Oshkosh Corporation Reports 2024 Fourth Quarter and Full Year Results
Reports Fourth Quarter Sales of
Reports Fourth Quarter Earnings per Share of
Reports 2024 Earnings per Share of
Announces 11 Percent Increase in Quarterly Cash Dividend to
Initiates 2025 Earnings per Share Guidance of approximately
Consolidated sales in the fourth quarter of 2024 increased
Consolidated operating income in the fourth quarter of 2024 increased 3.9 percent to
“We delivered another strong quarter as our team grew fourth quarter adjusted earnings per share to
“In 2024, we began producing and delivering our revolutionary purpose-built Next Generation Delivery Vehicle (NGDV) for the US Postal Service (USPS). We are pleased with early feedback we have received from the nation’s postal carriers as they use NGDVs for daily deliveries. We look forward to ramping up this important program to full rate production this year. Our NGDV program as well as excellent visibility with strong backlogs in our Vocational segment give us confidence that
“Our Access team delivered solid results in the fourth quarter despite moderating demand. We are confident that long-term drivers, including infrastructure buildout, mega projects and data center construction, remain strong for our Access business. We expect short-term market softness in the first half of 2025 followed by improved demand in the second half of the year, which we have factored into our expectations for the Access segment in 2025.
“We expect growth for our Vocational and Defense segments in 2025 and we are confident in our team’s ability to navigate through softer market conditions in our Access segment to position Oshkosh Corporation to continue delivering strong results. We are initiating our adjusted earnings per share expectations for 2025 of approximately
Factors affecting fourth quarter results for the Company’s business segments included:
Access - Access segment sales for the fourth quarter of 2024 of
Access segment operating income in the fourth quarter of 2024 decreased 11.9 percent to
Adjusted1 operating income in the fourth quarter of 2024 was
Vocational - Vocational segment sales for the fourth quarter of 2024 increased
Vocational segment operating income in the fourth quarter of 2024 increased 149.8 percent to
Adjusted1 operating income in the fourth quarter of 2024 was
Defense - Defense segment sales for the fourth quarter of 2024 of
Defense segment operating income and adjusted1 operating income in the fourth quarter of 2024 decreased 75.8 percent to
Corporate and other - Net operating costs for corporate and other in the fourth quarter of 2024 decreased
Interest Expense Net of Interest Income - Interest expense net of interest income in the fourth quarter of 2024 increased
Provision for Income Taxes - The Company recorded income tax expense in the fourth quarter of 2024 of
Repurchases of common stock - The Company repurchased 494,069 shares of common stock in the fourth quarter of 2024 for
Full-Year Results
The Company reported net sales for 2024 of
Adjusted1 net income for 2024 was
2025 Expectations
The Company announced its 2025 diluted earnings per share estimate of approximately
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 9:30 a.m. EST this morning to discuss its fourth quarter and full year 2024 results and its 2025 outlook. 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 simultaneously webcast. To access the webcast, go to oshkoshcorp.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,” “confident” 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, fire apparatus, refuse and recycling collection and air transportation equipment markets, which are particularly impacted by the strength of
About Oshkosh Corporation
At
________________ |
®, ™ All brand names referred to in this news release are trademarks of Oshkosh Corporation or its subsidiary companies. |
|
1 This news release refers to GAAP ( |
OSHKOSH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In millions, except share and per share amounts; unaudited) |
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|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
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2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net sales |
|
$ |
2,623.4 |
|
|
$ |
2,466.8 |
|
|
$ |
10,755.5 |
|
|
$ |
9,657.9 |
|
Cost of sales |
|
|
2,176.1 |
|
|
|
2,012.4 |
|
|
|
8,786.1 |
|
|
|
7,977.1 |
|
Gross income |
|
|
447.3 |
|
|
|
454.4 |
|
|
|
1,969.4 |
|
|
|
1,680.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Selling, general and administrative |
|
|
209.2 |
|
|
|
224.3 |
|
|
|
852.4 |
|
|
|
810.4 |
|
Amortization of purchased intangibles |
|
|
14.2 |
|
|
|
14.7 |
|
|
|
54.7 |
|
|
|
32.8 |
|
Intangible asset impairments |
|
|
— |
|
|
|
— |
|
|
|
51.6 |
|
|
|
— |
|
Total operating expenses |
|
|
223.4 |
|
|
|
239.0 |
|
|
|
958.7 |
|
|
|
843.2 |
|
Operating income |
|
|
223.9 |
|
|
|
215.4 |
|
|
|
1,010.7 |
|
|
|
837.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense |
|
|
(31.5 |
) |
|
|
(22.3 |
) |
|
|
(119.5 |
) |
|
|
(68.6 |
) |
Interest income |
|
|
2.4 |
|
|
|
1.5 |
|
|
|
7.6 |
|
|
|
14.8 |
|
Miscellaneous, net |
|
|
4.1 |
|
|
|
0.6 |
|
|
|
4.2 |
|
|
|
13.8 |
|
Income before income taxes and losses of unconsolidated affiliates |
|
|
198.9 |
|
|
|
195.2 |
|
|
|
903.0 |
|
|
|
797.6 |
|
Provision for income taxes |
|
|
45.2 |
|
|
|
44.2 |
|
|
|
210.0 |
|
|
|
190.0 |
|
Income before losses of unconsolidated affiliates |
|
|
153.7 |
|
|
|
151.0 |
|
|
|
693.0 |
|
|
|
607.6 |
|
Losses of unconsolidated affiliates |
|
|
(0.6 |
) |
|
|
(0.2 |
) |
|
|
(11.6 |
) |
|
|
(9.6 |
) |
Net income |
|
$ |
153.1 |
|
|
$ |
150.8 |
|
|
$ |
681.4 |
|
|
$ |
598.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Earnings per share: |
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|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
2.35 |
|
|
$ |
2.30 |
|
|
$ |
10.41 |
|
|
$ |
9.15 |
|
Diluted |
|
|
2.33 |
|
|
|
2.28 |
|
|
|
10.35 |
|
|
|
9.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic weighted-average shares outstanding |
|
|
65,248,981 |
|
|
|
65,439,100 |
|
|
|
65,458,797 |
|
|
|
65,382,275 |
|
Dilutive equity-based compensation awards |
|
|
392,305 |
|
|
|
578,376 |
|
|
|
370,667 |
|
|
|
481,688 |
|
Diluted weighted-average shares outstanding |
|
|
65,641,286 |
|
|
|
66,017,476 |
|
|
|
65,829,464 |
|
|
|
65,863,963 |
|
OSHKOSH CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In millions; unaudited) |
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December 31, |
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|
2024 |
|
2023 |
||||
Assets |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
204.9 |
|
|
$ |
125.4 |
|
Receivables, net |
|
|
1,254.7 |
|
|
|
1,316.4 |
|
Unbilled receivables, net |
|
|
697.3 |
|
|
|
771.6 |
|
Inventories |
|
|
2,265.7 |
|
|
|
2,131.6 |
|
Income taxes receivable |
|
|
51.2 |
|
|
|
42.2 |
|
Other current assets |
|
|
114.5 |
|
|
|
93.6 |
|
Total current assets |
|
|
4,588.3 |
|
|
|
4,480.8 |
|
Property, plant and equipment: |
|
|
|
|
|
|
||
Property, plant and equipment |
|
|
2,394.6 |
|
|
|
2,162.6 |
|
Accumulated depreciation |
|
|
(1,178.1 |
) |
|
|
(1,093.1 |
) |
Property, plant and equipment, net |
|
|
1,216.5 |
|
|
|
1,069.5 |
|
Goodwill |
|
|
1,410.1 |
|
|
|
1,416.4 |
|
Purchased intangible assets, net |
|
|
777.6 |
|
|
|
830.2 |
|
Deferred income taxes |
|
|
259.0 |
|
|
|
262.0 |
|
Deferred contract costs |
|
|
842.6 |
|
|
|
710.7 |
|
Other non-current assets |
|
|
389.8 |
|
|
|
359.6 |
|
Total assets |
|
$ |
9,483.9 |
|
|
$ |
9,129.2 |
|
|
|
|
|
|
|
|
||
Liabilities and Shareholders’ Equity |
|
|
|
|
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|
||
Current liabilities: |
|
|
|
|
|
|
||
Revolving credit facilities and current maturities of long-term debt |
|
$ |
362.3 |
|
|
$ |
175.0 |
|
Accounts payable |
|
|
1,143.4 |
|
|
|
1,214.5 |
|
Customer advances |
|
|
648.8 |
|
|
|
706.9 |
|
Payroll-related obligations |
|
|
246.2 |
|
|
|
242.5 |
|
Income taxes payable |
|
|
140.1 |
|
|
|
308.0 |
|
Other current liabilities |
|
|
507.3 |
|
|
|
442.7 |
|
Total current liabilities |
|
|
3,048.1 |
|
|
|
3,089.6 |
|
Long-term debt, less current maturities |
|
|
599.5 |
|
|
|
597.5 |
|
Non-current customer advances |
|
|
1,154.4 |
|
|
|
1,190.7 |
|
Deferred income taxes |
|
|
26.9 |
|
|
|
26.8 |
|
Other non-current liabilities |
|
|
502.9 |
|
|
|
519.3 |
|
Commitments and contingencies |
|
|
|
|
|
|
||
Shareholders’ equity |
|
|
4,152.1 |
|
|
|
3,705.3 |
|
Total liabilities and shareholders’ equity |
|
$ |
9,483.9 |
|
|
$ |
9,129.2 |
|
OSHKOSH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions; unaudited) |
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|
|
Year Ended
|
||||||
|
|
2024 |
|
2023 |
||||
Operating activities: |
|
|
|
|
|
|
||
Net income |
|
$ |
681.4 |
|
|
$ |
598.0 |
|
Depreciation and amortization |
|
|
200.1 |
|
|
|
159.9 |
|
Intangible asset impairments |
|
|
51.6 |
|
|
|
— |
|
Stock-based incentive compensation |
|
|
38.1 |
|
|
|
31.9 |
|
Deferred income taxes |
|
|
(17.9 |
) |
|
|
(160.4 |
) |
Other non-cash adjustments |
|
|
3.2 |
|
|
|
9.5 |
|
Changes in operating assets and liabilities |
|
|
(406.4 |
) |
|
|
(39.3 |
) |
Net cash provided by operating activities |
|
|
550.1 |
|
|
|
599.6 |
|
|
|
|
|
|
|
|
||
Investing activities: |
|
|
|
|
|
|
||
Additions to property, plant and equipment |
|
|
(281.0 |
) |
|
|
(325.3 |
) |
Acquisition of businesses, net of cash acquired |
|
|
(121.3 |
) |
|
|
(995.8 |
) |
Proceeds from sale of businesses, net of cash sold |
|
|
7.0 |
|
|
|
32.6 |
|
Other investing activities |
|
|
6.5 |
|
|
|
2.9 |
|
Net cash used in investing activities |
|
|
(388.8 |
) |
|
|
(1,285.6 |
) |
|
|
|
|
|
|
|
||
Financing activities: |
|
|
|
|
|
|
||
Proceeds from issuance of debt |
|
|
4,327.4 |
|
|
|
1,616.5 |
|
Repayments of debt |
|
|
(4,141.7 |
) |
|
|
(1,467.0 |
) |
Dividends paid |
|
|
(120.0 |
) |
|
|
(107.2 |
) |
Repurchases of Common Stock |
|
|
(116.0 |
) |
|
|
(22.5 |
) |
Other financing activities |
|
|
(24.8 |
) |
|
|
(16.4 |
) |
Net cash provided by (used in) financing activities |
|
|
(75.1 |
) |
|
|
3.4 |
|
|
|
|
|
|
|
|
||
Effect of exchange rate changes on cash and cash equivalents |
|
|
(6.7 |
) |
|
|
2.1 |
|
Increase (decrease) in cash and cash equivalents |
|
|
79.5 |
|
|
|
(680.5 |
) |
Cash and cash equivalents at beginning of period |
|
|
125.4 |
|
|
|
805.9 |
|
Cash and cash equivalents at end of period |
|
$ |
204.9 |
|
|
$ |
125.4 |
|
OSHKOSH CORPORATION SEGMENT INFORMATION (In millions; unaudited) |
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|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Access |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Aerial work platforms |
|
$ |
545.6 |
|
|
$ |
540.4 |
|
|
$ |
2,443.9 |
|
|
$ |
2,461.6 |
|
Telehandlers |
|
|
322.0 |
|
|
|
354.2 |
|
|
|
1,569.0 |
|
|
|
1,480.2 |
|
Other |
|
|
289.4 |
|
|
|
255.7 |
|
|
|
1,151.8 |
|
|
|
1,048.2 |
|
Total Access |
|
|
1,157.0 |
|
|
|
1,150.3 |
|
|
|
5,164.7 |
|
|
|
4,990.0 |
|
Vocational |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Municipal fire apparatus |
|
|
334.2 |
|
|
|
277.6 |
|
|
|
1,290.4 |
|
|
|
1,102.1 |
|
Airport products |
|
|
234.4 |
|
|
|
201.1 |
|
|
|
862.6 |
|
|
|
376.7 |
|
Refuse and recycling vehicles |
|
|
193.9 |
|
|
|
141.7 |
|
|
|
686.2 |
|
|
|
590.7 |
|
Other |
|
|
118.1 |
|
|
|
114.9 |
|
|
|
471.1 |
|
|
|
508.6 |
|
Total Vocational |
|
|
880.6 |
|
|
|
735.3 |
|
|
|
3,310.3 |
|
|
|
2,578.1 |
|
Defense |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Defense(a) |
|
|
524.1 |
|
|
|
560.5 |
|
|
|
2,076.8 |
|
|
|
2,001.4 |
|
Delivery vehicles |
|
|
35.0 |
|
|
|
— |
|
|
|
103.7 |
|
|
|
— |
|
Total Defense |
|
|
559.1 |
|
|
|
560.5 |
|
|
|
2,180.5 |
|
|
|
2,001.4 |
|
Corporate and other(a) |
|
|
26.7 |
|
|
|
20.7 |
|
|
|
100.0 |
|
|
|
88.4 |
|
Consolidated |
|
$ |
2,623.4 |
|
|
$ |
2,466.8 |
|
|
$ |
10,755.5 |
|
|
$ |
9,657.9 |
|
|
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Operating Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Access |
|
$ |
142.9 |
|
|
$ |
162.2 |
|
|
$ |
805.4 |
|
|
$ |
738.8 |
|
Vocational |
|
|
110.9 |
|
|
|
44.4 |
|
|
|
397.1 |
|
|
|
185.5 |
|
Defense(a) |
|
|
15.0 |
|
|
|
62.1 |
|
|
|
51.4 |
|
|
|
87.7 |
|
Corporate and other(a) |
|
|
(44.9 |
) |
|
|
(53.3 |
) |
|
|
(243.2 |
) |
|
|
(174.4 |
) |
Consolidated |
|
$ |
223.9 |
|
|
$ |
215.4 |
|
|
$ |
1,010.7 |
|
|
$ |
837.6 |
|
|
|
December 31, |
||||||
|
|
2024 |
|
2023 |
||||
Period-end backlog: |
|
|
|
|
|
|
||
Access |
|
$ |
1,832.2 |
|
|
$ |
4,527.7 |
|
Vocational |
|
|
6,318.1 |
|
|
|
5,464.2 |
|
Defense(a) |
|
|
6,040.7 |
|
|
|
6,710.7 |
|
Corporate and other(a) |
|
|
62.0 |
|
|
|
51.8 |
|
Consolidated |
|
$ |
14,253.0 |
|
|
$ |
16,754.4 |
|
(a) |
In July 2024, the Company moved the reporting responsibility for Pratt Miller from its Defense segment to the Chief Technology and Strategic Sourcing Officer to better utilize Pratt Miller’s expertise across the entire Oshkosh Corporation enterprise. Pratt Miller results are now reported within "Corporate and other" and historical information has been recast to reflect the change. |
Non-GAAP Financial Measures
The Company reports its financial results in accordance with generally accepted accounting principles in
|
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Access segment operating income (GAAP) |
|
$ |
142.9 |
|
|
$ |
162.2 |
|
|
$ |
805.4 |
|
|
$ |
738.8 |
|
Amortization of purchased intangibles |
|
|
5.4 |
|
|
|
3.4 |
|
|
|
12.6 |
|
|
|
8.6 |
|
Amortization of inventory step-up |
|
|
3.3 |
|
|
|
— |
|
|
|
4.2 |
|
|
|
— |
|
Adjusted Access segment operating income (non-GAAP) |
|
$ |
151.6 |
|
|
$ |
165.6 |
|
|
$ |
822.2 |
|
|
$ |
747.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Vocational segment operating income (GAAP) |
|
$ |
110.9 |
|
|
$ |
44.4 |
|
|
$ |
397.1 |
|
|
$ |
185.5 |
|
Amortization of purchased intangibles |
|
|
12.0 |
|
|
|
18.9 |
|
|
|
48.0 |
|
|
|
27.7 |
|
Acquisition costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12.9 |
|
Loss on sale of a business |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
13.3 |
|
Amortization of inventory step-up |
|
|
— |
|
|
|
0.9 |
|
|
|
— |
|
|
|
7.1 |
|
Restructuring costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3.0 |
|
Adjusted Vocational segment operating income (non-GAAP) |
|
$ |
122.9 |
|
|
$ |
64.2 |
|
|
$ |
445.1 |
|
|
$ |
249.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Defense segment operating income (GAAP) |
|
$ |
15.0 |
|
|
$ |
62.1 |
|
|
$ |
51.4 |
|
|
$ |
87.7 |
|
Gain on sale of a business |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(8.0 |
) |
Restructuring costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.8 |
|
Adjusted Defense segment operating income (non-GAAP) |
|
$ |
15.0 |
|
|
$ |
62.1 |
|
|
$ |
51.4 |
|
|
$ |
80.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Corporate and other operating loss (GAAP) |
|
$ |
(44.9 |
) |
|
$ |
(53.3 |
) |
|
$ |
(243.2 |
) |
|
$ |
(174.4 |
) |
Amortization of purchased intangibles |
|
|
0.8 |
|
|
|
1.3 |
|
|
|
4.3 |
|
|
|
5.4 |
|
Intangible asset impairments |
|
|
— |
|
|
|
— |
|
|
|
51.6 |
|
|
|
— |
|
Restructuring costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.6 |
|
Adjusted corporate and other operating loss (non-GAAP) |
|
$ |
(44.1 |
) |
|
$ |
(52.0 |
) |
|
$ |
(187.3 |
) |
|
$ |
(168.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Consolidated operating income (GAAP) |
|
$ |
223.9 |
|
|
$ |
215.4 |
|
|
$ |
1,010.7 |
|
|
$ |
837.6 |
|
Amortization of purchased intangibles |
|
|
18.2 |
|
|
|
23.6 |
|
|
|
64.9 |
|
|
|
41.7 |
|
Amortization of inventory step-up |
|
|
3.3 |
|
|
|
0.9 |
|
|
|
4.2 |
|
|
|
7.1 |
|
Intangible asset impairments |
|
|
— |
|
|
|
— |
|
|
|
51.6 |
|
|
|
— |
|
Acquisition costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12.9 |
|
(Gain)/loss on sale of businesses, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5.3 |
|
Restructuring costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4.4 |
|
Adjusted consolidated operating income (non-GAAP) |
|
$ |
245.4 |
|
|
$ |
239.9 |
|
|
$ |
1,131.4 |
|
|
$ |
909.0 |
|
|
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Miscellaneous, net (GAAP) |
|
$ |
4.1 |
|
|
$ |
0.6 |
|
|
$ |
4.2 |
|
|
$ |
13.8 |
|
Pension advisor settlement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4.7 |
) |
Adjusted miscellaneous, net (non-GAAP) |
|
$ |
4.1 |
|
|
$ |
0.6 |
|
|
$ |
4.2 |
|
|
$ |
9.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Provision for income taxes (GAAP) |
|
$ |
45.2 |
|
|
$ |
44.2 |
|
|
$ |
210.0 |
|
|
$ |
190.0 |
|
Income tax effects of adjustments |
|
|
5.3 |
|
|
|
5.9 |
|
|
|
29.4 |
|
|
|
15.3 |
|
Adjusted provision for income taxes (non-GAAP) |
|
$ |
50.5 |
|
|
$ |
50.1 |
|
|
$ |
239.4 |
|
|
$ |
205.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (GAAP) |
|
$ |
153.1 |
|
|
$ |
150.8 |
|
|
$ |
681.4 |
|
|
$ |
598.0 |
|
Amortization of purchased intangibles |
|
|
18.2 |
|
|
|
23.6 |
|
|
|
64.9 |
|
|
|
41.7 |
|
Intangible asset impairments |
|
|
— |
|
|
|
— |
|
|
|
51.6 |
|
|
|
— |
|
Amortization of inventory step-up |
|
|
3.3 |
|
|
|
0.9 |
|
|
|
4.2 |
|
|
|
7.1 |
|
Acquisition costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12.9 |
|
(Gain)/loss on sale of businesses, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5.3 |
|
Restructuring costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4.4 |
|
Pension advisor settlement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4.7 |
) |
Income tax effects of adjustments |
|
|
(5.3 |
) |
|
|
(5.9 |
) |
|
|
(29.4 |
) |
|
|
(15.3 |
) |
Loss on sale of equity method investment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7.8 |
|
Adjusted net income (non-GAAP) |
|
$ |
169.3 |
|
|
$ |
169.4 |
|
|
$ |
772.7 |
|
|
$ |
657.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings per share-diluted (GAAP) |
|
$ |
2.33 |
|
|
$ |
2.28 |
|
|
$ |
10.35 |
|
|
$ |
9.08 |
|
Amortization of purchased intangibles |
|
|
0.28 |
|
|
|
0.36 |
|
|
|
0.99 |
|
|
|
0.63 |
|
Intangible asset impairments |
|
|
— |
|
|
|
— |
|
|
|
0.78 |
|
|
|
— |
|
Amortization of inventory step-up |
|
|
0.05 |
|
|
|
0.01 |
|
|
|
0.06 |
|
|
|
0.11 |
|
Acquisition costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.19 |
|
(Gain)/loss on sale of businesses, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.08 |
|
Restructuring costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.07 |
|
Pension advisor settlement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.07 |
) |
Income tax effects of adjustments |
|
|
(0.08 |
) |
|
|
(0.09 |
) |
|
|
(0.44 |
) |
|
|
(0.23 |
) |
Loss on sale of equity method investment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.12 |
|
Adjusted earnings per share-diluted (non-GAAP) |
|
$ |
2.58 |
|
|
$ |
2.56 |
|
|
$ |
11.74 |
|
|
$ |
9.98 |
|
|
|
2025 Expectations |
||
Earnings per share-diluted (GAAP) |
|
$ |
10.30 |
|
Amortization of purchased intangibles, net of tax |
|
|
0.70 |
|
Adjusted earnings per share-diluted (non-GAAP) |
|
$ |
11.00 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250129547598/en/
For more information, contact:
Financial:
Patrick Davidson
Senior Vice President, Investor Relations
920.502.3266
Media:
Bryan Brandt
Senior Vice President, Chief Marketing Officer
920.502.3670
Source: Oshkosh Corporation