Oshkosh Corporation Reports 2024 Third Quarter Results
Oshkosh (NYSE: OSK) reported Q3 2024 results with net sales of $2.74 billion, up 9.2% year-over-year. Net income was $180.3 million, or $2.75 per diluted share, compared to $183.7 million, or $2.79 per share in Q3 2023. Adjusted earnings were $2.93 per share. The company updated its 2024 guidance, lowering expectations to approximately $10.00 EPS and $11.35 adjusted EPS, with projected net sales of $10.6 billion due to softening in the North American access equipment market. The board declared a quarterly dividend of $0.46 per share.
Oshkosh (NYSE: OSK) ha riportato i risultati del terzo trimestre 2024 con un fatturato netto di 2,74 miliardi di dollari, in aumento del 9,2% rispetto all'anno precedente. L'utile netto è stato di 180,3 milioni di dollari, ovvero 2,75 dollari per azione diluita, rispetto ai 183,7 milioni di dollari, o 2,79 dollari per azione nel terzo trimestre 2023. Gli utili rettificati sono stati di 2,93 dollari per azione. La società ha aggiornato le previsioni per il 2024, abbassando le aspettative a circa 10,00 dollari di EPS e 11,35 dollari di EPS rettificato, con vendite nette previste di 10,6 miliardi di dollari a causa di un rallentamento nel mercato nordamericano delle attrezzature di accesso. Il consiglio ha dichiarato un dividendo trimestrale di 0,46 dollari per azione.
Oshkosh (NYSE: OSK) informó los resultados del tercer trimestre de 2024 con ventas netas de 2,74 mil millones de dólares, un aumento del 9,2% interanual. El ingreso neto fue de 180,3 millones de dólares, o 2,75 dólares por acción diluida, en comparación con 183,7 millones de dólares, o 2,79 dólares por acción en el tercer trimestre de 2023. Las ganancias ajustadas fueron de 2,93 dólares por acción. La compañía actualizó su guía para 2024, reduciendo las expectativas a aproximadamente 10,00 dólares de EPS y 11,35 dólares de EPS ajustado, con ventas netas proyectadas de 10,6 mil millones de dólares debido a un debilitamiento en el mercado norteamericano de equipos de acceso. La junta declaró un dividendo trimestral de 0,46 dólares por acción.
오쉬코시 (NYSE: OSK)는 2024년 3분기 실적을 발표했으며, 순매출은 27억 4천만 달러로, 전년 대비 9.2% 증가했습니다. 순이익은 1억 8030만 달러 또는 희석 주당 2.75달러로, 2023년 3분기에는 1억 8370만 달러 또는 주당 2.79달러였습니다. 조정된 주당 순이익은 2.93달러였습니다. 이 회사는 2024년 전망을 업데이트하며, EPS를 약 10.00달러 및 조정 EPS를 11.35달러로 낮추었고, 북미 접근 장비 시장의 둔화로 인해 예상 순매출이 106억 달러에 이를 것으로 보입니다. 이사회는 주당 0.46달러의 분기 배당금을 선언했습니다.
Oshkosh (NYSE: OSK) a annoncé ses résultats du troisième trimestre 2024 avec des ventes nettes de 2,74 milliards de dollars, en hausse de 9,2 % par rapport à l'année précédente. Le bénéfice net s'est élevé à 180,3 millions de dollars, soit 2,75 dollars par action diluée, contre 183,7 millions de dollars, ou 2,79 dollars par action au troisième trimestre 2023. Les bénéfices ajustés étaient de 2,93 dollars par action. L'entreprise a mis à jour ses prévisions pour 2024, abaissant les attentes à environ 10,00 dollars de bénéfice par action et 11,35 dollars de bénéfice par action ajusté, avec des ventes nettes projetées de 10,6 milliards de dollars en raison d'un ralentissement sur le marché nord-américain des équipements d'accès. Le conseil d'administration a déclaré un dividende trimestriel de 0,46 dollar par action.
Oshkosh (NYSE: OSK) berichtete über die Ergebnisse des dritten Quartals 2024 mit einem Nettoumsatz von 2,74 Milliarden Dollar, was einem Anstieg von 9,2 % im Vergleich zum Vorjahr entspricht. Der Nettogewinn betrug 180,3 Millionen Dollar oder 2,75 Dollar pro verwässerter Aktie, verglichen mit 183,7 Millionen Dollar oder 2,79 Dollar pro Aktie im dritten Quartal 2023. Die bereinigten Gewinne betrugen 2,93 Dollar pro Aktie. Das Unternehmen hat seine Prognose für 2024 aktualisiert und die Erwartungen auf etwa 10,00 Dollar EPS und 11,35 Dollar bereinigtes EPS gesenkt, mit einem prognostizierten Nettoumsatz von 10,6 Milliarden Dollar aufgrund einer Abschwächung im nordamerikanischen Zugangsausrüstungsmarkt. Der Vorstand erklärte eine vierteljährliche Dividende von 0,46 Dollar pro Aktie.
- Sales increased 9.2% to $2.74 billion in Q3 2024
- Vocational segment showed strong performance with 17.6% revenue growth
- Operating income increased 3.8% to $266.2 million
- Started production of Next Generation Delivery Vehicle (NGDV) for US Postal Service
- Net income decreased to $180.3 million from $183.7 million YoY
- Lowered 2024 EPS guidance from $10.45 to $10.00
- Reduced 2024 revenue forecast from $10.7B to $10.6B
- Access segment operating income decreased 9.6% to $207.9 million
- Defense segment operating income fell 43.1% to $11.2 million
Insights
The Q3 results present a mixed picture for Oshkosh. While overall sales increased by
The operational performance reveals significant segment-level dynamics. The Vocational segment's success, achieving
Reports Sales of
Reports Earnings per Share of
Updates 2024 Sales and Earnings Expectations
Declares Quarterly Cash Dividend of
Consolidated sales in the third quarter of 2024 increased
Consolidated operating income in the third quarter of 2024 increased 3.8 percent to
“We are pleased to report solid third quarter performance with revenue growth of 9.2 percent and an adjusted operating margin of 10.3 percent, leading to adjusted earnings per share of
“Last quarter, we started low-rate production of the Next Generation Delivery Vehicle (NGDV) that we are supplying to the US Postal Service (USPS) to modernize and decarbonize North America’s largest fleet of delivery vehicles. We are pleased to highlight that the USPS has begun fielding the world's most innovative and advanced last-mile delivery vehicles. We are still in the early stages of this significant program, but we are encouraged by our progress to date.
“Recently, we have been experiencing some softness in the access equipment market in
“As we enter the fourth quarter, we are reducing our expectations for 2024 earnings per share to be approximately
Factors affecting third quarter results for the Company’s business segments included:
Access - Access segment sales for the third quarter of 2024 increased 3.4 percent to
Access segment operating income in the third quarter of 2024 decreased 9.6 percent to
Adjusted1 operating income in the third quarter of 2024 was
Vocational - Vocational segment sales for the third quarter of 2024 increased
Vocational segment operating income in the third quarter of 2024 increased 89.7 percent to
Adjusted1 operating income in the third quarter of 2024 was
Defense - Defense segment sales for the third quarter of 2024 increased 13.9 percent to
Defense segment operating income in the third quarter of 2024 decreased 43.1 percent to
Adjusted1 operating income in the third quarter of 2024 was
Corporate and other - Net operating costs for corporate and other in the third quarter of 2024 increased
Interest Expense Net of Interest Income - Interest expense net of interest income in the third quarter of 2024 increased
Provision for Income Taxes - The Company recorded income tax expense in the third quarter of 2024 of
Repurchases of common stock - The Company repurchased 100,212 shares of common stock in the third quarter of 2024 for
Nine-month Results
The Company reported net sales for the first nine months of 2024 of
Adjusted1 net income for the first nine months of 2024 was
2024 Expectations
The Company expects its 2024 diluted earnings per share to be 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. EDT this morning to discuss its third quarter results and its 2024 outlook. 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 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.
________ |
®, ™ 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 ( |
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 collection and air transportation equipment markets, which are particularly impacted by the strength of
About Oshkosh Corporation
At
OSHKOSH CORPORATION |
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
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(In millions, except share and per share amounts; unaudited) |
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Three Months Ended
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Nine Months Ended
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2024 |
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2023 |
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2024 |
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|
2023 |
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Net sales |
|
$ |
2,741.4 |
|
|
$ |
2,509.9 |
|
|
$ |
8,132.1 |
|
|
$ |
7,191.1 |
|
Cost of sales |
|
|
2,235.4 |
|
|
|
2,041.8 |
|
|
|
6,610.0 |
|
|
|
5,964.7 |
|
Gross income |
|
|
506.0 |
|
|
|
468.1 |
|
|
|
1,522.1 |
|
|
|
1,226.4 |
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|
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Operating expenses: |
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Selling, general and administrative |
|
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226.4 |
|
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|
201.6 |
|
|
|
643.2 |
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|
|
586.1 |
|
Amortization of purchased intangibles |
|
|
13.4 |
|
|
|
10.0 |
|
|
|
40.5 |
|
|
|
18.1 |
|
Intangible asset impairments |
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|
— |
|
|
|
— |
|
|
|
51.6 |
|
|
|
— |
|
Total operating expenses |
|
|
239.8 |
|
|
|
211.6 |
|
|
|
735.3 |
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|
|
604.2 |
|
Operating income |
|
|
266.2 |
|
|
|
256.5 |
|
|
|
786.8 |
|
|
|
622.2 |
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Other income (expense): |
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Interest expense |
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|
(33.6 |
) |
|
|
(19.6 |
) |
|
|
(88.0 |
) |
|
|
(46.3 |
) |
Interest income |
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|
1.9 |
|
|
|
1.9 |
|
|
|
5.2 |
|
|
|
13.3 |
|
Miscellaneous, net |
|
|
3.6 |
|
|
|
2.6 |
|
|
|
0.1 |
|
|
|
13.2 |
|
Income before income taxes and losses of unconsolidated affiliates |
|
|
238.1 |
|
|
|
241.4 |
|
|
|
704.1 |
|
|
|
602.4 |
|
Provision for income taxes |
|
|
56.6 |
|
|
|
55.3 |
|
|
|
164.8 |
|
|
|
145.8 |
|
Income before losses of unconsolidated affiliates |
|
|
181.5 |
|
|
|
186.1 |
|
|
|
539.3 |
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|
|
456.6 |
|
Losses of unconsolidated affiliates |
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|
(1.2 |
) |
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|
(2.4 |
) |
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|
(11.0 |
) |
|
|
(9.4 |
) |
Net income |
|
$ |
180.3 |
|
|
$ |
183.7 |
|
|
$ |
528.3 |
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|
$ |
447.2 |
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Earnings per share: |
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Basic |
|
$ |
2.76 |
|
|
$ |
2.81 |
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|
$ |
8.06 |
|
|
$ |
6.84 |
|
Diluted |
|
|
2.75 |
|
|
|
2.79 |
|
|
|
8.02 |
|
|
|
6.80 |
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Basic weighted-average shares outstanding |
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65,329,124 |
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65,342,227 |
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65,529,283 |
|
|
|
65,363,125 |
|
Dilutive equity-based compensation awards |
|
|
334,074 |
|
|
|
603,093 |
|
|
|
363,454 |
|
|
|
449,459 |
|
Diluted weighted-average shares outstanding |
|
|
65,663,198 |
|
|
|
65,945,320 |
|
|
|
65,892,737 |
|
|
|
65,812,584 |
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OSHKOSH CORPORATION |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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(In millions; unaudited) |
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September 30, |
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December 31, |
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2024 |
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2023 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
|
$ |
160.9 |
|
|
$ |
125.4 |
|
Receivables, net |
|
|
1,576.3 |
|
|
|
1,316.4 |
|
Unbilled receivables, net |
|
|
854.8 |
|
|
|
771.6 |
|
Inventories |
|
|
2,321.1 |
|
|
|
2,131.6 |
|
Income taxes receivable |
|
|
43.2 |
|
|
|
42.2 |
|
Other current assets |
|
|
101.7 |
|
|
|
93.6 |
|
Total current assets |
|
|
5,058.0 |
|
|
|
4,480.8 |
|
Property, plant and equipment: |
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|
|
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||
Property, plant and equipment |
|
|
2,306.7 |
|
|
|
2,162.6 |
|
Accumulated depreciation |
|
|
(1,161.5 |
) |
|
|
(1,093.1 |
) |
Property, plant and equipment, net |
|
|
1,145.2 |
|
|
|
1,069.5 |
|
Goodwill |
|
|
1,437.9 |
|
|
|
1,416.4 |
|
Purchased intangible assets, net |
|
|
808.5 |
|
|
|
830.2 |
|
Deferred income taxes |
|
|
248.3 |
|
|
|
262.0 |
|
Deferred contract costs |
|
|
828.1 |
|
|
|
710.7 |
|
Other non-current assets |
|
|
349.9 |
|
|
|
359.6 |
|
Total assets |
|
$ |
9,875.9 |
|
|
$ |
9,129.2 |
|
|
|
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Liabilities and Shareholders’ Equity |
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Current liabilities: |
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|
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|
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|
||
Revolving credit facilities |
|
$ |
934.5 |
|
|
$ |
175.0 |
|
Accounts payable |
|
|
1,054.4 |
|
|
|
1,214.5 |
|
Customer advances |
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|
672.1 |
|
|
|
706.9 |
|
Payroll-related obligations |
|
|
236.3 |
|
|
|
242.5 |
|
Income taxes payable |
|
|
90.5 |
|
|
|
308.0 |
|
Other current liabilities |
|
|
469.8 |
|
|
|
442.7 |
|
Total current liabilities |
|
|
3,457.6 |
|
|
|
3,089.6 |
|
Long-term debt |
|
|
602.3 |
|
|
|
597.5 |
|
Non-current customer advances |
|
|
1,158.4 |
|
|
|
1,190.7 |
|
Deferred income taxes |
|
|
30.4 |
|
|
|
26.8 |
|
Other non-current liabilities |
|
|
525.2 |
|
|
|
519.3 |
|
Commitments and contingencies |
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Shareholders’ equity |
|
|
4,102.0 |
|
|
|
3,705.3 |
|
Total liabilities and shareholders’ equity |
|
$ |
9,875.9 |
|
|
$ |
9,129.2 |
|
OSHKOSH CORPORATION |
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
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(In millions; unaudited) |
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Nine Months Ended
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2024 |
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2023 |
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Operating activities: |
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|
|
|
|
|
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Net income |
|
$ |
528.3 |
|
|
$ |
447.2 |
|
Depreciation and amortization |
|
|
146.4 |
|
|
|
104.6 |
|
Intangible asset impairments |
|
|
51.6 |
|
|
|
— |
|
Stock-based incentive compensation |
|
|
29.4 |
|
|
|
25.7 |
|
Deferred income taxes |
|
|
9.8 |
|
|
|
(61.5 |
) |
Other non-cash adjustments |
|
|
12.9 |
|
|
|
9.3 |
|
Changes in operating assets and liabilities |
|
|
(1,019.1 |
) |
|
|
(405.3 |
) |
Net cash provided by (used in) operating activities |
|
|
(240.7 |
) |
|
|
120.0 |
|
|
|
|
|
|
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Investing activities: |
|
|
|
|
|
|
||
Additions to property, plant and equipment |
|
|
(193.5 |
) |
|
|
(228.0 |
) |
Acquisition of businesses, net of cash acquired |
|
|
(120.8 |
) |
|
|
(995.8 |
) |
Proceeds from sale of businesses, net of cash sold |
|
|
7.0 |
|
|
|
32.6 |
|
Other investing activities |
|
|
(2.3 |
) |
|
|
0.1 |
|
Net cash used in investing activities |
|
|
(309.6 |
) |
|
|
(1,191.1 |
) |
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|
|
|
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Financing activities: |
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|
|
|
|
|
||
Proceeds from issuance of debt |
|
|
3,588.0 |
|
|
|
1,008.5 |
|
Repayments of debt |
|
|
(2,828.8 |
) |
|
|
(528.7 |
) |
Dividends paid |
|
|
(90.1 |
) |
|
|
(80.3 |
) |
Repurchases of Common Stock |
|
|
(65.6 |
) |
|
|
(22.6 |
) |
Other financing activities |
|
|
(17.8 |
) |
|
|
(5.6 |
) |
Net cash provided by financing activities |
|
|
585.7 |
|
|
|
371.3 |
|
|
|
|
|
|
|
|
||
Effect of exchange rate changes on cash and cash equivalents |
|
|
0.1 |
|
|
|
— |
|
Increase (decrease) in cash and cash equivalents |
|
|
35.5 |
|
|
|
(699.8 |
) |
Cash and cash equivalents at beginning of period |
|
|
125.4 |
|
|
|
805.9 |
|
Cash and cash equivalents at end of period |
|
$ |
160.9 |
|
|
$ |
106.1 |
|
OSHKOSH CORPORATION |
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SEGMENT INFORMATION |
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(In millions; unaudited) |
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|
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Three Months Ended
|
|
|
Nine Months Ended
|
|
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|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
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Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Access |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Aerial work platforms |
|
$ |
631.7 |
|
|
$ |
654.3 |
|
|
$ |
1,898.3 |
|
|
$ |
1,921.2 |
|
Telehandlers |
|
|
445.0 |
|
|
|
393.8 |
|
|
|
1,247.0 |
|
|
|
1,126.0 |
|
Other |
|
|
286.6 |
|
|
|
270.1 |
|
|
|
862.4 |
|
|
|
792.5 |
|
Total Access |
|
|
1,363.3 |
|
|
|
1,318.2 |
|
|
|
4,007.7 |
|
|
|
3,839.7 |
|
Vocational |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fire apparatus |
|
|
339.7 |
|
|
|
299.5 |
|
|
|
1,021.4 |
|
|
|
884.4 |
|
Refuse collection |
|
|
168.1 |
|
|
|
149.2 |
|
|
|
492.3 |
|
|
|
449.0 |
|
Other |
|
|
306.4 |
|
|
|
243.9 |
|
|
|
916.0 |
|
|
|
509.4 |
|
Total Vocational |
|
|
814.2 |
|
|
|
692.6 |
|
|
|
2,429.7 |
|
|
|
1,842.8 |
|
Defense |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Defense(a) |
|
|
508.0 |
|
|
|
474.6 |
|
|
|
1,552.7 |
|
|
|
1,440.9 |
|
Delivery vehicles |
|
|
32.4 |
|
|
|
- |
|
|
|
68.7 |
|
|
|
- |
|
Total Defense |
|
|
540.4 |
|
|
|
474.6 |
|
|
|
1,621.4 |
|
|
|
1,440.9 |
|
Corporate and other(a) |
|
|
23.5 |
|
|
|
24.5 |
|
|
|
73.3 |
|
|
|
67.7 |
|
Consolidated |
|
$ |
2,741.4 |
|
|
$ |
2,509.9 |
|
|
$ |
8,132.1 |
|
|
$ |
7,191.1 |
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Operating Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Access |
|
$ |
207.9 |
|
|
$ |
229.9 |
|
|
$ |
662.5 |
|
|
$ |
576.6 |
|
Vocational |
|
|
99.6 |
|
|
|
52.5 |
|
|
|
286.2 |
|
|
|
141.1 |
|
Defense(a) |
|
|
11.2 |
|
|
|
19.7 |
|
|
|
36.4 |
|
|
|
25.6 |
|
Corporate and other(a) |
|
|
(52.5 |
) |
|
|
(45.6 |
) |
|
|
(198.3 |
) |
|
|
(121.1 |
) |
Consolidated |
|
$ |
266.2 |
|
|
$ |
256.5 |
|
|
$ |
786.8 |
|
|
$ |
622.2 |
|
|
|
September 30, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Period-end backlog: |
|
|
|
|
|
|
||
Access |
|
$ |
2,132.9 |
|
|
$ |
3,978.8 |
|
Vocational |
|
|
5,911.9 |
|
|
|
5,003.0 |
|
Defense(a) |
|
|
6,212.0 |
|
|
|
6,701.2 |
|
Corporate and other(a) |
|
|
61.2 |
|
|
|
48.0 |
|
Consolidated |
|
$ |
14,318.0 |
|
|
$ |
15,731.0 |
|
(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
|
|
|
Nine Months Ended
|
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Access segment operating income (GAAP) |
|
$ |
207.9 |
|
|
$ |
229.9 |
|
|
$ |
662.5 |
|
|
$ |
576.6 |
|
Amortization of purchased intangibles |
|
|
2.6 |
|
|
|
1.9 |
|
|
|
7.2 |
|
|
|
5.2 |
|
Amortization of inventory step-up |
|
|
0.9 |
|
|
|
— |
|
|
|
0.9 |
|
|
|
— |
|
Adjusted Access segment operating income (non-GAAP) |
|
$ |
211.4 |
|
|
$ |
231.8 |
|
|
$ |
670.6 |
|
|
$ |
581.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Vocational segment operating income (GAAP) |
|
$ |
99.6 |
|
|
$ |
52.5 |
|
|
$ |
286.2 |
|
|
$ |
141.1 |
|
Amortization of purchased intangibles |
|
|
12.0 |
|
|
|
6.8 |
|
|
|
36.0 |
|
|
|
8.8 |
|
Acquisition costs |
|
|
— |
|
|
|
11.6 |
|
|
|
— |
|
|
|
12.9 |
|
Loss on sale of a business |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
13.3 |
|
Amortization of inventory step-up |
|
|
— |
|
|
|
6.2 |
|
|
|
— |
|
|
|
6.2 |
|
Restructuring costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3.0 |
|
Adjusted Vocational segment operating income (non-GAAP) |
|
$ |
111.6 |
|
|
$ |
77.1 |
|
|
$ |
322.2 |
|
|
$ |
185.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Defense segment operating income (GAAP) |
|
$ |
11.2 |
|
|
$ |
19.7 |
|
|
$ |
36.4 |
|
|
$ |
25.6 |
|
Gain on sale of a business |
|
|
— |
|
|
|
(8.0 |
) |
|
|
— |
|
|
|
(8.0 |
) |
Restructuring costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.8 |
|
Adjusted Defense segment operating income (non-GAAP) |
|
$ |
11.2 |
|
|
$ |
11.7 |
|
|
$ |
36.4 |
|
|
$ |
18.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Corporate and other operating loss (GAAP) |
|
$ |
(52.5 |
) |
|
$ |
(45.6 |
) |
|
$ |
(198.3 |
) |
|
$ |
(121.1 |
) |
Amortization of purchased intangibles |
|
|
0.8 |
|
|
|
1.3 |
|
|
|
3.5 |
|
|
|
4.1 |
|
Intangible asset impairments |
|
|
— |
|
|
|
— |
|
|
|
51.6 |
|
|
|
— |
|
Restructuring costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.6 |
|
Adjusted corporate and other operating loss (non-GAAP) |
|
$ |
(51.7 |
) |
|
$ |
(44.3 |
) |
|
$ |
(143.2 |
) |
|
$ |
(116.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Consolidated operating income (GAAP) |
|
$ |
266.2 |
|
|
$ |
256.5 |
|
|
$ |
786.8 |
|
|
$ |
622.2 |
|
Amortization of purchased intangibles |
|
|
15.4 |
|
|
|
10.0 |
|
|
|
46.7 |
|
|
|
18.1 |
|
Amortization of inventory step-up |
|
|
0.9 |
|
|
|
6.2 |
|
|
|
0.9 |
|
|
|
6.2 |
|
Intangible asset impairments |
|
|
— |
|
|
|
— |
|
|
|
51.6 |
|
|
|
— |
|
Acquisition costs |
|
|
— |
|
|
|
11.6 |
|
|
|
— |
|
|
|
12.9 |
|
(Gain)/loss on sale of businesses, net |
|
|
— |
|
|
|
(8.0 |
) |
|
|
— |
|
|
|
5.3 |
|
Restructuring costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4.4 |
|
Adjusted consolidated operating income (non-GAAP) |
|
$ |
282.5 |
|
|
$ |
276.3 |
|
|
$ |
886.0 |
|
|
$ |
669.1 |
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Miscellaneous, net (GAAP) |
|
$ |
3.6 |
|
|
$ |
2.6 |
|
|
$ |
0.1 |
|
|
$ |
13.2 |
|
Pension advisor settlement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4.7 |
) |
Adjusted miscellaneous, net (non-GAAP) |
|
$ |
3.6 |
|
|
$ |
2.6 |
|
|
$ |
0.1 |
|
|
$ |
8.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Provision for income taxes (GAAP) |
|
$ |
56.6 |
|
|
$ |
55.3 |
|
|
$ |
164.8 |
|
|
$ |
145.8 |
|
Income tax effects of adjustments |
|
|
4.1 |
|
|
|
4.8 |
|
|
|
24.1 |
|
|
|
9.4 |
|
Adjusted provision for income taxes (non-GAAP) |
|
$ |
60.7 |
|
|
$ |
60.1 |
|
|
$ |
188.9 |
|
|
$ |
155.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (GAAP) |
|
$ |
180.3 |
|
|
$ |
183.7 |
|
|
$ |
528.3 |
|
|
$ |
447.2 |
|
Amortization of purchased intangibles |
|
|
15.4 |
|
|
|
10.0 |
|
|
|
46.7 |
|
|
|
18.1 |
|
Intangible asset impairments |
|
|
— |
|
|
|
— |
|
|
|
51.6 |
|
|
|
— |
|
Amortization of inventory step-up |
|
|
0.9 |
|
|
|
6.2 |
|
|
|
0.9 |
|
|
|
6.2 |
|
Acquisition costs |
|
|
— |
|
|
|
11.6 |
|
|
|
— |
|
|
|
12.9 |
|
(Gain)/loss on sale of businesses, net |
|
|
— |
|
|
|
(8.0 |
) |
|
|
— |
|
|
|
5.3 |
|
Restructuring costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4.4 |
|
Pension advisor settlement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4.7 |
) |
Income tax effects of adjustments |
|
|
(4.1 |
) |
|
|
(4.8 |
) |
|
|
(24.1 |
) |
|
|
(9.4 |
) |
Loss on sale of equity method investment |
|
|
— |
|
|
|
1.9 |
|
|
|
— |
|
|
|
7.8 |
|
Adjusted net income (non-GAAP) |
|
$ |
192.5 |
|
|
$ |
200.6 |
|
|
$ |
603.4 |
|
|
$ |
487.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings per share-diluted (GAAP) |
|
$ |
2.75 |
|
|
$ |
2.79 |
|
|
$ |
8.02 |
|
|
$ |
6.80 |
|
Amortization of purchased intangibles |
|
|
0.23 |
|
|
|
0.15 |
|
|
|
0.71 |
|
|
|
0.27 |
|
Intangible asset impairments |
|
|
— |
|
|
|
— |
|
|
|
0.78 |
|
|
|
— |
|
Amortization of inventory step-up |
|
|
0.01 |
|
|
|
0.09 |
|
|
|
0.01 |
|
|
|
0.09 |
|
Acquisition costs |
|
|
— |
|
|
|
0.17 |
|
|
|
— |
|
|
|
0.19 |
|
(Gain)/loss on sale of businesses, net |
|
|
— |
|
|
|
(0.12 |
) |
|
|
— |
|
|
|
0.08 |
|
Restructuring costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.07 |
|
Pension advisor settlement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.07 |
) |
Income tax effects of adjustments |
|
|
(0.06 |
) |
|
|
(0.07 |
) |
|
|
(0.36 |
) |
|
|
(0.14 |
) |
Loss on sale of equity method investment |
|
|
— |
|
|
|
0.03 |
|
|
|
— |
|
|
|
0.12 |
|
Adjusted earnings per share-diluted (non-GAAP) |
|
$ |
2.93 |
|
|
$ |
3.04 |
|
|
$ |
9.16 |
|
|
$ |
7.41 |
|
|
|
2024 Expectations |
|
|
Earnings per share-diluted (GAAP) |
|
$ |
10.00 |
|
Amortization of purchased intangibles, net of tax |
|
|
0.70 |
|
Intangible asset impairments, net of tax |
|
|
0.60 |
|
Amortization of inventory step-up, net of tax |
|
|
0.05 |
|
Adjusted earnings per share-diluted (non-GAAP) |
|
$ |
11.35 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241029724062/en/
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
FAQ
What was Oshkosh 's (OSK) Q3 2024 revenue?
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