggett

 

 

Vice President, Communications

 

 

920.233.9247

 

OSHKOSH CORPORATION REPORTS FISCAL 2013

THIRD QUARTER RESULTS

 

Raises Fiscal 2013 Adjusted EPS Estimate Range to $3.60 to $3.70

 

Repurchased 1.1 million Shares of Common Stock

 

OSHKOSH, WI — (July 30, 2013) — Oshkosh Corporation (NYSE: OSK) today reported fiscal 2013 third quarter net income of $148.4 million, or $1.67 per diluted share, compared to $77.1 million, or $0.84 per diluted share, in the third quarter of fiscal 2012. All results are for continuing operations attributable to Oshkosh Corporation, unless stated otherwise.

 

Consolidated net sales in the third quarter of fiscal 2013 were $2.20 billion, an increase of 2.1 percent compared to the prior year third quarter. Higher sales in the Company’s access equipment segment were largely offset by an expected decline in defense segment sales.

 

Consolidated operating income in the third quarter of fiscal 2013 was $225.6 million, or 10.2 percent of sales, compared to $126.2 million, or 5.8 percent of sales, in the prior year third quarter. Operating income margins improved in the third quarter of fiscal 2013 as a result of strong performance by the Company’s access equipment and defense segments. This performance was driven by favorable product mix, including increased international sales of MRAP All-Terrain Vehicles (M-ATVs), improved pricing, as well as product and process cost reductions.

 

“The employees of Oshkosh Corporation diligently executed our MOVE strategy to deliver outstanding third quarter results, highlighted by earnings per share of $1.67, which is nearly double our fiscal 2012 third quarter earnings per share of $0.84,” said Charles L. Szews, Oshkosh Corporation chief executive officer. “Our access equipment segment, in particular, stood out with higher sales and operating income margins reaching more than 16 percent for the quarter. Our defense team also delivered solid results, despite continued headwinds from reduced U.S. defense spending.

 

-more-

 



 

“As a result of the strong third quarter performance and our expectations for the remainder of the year, we are raising our adjusted earnings per share expectations for the full year to a range of $3.60 to $3.70(1).

 

“Our strong fiscal 2013 performance, driven by the progress we are making on our MOVE initiatives, gives us confidence as we strive to reach our fiscal 2015 earnings per share target range of $4.00 to $4.50, in spite of the expected decline in our defense business in fiscal 2014,” added Szews.

 

Factors affecting third quarter results for the Company’s business segments included:

 

Access Equipment — Access equipment segment sales increased 15.6 percent to $941.5 million for the third quarter of fiscal 2013 compared to the prior year third quarter. The increase was principally the result of higher replacement-driven demand in North America, the realization of previously announced price increases and higher aftermarket parts & service sales, which more than offset lower sales volume in Australia.

 

In the third quarter of fiscal 2013, access equipment segment operating income increased 75.1 percent to $154.5 million, or 16.4 percent of sales, compared to prior year third quarter operating income of $88.2 million, or 10.8 percent of sales. The increase in operating income was primarily the result of higher sales volume, the realization of previously announced price increases, as well as product and process cost reductions.

 

Defense — Defense segment sales decreased 8.2 percent to $879.6 million for the third quarter of fiscal 2013 compared to the prior year third quarter. The decrease in sales was primarily due to an expected decline in sales to the U.S. Department of Defense (DoD), offset in part by higher international sales of M-ATVs.

 

In the third quarter of fiscal 2013, defense segment operating income increased 113.8 percent to $85.8 million, or 9.8 percent of sales, compared to prior year third quarter operating income of $40.2 million, or 4.2 percent of sales. The increase in operating income was largely due to a favorable product mix, which included a large percentage of international sales of M-ATVs, and operational improvements, offset in part by lower sales volume. In addition, the defense segment recorded favorable contract adjustments related to undefinitized contracts of $5.0 million in the third quarter of fiscal 2013 compared to unfavorable contract adjustments of $7.8 million in the third quarter of fiscal 2012.

 

Fire & Emergency — Fire & emergency segment sales for the third quarter of fiscal 2013 decreased 11.0 percent to $204.3 million compared to the prior year quarter. The decrease in sales primarily reflected lower sales volume. The third quarter of the prior year included the delivery of 44 Rapid Intervention Vehicles under a contract with the United States Air Force and the delivery of several large international orders to Hong Kong.

 

In the third quarter of fiscal 2013, fire & emergency segment operating income decreased 18.8 percent to $6.5 million, or 3.2 percent of sales, compared to prior year third quarter operating income of $8.1 million, or 3.5 percent of sales. The decrease in operating income for the third quarter of fiscal 2013 was largely the result of the lower sales volume, offset in part by the realization of previously announced price increases.

 


(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 investors a useful comparison of the Company’s performance to prior period results. These non-GAAP measures may not be comparable to similarly titled measures 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.

 

2



 

Commercial — Commercial segment sales increased 10.5 percent to $194.7 million in the third quarter of fiscal 2013 compared to the prior year quarter. The increase in sales was primarily attributable to increased demand in the concrete mixer market and the sale of higher content units, including units with both chassis and bodies, offset in part by lower refuse collection vehicle volume due in part to changes in the timing of orders from one of the segment’s largest customers.

 

In the third quarter of fiscal 2013, commercial segment operating income decreased 17.8 percent to $10.0 million, or 5.1 percent of sales, compared to $12.1 million, or 6.9 percent of sales, in the prior year quarter. The decrease in operating income was primarily a result of restructuring-related costs of $2.7 million.

 

Corporate — Corporate operating expenses increased $8.7 million to $31.2 million for the third quarter of fiscal 2013 compared to the prior year quarter. The increase in corporate expenses in the third quarter of fiscal 2013 compared to the third quarter of fiscal 2012 was due to higher variable compensation expense on improved financial results, as well as higher information technology spending.

 

Interest Expense Net of Interest Income — Interest expense net of interest income decreased $4.4 million to $13.5 million in the third quarter of fiscal 2013 compared to the prior year quarter as a result of lower interest rates and the recognition of interest on a note receivable from a customer. In the third quarter of fiscal 2013, the Company recognized $2.7 million of interest income upon receipt of payments on the note receivable.

 

Provision for Income Taxes — The Company recorded income tax expense of $59.9 million in the third quarter of fiscal 2013, or 28.9 percent of pre-tax income, compared to 29.4 percent of pre-tax income in the prior year quarter. Tax expense for the third quarter of fiscal 2013 was favorably impacted by provision to return adjustments upon finalizing the Company’s fiscal 2012 tax returns and a reduction in valuation allowances on state net operating loss carryforwards that together totaled $0.08 per share. The third quarter of fiscal 2012 tax provision was favorably impacted by provision to return adjustments upon filing the Company’s fiscal 2011 tax returns that totaled $0.07 per share.

 

Share Repurchases — During the third quarter of fiscal 2013, the Company repurchased 1,144,670 shares of its common stock at an aggregate cost of $43.9 million. The Company has repurchased a total of $169 million of its common stock under its previously announced $300 million share repurchase program. Earnings per share in the third quarter of fiscal 2013 improved $0.07 compared to the prior year third quarter as a result of lower average shares outstanding.

 

Nine-month Results

 

The Company reported net sales for the first nine months of fiscal 2013 of $5.94 billion and net income of $280.6 million, or $3.12 per share. This compares with net sales of $6.09 billion and net income of $161.5 million, or $1.76 per share, in the first nine months of the prior year. Adjusted results for the first nine months of fiscal 2013 were $291.0(1) million, or $3.23(1) per share, compared to $151.8(1) million, or $1.66(1) per share, in the first nine months of fiscal 2012. The increase in adjusted results in the first nine months of fiscal 2013 was largely attributable to higher sales volume, improved performance in the Company’s access equipment segment and higher margins associated with international sales of M-ATVs, offset in part by higher share-based compensation expense, in part as a result of the impact of the increase in the Company’s share price on variable, share-based compensation.

 

3



 

Fiscal 2013 Expectations

 

As a result of its strong third fiscal quarter results, an expected lower tax rate and the benefit of share repurchases completed in the third quarter, the Company is increasing its outlook for full-year fiscal 2013 adjusted earnings from continuing operations to a range of $3.60 - $3.70(1) per share. This estimate excludes costs of $0.11 per share (net of tax benefit) incurred in the first quarter of fiscal 2013 related to a tender offer for the Company’s common stock and threatened proxy contest.

 

Conference Call

 

The Company will comment on its fiscal 2013 third quarter earnings and its full-year fiscal 2013 outlook during a conference call at 9:00 a.m. EDT this morning. Slides for the call will be available on the Company’s website beginning at 7:00 a.m. EDT 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 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 DoD procurement of products and services and funding thereof; risks related to reductions in government expenditures in light of U.S. defense budget pressures, sequestration and an uncertain DoD tactical wheeled vehicle strategy, including the Company’s ability to successfully manage the cost reductions required as a result of the significant projected decrease in sales levels in the defense segment; the Company’s ability to win a U.S. Joint Light Tactical Vehicle production contract award; 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 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; risks related to the collectability of receivables, particularly for those businesses with exposure to construction markets; the cost of

 

4



 

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; the Company’s ability to comply with complex laws and regulations applicable to U.S. government contractors; 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®, 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.

 

5



 

OSHKOSH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited; in millions)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

2,204.4

 

$

2,159.8

 

$

5,938.6

 

$

6,090.6

 

Cost of sales

 

1,818.9

 

1,885.2

 

5,003.7

 

5,347.0

 

Gross income

 

385.5

 

274.6

 

934.9

 

743.6

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

146.0

 

134.3

 

451.6

 

410.8

 

Amortization of purchased intangibles

 

13.9

 

14.1

 

42.8

 

43.4

 

Total operating expenses

 

159.9

 

148.4

 

494.4

 

454.2

 

Operating income

 

225.6

 

126.2

 

440.5

 

289.4

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

Interest expense

 

(16.6

)

(18.3

)

(49.4

)

(56.8

)

Interest income

 

3.1

 

0.4

 

7.3

 

1.6

 

Miscellaneous, net

 

(4.7

)

(0.8

)

(4.3

)

(5.1

)

Income from continuing operations before income taxes and equity in earnings of unconsolidated affiliates

 

207.4

 

107.5

 

394.1

 

229.1

 

Provision for income taxes

 

59.9

 

31.6

 

115.7

 

68.4

 

Income from continuing operations before equity in earnings of unconsolidated affiliates

 

147.5

 

75.9

 

278.4

 

160.7

 

Equity in earnings of unconsolidated affiliates

 

0.9

 

1.2

 

2.2

 

1.9

 

Income from continuing operations, net of tax

 

148.4

 

77.1

 

280.6

 

162.6

 

Income (loss) from discontinued operations, net of tax

 

0.3

 

(1.4

)

1.1

 

(9.6

)

Net income

 

148.7

 

75.7

 

281.7

 

153.0

 

Net income attributable to noncontrolling interest

 

 

 

 

(1.1

)

Net income attributable to Oshkosh Corporation

 

$

148.7

 

$

75.7

 

$

281.7

 

$

151.9

 

 

 

 

 

 

 

 

 

 

 

Amounts available to Oshkosh Corporation common shareholders, net of tax:

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

148.4

 

$

77.1

 

$

280.6

 

$

161.5

 

Income allocated to participating securities

 

(0.9

)

(0.2

)

(1.8

)

(0.3

)

Income available to Oshkosh Corporation common shareholders

 

$

147.5

 

$

76.9

 

$

278.8

 

$

161.2

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations

 

$

0.3

 

$

(1.4

)

$

1.1

 

$

(9.6

)

 

6



 

OSHKOSH CORPORATION

EARNINGS (LOSS) PER SHARE

(Unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share attributable to Oshkosh Corporation common shareholders-basic:

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

1.69

 

$

0.85

 

$

3.16

 

$

1.77

 

Discontinued operations

 

 

(0.02

)

0.01

 

(0.11

)

 

 

$

1.69

 

$

0.83

 

$

3.17

 

$

1.66

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share attributable to Oshkosh Corporation common shareholders-diluted:

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

1.67

 

$

0.84

 

$

3.12

 

$

1.76

 

Discontinued operations

 

 

(0.02

)

0.01

 

(0.11

)

 

 

$

1.67

 

$

0.82

 

$

3.13

 

$

1.65

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average shares outstanding

 

87,110,576

 

91,417,937

 

88,174,280

 

91,320,794

 

Effect of dilutive stock options and other equity-based compensation awards

 

1,396,076

 

507,158

 

1,304,075

 

494,823

 

Participating restricted stock

 

(260,326

)

(109,559

)

(207,382

)

(77,518

)

Diluted weighted-average shares outstanding

 

88,246,326

 

91,815,536

 

89,270,973

 

91,738,099

 

 

7



 

OSHKOSH CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited; in millions)

 

 

 

June 30,

 

September 30,

 

 

 

2013

 

2012

 

ASSETS

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

585.8

 

$

540.7

 

Receivables, net

 

934.0

 

1,018.6

 

Inventories, net

 

878.7

 

937.5

 

Deferred income taxes

 

66.0

 

69.9

 

Prepaid income taxes

 

22.8

 

98.0

 

Other current assets

 

33.6

 

29.8

 

Total current assets

 

2,520.9

 

2,694.5

 

Investment in unconsolidated affiliates

 

21.1

 

18.8

 

Property, plant and equipment:

 

 

 

 

 

Property, plant and equipment

 

865.3

 

856.5

 

Accumulated depreciation

 

(517.4

)

(486.6

)

Property, plant and equipment, net

 

347.9

 

369.9

 

Goodwill

 

1,032.5

 

1,033.8

 

Purchased intangible assets, net

 

736.3

 

775.4

 

Other long-term assets

 

71.9

 

55.4

 

Total assets

 

$

4,730.6

 

$

4,947.8

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Revolving credit facility and current maturities of long-term debt

 

$

48.8

 

$

 

Accounts payable

 

516.5

 

683.3

 

Customer advances

 

358.1

 

510.4

 

Payroll-related obligations

 

134.2

 

130.1

 

Accrued warranty

 

99.6

 

95.0

 

Deferred revenue

 

26.1

 

113.0

 

Other current liabilities

 

196.8

 

172.7

 

Total current liabilities

 

1,380.1

 

1,704.5

 

Long-term debt, less current maturities

 

906.2

 

955.0

 

Deferred income taxes

 

111.9

 

129.6

 

Other long-term liabilities

 

333.7

 

305.2

 

Commitments and contingencies

 

 

 

 

 

Shareholders’ equity

 

1,998.7

 

1,853.5

 

Total liabilities and shareholders’ equity

 

$

4,730.6

 

$

4,947.8

 

 

8



 

OSHKOSH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited; in millions)

 

 

 

Nine Months Ended

 

 

 

June 30,

 

 

 

2013

 

2012

 

Operating activities:

 

 

 

 

 

Net income

 

$

281.7

 

$

153.0

 

Depreciation and amortization

 

95.2

 

95.8

 

Deferred income taxes

 

(17.2

)

(35.2

)

Other non-cash adjustments

 

12.6

 

16.3

 

Changes in operating assets and liabilities

 

(124.8

)

(155.6

)

Net cash provided by operating activities

 

247.5

 

74.3

 

 

 

 

 

 

 

Investing activities:

 

 

 

 

 

Additions to property, plant and equipment

 

(25.2

)

(33.9

)

Additions to equipment held for rental

 

(13.1

)

(5.9

)

Proceeds from sale of property, plant and equipment

 

0.1

 

7.5

 

Proceeds from sale of equipment held for rental

 

6.9

 

3.2

 

Other investing activities

 

(22.5

)

15.9

 

Net cash used by investing activities

 

(53.8

)

(13.2

)

 

 

 

 

 

 

Financing activities:

 

 

 

 

 

Repayment of long-term debt

 

 

(105.0

)

Repurchases of common stock

 

(169.0

)

 

Proceeds from exercise of stock options

 

19.9

 

3.1

 

Other financing activities

 

0.6

 

(0.2

)

Net cash used by financing activities

 

(148.5

)

(102.1

)

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

(0.1

)

3.2

 

Increase (decrease) in cash and cash equivalents

 

45.1

 

(37.8

)

Cash and cash equivalents at beginning of period

 

540.7

 

428.5

 

Cash and cash equivalents at end of period

 

$

585.8

 

$

390.7

 

 

9



 

OSHKOSH CORPORATION

SEGMENT INFORMATION

(Unaudited; in millions)

 

 

 

Three Months Ended

 

Three Months Ended

 

 

 

June 30, 2013

 

June 30, 2012

 

 

 

External

 

Inter-

 

Net

 

External

 

Inter-

 

Net

 

 

 

Customers

 

segment

 

Sales

 

Customers

 

segment

 

Sales

 

Access equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerial work platforms

 

$

485.4

 

$

 

$

485.4

 

$

426.1

 

$

 

$

426.1

 

Telehandlers

 

317.3

 

 

317.3

 

260.8

 

 

260.8

 

Other

 

138.8

 

 

138.8

 

127.0

 

0.7

 

127.7

 

Total access equipment

 

941.5

 

 

941.5

 

813.9

 

0.7

 

814.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Defense

 

878.9

 

0.7

 

879.6

 

957.9

 

0.6

 

958.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fire & emergency

 

192.9

 

11.4

 

204.3

 

217.5

 

12.1

 

229.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

 

 

 

 

 

 

 

 

 

 

 

 

Concrete placement

 

101.2

 

 

101.2

 

67.4

 

 

67.4

 

Refuse collection

 

65.8

 

 

65.8

 

77.5

 

 

77.5

 

Other

 

24.1

 

3.6

 

27.7

 

25.6

 

5.7

 

31.3

 

Total commercial

 

191.1

 

3.6

 

194.7

 

170.5

 

5.7

 

176.2

 

Intersegment eliminations

 

 

(15.7

)

(15.7

)

 

(19.1

)

(19.1

)

Consolidated sales

 

$

2,204.4

 

$

 

$

2,204.4

 

$

2,159.8

 

$

 

$

2,159.8

 

 

 

 

Nine Months Ended

 

Nine Months Ended

 

 

 

June 30, 2013

 

June 30, 2012

 

 

 

External

 

Inter-

 

Net

 

External

 

Inter-

 

Net

 

 

 

Customers

 

segment

 

Sales

 

Customers

 

segment

 

Sales

 

Access equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerial work platforms

 

$

1,116.9

 

$

 

$

1,116.9

 

$

1,059.8

 

$

 

$

1,059.8

 

Telehandlers

 

831.6

 

 

831.6

 

643.4

 

 

643.4

 

Other

 

391.6

 

0.1

 

391.7

 

375.2

 

124.3

 

499.5

 

Total access equipment

 

2,340.1

 

0.1

 

2,340.2

 

2,078.4

 

124.3

 

2,202.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Defense

 

2,533.4

 

2.5

 

2,535.9

 

2,994.6

 

2.2

 

2,996.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fire & emergency

 

526.1

 

34.3

 

560.4

 

523.4

 

27.6

 

551.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

 

 

 

 

 

 

 

 

 

 

 

 

Concrete placement

 

256.7

 

 

256.7

 

166.8

 

 

166.8

 

Refuse collection

 

207.9

 

 

207.9

 

252.5

 

 

252.5

 

Other

 

74.4

 

18.5

 

92.9

 

74.9

 

21.3

 

96.2

 

Total commercial

 

539.0

 

18.5

 

557.5

 

494.2

 

21.3

 

515.5

 

Intersegment eliminations

 

 

(55.4

)

(55.4

)

 

(175.4

)

(175.4

)

Consolidated sales

 

$

5,938.6

 

$

 

$

5,938.6

 

$

6,090.6

 

$

 

$

6,090.6

 

 

10



 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

Operating income (loss):

 

 

 

 

 

 

 

 

 

Access equipment

 

$

154.5

 

$

88.2

 

$

298.4

 

$

169.7

 

Defense

 

85.8

 

40.2

 

213.7

 

174.5

 

Fire & emergency

 

6.5

 

8.1

 

14.6

 

(1.2

)

Commercial

 

10.0

 

12.1

 

25.6

 

22.9

 

Corporate

 

(31.2

)

(22.5

)

(111.8

)

(76.6

)

Intersegment eliminations

 

 

0.1

 

 

0.1

 

Consolidated

 

$

225.6

 

$

126.2

 

$

440.5

 

$

289.4

 

 

 

 

June 30,

 

 

 

2013

 

2012

 

Period-end backlog:

 

 

 

 

 

Access equipment*

 

$

621.4

 

$

729.7

 

Defense

 

1,886.2

 

3,261.1

 

Fire & emergency**

 

503.1

 

530.1

 

Commercial

 

167.3

 

148.4

 

Consolidated

 

$

3,178.0

 

$

4,669.3

 

 


*                   Includes $17.4 million and $93.8 million of backlog for the DoD at June 30, 2013 and 2012, respectively.

**              Includes $28.8 million of backlog for ambulance production at June 30, 2012. Ambulance production was discontinued in the second quarter of fiscal 2013.

 

11



 

Non-GAAP Financial Measures

 

The Company reports its financial results in accordance with generally accepted accounting principles in the United States of America (GAAP). The Company is presenting various operating results and estimated earnings both on a reported basis and on a basis excluding items that affect comparability of results. When the Company uses operating results and estimates excluding certain items as described below, they are considered non-GAAP financial measures. The Company believes excluding the impact of these items is useful to investors in comparing the Company’s performance to prior period results. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s results and estimates 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:

 

 

 

Nine Months Ended

 

 

 

June 30,

 

 

 

2013

 

2012

 

Non-GAAP income from continuing operations attributable to Oshkosh Corporation, net of tax

 

$

291.0

 

$

151.8

 

Tender offer and proxy contest costs, net of tax

 

(10.4

)

(4.1

)

Discrete tax benefits

 

 

13.8

 

GAAP income from continuing operations attributable to Oshkosh Corporation, net of tax

 

$

280.6

 

$

161.5

 

 

 

 

 

 

 

Non-GAAP earnings per share attributable to Oshkosh Corporation from continuing operations-diluted

 

$

3.23

 

$

1.66

 

Tender offer and proxy contest costs, net of tax

 

(0.11

)

(0.05

)

Discrete tax benefits

 

 

0.15

 

GAAP earnings per share attributable to Oshkosh Corporation from continuing operations-diluted

 

$

3.12

 

$

1.76

 

 

 

 

Fiscal 2013

 

 

 

Expectations

 

 

 

Low

 

High

 

Non-GAAP earnings per share attributable to Oshkosh Corporation from continuing operations-diluted

 

$

3.60

 

$

3.70

 

Tender offer and proxy contest costs, net of tax

 

(0.11

)

(0.11

)

GAAP earnings per share attributable to Oshkosh Corporation from continuing operations-diluted

 

$

3.49

 

$

3.59

 

 

# # #

 

12