Oshkosh Corporation Reports Fiscal 2021 Third Quarter Results
Oshkosh Corporation (OSK) reported a strong fiscal 2021 third quarter, with net income rising to $213.9 million ($3.07 per diluted share) from $80.2 million ($1.17) in the same period last year. This includes a $69.9 million tax benefit but also a restructuring charge of $1.4 million. Net sales increased 39.7% to $2.21 billion due to increased demand across all segments. Despite ongoing supply chain challenges, adjusted EPS guidance for fiscal 2021 was raised to $6.35-$6.50. Additionally, the company declared a quarterly cash dividend of $0.33 per share.
- Net income increased to $213.9 million from $80.2 million year-over-year.
- Net sales rose 39.7% to $2.21 billion, indicating strong demand.
- Adjusted EPS for fiscal 2021 guidance raised to $6.35-$6.50.
- Access Equipment segment sales surged 89.4% to $924.3 million.
- Restructuring charges of $1.4 million reported in the Access Equipment segment.
- Adjusted EPS guidance lowered from previous range of $6.35-$6.85 due to supply chain challenges.
Oshkosh Corporation (NYSE: OSK), a leading innovator of mission-critical vehicles and essential equipment, today reported fiscal 2021 third quarter net income of
Consolidated net sales in the third quarter of fiscal 2021 increased 39.7 percent to
Consolidated operating income in the third quarter of fiscal 2021 increased 71.8 percent to
“I’m proud of the focus shown by Oshkosh team members who persevered through a challenging supply chain environment to deliver solid sales and adjusted earnings per share of
“We made several positive announcements during the quarter, including North America’s first electric fire truck, our Pierce Volterra pumper, which is currently supporting regular daily calls in Madison, Wisconsin. We were also selected as the winner of the U.S. Army’s competition for the Medium Caliber Weapons System for integration onto Stryker vehicles used by Army Brigade Combat Teams, which is an exciting business opportunity for our Defense segment as it expands into important adjacencies. Late in June, we announced Spartanburg, South Carolina as the site where we will build the revolutionary Next Generation Delivery Vehicle (NGDV), which will be used by the U. S. Postal Service. The NGDV is a 10-year, multi-billion-dollar contract that calls for quantities between 50,000 and 165,000 vehicles with the first production units planned in calendar 2023.
“We are increasing our fiscal 2021 GAAP earnings per share expectations to a range of
Factors affecting third quarter results for the Company’s segments included:
Access Equipment - Access Equipment segment sales in the third quarter of fiscal 2021 increased 89.4 percent to
Access Equipment segment operating income in the third quarter of fiscal 2021 increased 237.3 percent to
Defense - Defense segment sales for the third quarter of fiscal 2021 increased 26.6 percent to
Defense segment operating income in the third quarter of fiscal 2021 increased 44.4 percent to
Fire & Emergency - Fire & Emergency segment sales for the third quarter of fiscal 2021 increased 1.0 percent to
Fire & Emergency segment operating income in the third quarter of fiscal 2021 decreased 3.7 percent to
Commercial - Commercial segment sales for the third quarter of fiscal 2021 increased 12.3 percent to
Commercial segment operating income in the third quarter of fiscal 2021 increased 24.4 percent to
Corporate - Corporate operating costs in the third quarter of fiscal 2021 increased
Interest Expense Net of Interest Income - Interest expense net of interest income was
Provision for Income Taxes - The Company recorded an income tax benefit of
Nine-month Results
The Company reported net sales for the first nine months of fiscal 2021 of
Results for the first nine months of fiscal 2021 included the
Fiscal 2021 Expectations
As a result of continued supply chain challenges partially offsetting the tax benefit associated with the carryback of the U.S. net operating loss to previous tax years, the Company now expects its fiscal 2021 diluted earnings per share to be in a range of
These estimates reflect estimated operating income between
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 9:00 a.m. EDT this morning to discuss its fiscal 2021 third quarter results and its full-year fiscal 2021 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.
Forward Looking Statements
This news release contains statements that the Company believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including, without limitation, statements regarding the Company’s future financial position, business strategy, targets, projected sales, costs, earnings, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations, are forward-looking statements. When used in this news release, words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project” or “plan” or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond the Company’s control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include performance issues with suppliers or subcontractors, particularly as demand rebounds from the COVID-19 pandemic; the Company’s ability to increase prices or impose surcharges to raise margins or to offset higher input costs, including increased raw material, labor and freight costs; the cyclical nature of the Company’s access equipment, commercial and fire & emergency markets, which are particularly impacted by the strength of U.S. and European economies and construction seasons; the Company’s estimates of access equipment demand which, among other factors, is influenced by historical customer buying patterns and rental company fleet replacement strategies; the Company’s ability to attract production labor in a timely manner; the strength of the U.S. dollar and its impact on Company exports, translation of foreign sales and the cost of purchased materials; the expected level and timing of U.S. Department of Defense (DoD) and international defense customer procurement of products and services and acceptance of and funding or payments for such products and services; the Company’s ability to predict the level and timing of orders for indefinite delivery/indefinite quantity contracts with the U.S. federal government; risks related to reductions in government expenditures in light of U.S. defense budget pressures and an uncertain DoD tactical wheeled vehicle strategy; the impact of any DoD solicitation for competition for future contracts to produce military vehicles; the impacts of budget constraints facing the USPS and continuously changing demands for postal services; the impact of litigation on future expected orders from the USPS; risks related to facilities expansion, consolidation and alignment, including the amounts of related costs and charges and that anticipated cost savings may not be achieved; projected adoption rates of work at height machinery in emerging markets; the impact of severe weather, natural disasters or pandemics that may affect the Company, its suppliers or its customers; 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 associated with international operations and sales, including compliance with the Foreign Corrupt Practices Act; risks that a trade war and related tariffs could reduce the competitiveness of the Company’s products; the Company’s ability to comply with complex laws and regulations applicable to U.S. government contractors; cybersecurity risks and costs of defending against, mitigating and responding to data security threats and breaches impacting the Company; the Company’s ability to successfully identify, complete and integrate acquisitions and to realize the anticipated benefits associated with the same; 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 news release. The Company assumes no obligation, and disclaims any obligation, to update information contained in this news 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
At Oshkosh (NYSE: OSK), we make innovative, mission-critical equipment to help everyday heroes advance communities around the world. Headquartered in Wisconsin, Oshkosh Corporation employs more than 14,000 team members worldwide, all united behind a common cause: to make a difference in people’s lives. Oshkosh products can be found in more than 150 countries under the brands of JLG®, Pierce®, Oshkosh® Defense, McNeilus®, IMT®, Jerr-Dan®, Frontline™, Oshkosh® Airport Products, London™ and Pratt Miller. For more information, visit oshkoshcorp.com.
®, ™ All brand names referred to in this news release are trademarks of Oshkosh Corporation or its subsidiary companies.
OSHKOSH CORPORATION
|
||||||||||||||||
|
||||||||||||||||
|
|
Three Months Ended June 30, |
|
Nine Months Ended June 30, |
||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Net sales |
|
$ |
2,208.8 |
|
|
$ |
1,580.8 |
|
|
$ |
5,674.3 |
|
|
$ |
5,072.6 |
|
Cost of sales |
|
|
1,824.2 |
|
|
|
1,323.3 |
|
|
|
4,732.0 |
|
|
|
4,233.2 |
|
Gross income |
|
|
384.6 |
|
|
|
257.5 |
|
|
|
942.3 |
|
|
|
839.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
177.6 |
|
|
|
137.6 |
|
|
|
495.0 |
|
|
|
468.4 |
|
Amortization of purchased intangibles |
|
|
3.2 |
|
|
|
1.3 |
|
|
|
6.8 |
|
|
|
9.7 |
|
Total operating expenses |
|
|
180.8 |
|
|
|
138.9 |
|
|
|
501.8 |
|
|
|
478.1 |
|
Operating income |
|
|
203.8 |
|
|
|
118.6 |
|
|
|
440.5 |
|
|
|
361.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(12.2 |
) |
|
|
(12.4 |
) |
|
|
(36.0 |
) |
|
|
(47.8 |
) |
Interest income |
|
|
0.5 |
|
|
|
0.7 |
|
|
|
1.7 |
|
|
|
3.6 |
|
Miscellaneous, net |
|
|
0.4 |
|
|
|
1.5 |
|
|
|
2.0 |
|
|
|
(4.7 |
) |
Income before income taxes and losses of unconsolidated affiliates |
|
|
192.5 |
|
|
|
108.4 |
|
|
|
408.2 |
|
|
|
312.4 |
|
Provision for (benefit of) income taxes |
|
|
(21.9 |
) |
|
|
28.0 |
|
|
|
24.5 |
|
|
|
87.0 |
|
Income before losses of unconsolidated affiliates |
|
|
214.4 |
|
|
|
80.4 |
|
|
|
383.7 |
|
|
|
225.4 |
|
Equity in losses of unconsolidated affiliates |
|
|
(0.5 |
) |
|
|
(0.2 |
) |
|
|
(0.7 |
) |
|
|
(0.9 |
) |
Net income |
|
$ |
213.9 |
|
|
$ |
80.2 |
|
|
$ |
383.0 |
|
|
$ |
224.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
3.11 |
|
|
$ |
1.18 |
|
|
$ |
5.59 |
|
|
$ |
3.29 |
|
Diluted |
|
|
3.07 |
|
|
|
1.17 |
|
|
|
5.53 |
|
|
|
3.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted-average shares outstanding |
|
|
68,781,801 |
|
|
|
68,087,363 |
|
|
|
68,510,847 |
|
|
|
68,155,389 |
|
Dilutive equity-based compensation awards |
|
|
829,844 |
|
|
|
492,575 |
|
|
|
724,429 |
|
|
|
642,231 |
|
Diluted weighted-average shares outstanding |
|
|
69,611,645 |
|
|
|
68,579,938 |
|
|
|
69,235,276 |
|
|
|
68,797,620 |
|
OSHKOSH CORPORATION
|
||||||||
|
||||||||
|
|
June 30, 2021 |
|
September 30, 2020 |
||||
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,166.3 |
|
|
$ |
582.9 |
|
Receivables, net |
|
|
1,072.5 |
|
|
|
857.6 |
|
Unbilled receivables |
|
|
501.7 |
|
|
|
483.6 |
|
Inventories, net |
|
|
1,273.2 |
|
|
|
1,505.4 |
|
Income taxes receivable |
|
|
227.3 |
|
|
|
45.4 |
|
Other current assets |
|
|
51.1 |
|
|
|
60.9 |
|
Total current assets |
|
|
4,292.1 |
|
|
|
3,535.8 |
|
Property, plant and equipment: |
|
|
|
|
|
|
|
|
Property, plant and equipment |
|
|
1,422.9 |
|
|
|
1,397.0 |
|
Accumulated depreciation |
|
|
(859.5 |
) |
|
|
(831.1 |
) |
Property, plant and equipment, net |
|
|
563.4 |
|
|
|
565.9 |
|
Goodwill |
|
|
1,057.2 |
|
|
|
1,009.5 |
|
Purchased intangible assets, net |
|
|
469.7 |
|
|
|
418.2 |
|
Other long-term assets |
|
|
323.9 |
|
|
|
286.5 |
|
Total assets |
|
$ |
6,706.3 |
|
|
$ |
5,815.9 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Revolving credit facilities and current maturities of long-term debt |
|
$ |
- |
|
|
$ |
5.2 |
|
Accounts payable |
|
|
753.9 |
|
|
|
577.8 |
|
Customer advances |
|
|
623.3 |
|
|
|
491.4 |
|
Payroll-related obligations |
|
|
217.5 |
|
|
|
150.8 |
|
Income taxes payable |
|
|
80.5 |
|
|
|
14.7 |
|
Other current liabilities |
|
|
372.3 |
|
|
|
345.2 |
|
Total current liabilities |
|
|
2,047.5 |
|
|
|
1,585.1 |
|
Long-term debt, less current maturities |
|
|
818.6 |
|
|
|
817.9 |
|
Other long-term liabilities |
|
|
611.5 |
|
|
|
562.2 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
3,228.7 |
|
|
|
2,850.7 |
|
Total liabilities and shareholders’ equity |
|
$ |
6,706.3 |
|
|
$ |
5,815.9 |
|
OSHKOSH CORPORATION
|
||||||||
|
||||||||
|
|
Nine Months Ended June 30, |
||||||
|
|
2021 |
|
2020 |
||||
Operating activities: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
383.0 |
|
|
$ |
224.5 |
|
Depreciation and amortization |
|
|
77.6 |
|
|
|
73.4 |
|
Stock-based compensation expense |
|
|
20.3 |
|
|
|
24.3 |
|
Deferred income taxes |
|
|
22.8 |
|
|
|
17.5 |
|
Gain on sale of assets |
|
|
(1.7 |
) |
|
|
(10.4 |
) |
Foreign currency transaction gains |
|
|
(2.6 |
) |
|
|
(2.7 |
) |
Loss on extinguishment of debt |
|
|
- |
|
|
|
8.5 |
|
Other non-cash adjustments |
|
|
2.9 |
|
|
|
1.0 |
|
Changes in operating assets and liabilities |
|
|
314.5 |
|
|
|
(299.7 |
) |
Net cash provided by operating activities |
|
|
816.8 |
|
|
|
36.4 |
|
|
|
|
|
|
|
|
|
|
Investing activities: |
|
|
|
|
|
|
|
|
Additions to property, plant and equipment |
|
|
(60.8 |
) |
|
|
(73.2 |
) |
Additions to equipment held for rental |
|
|
(7.4 |
) |
|
|
(14.7 |
) |
Acquisition of business, net of cash acquired |
|
|
(112.6 |
) |
|
|
- |
|
Proceeds from sale of equipment held for rental |
|
|
9.3 |
|
|
|
34.3 |
|
Other investing activities |
|
|
(5.5 |
) |
|
|
(4.9 |
) |
Net cash used by investing activities |
|
|
(177.0 |
) |
|
|
(58.5 |
) |
|
|
|
|
|
|
|
|
|
Financing activities: |
|
|
|
|
|
|
|
|
Proceeds from the issuance of debt |
|
|
- |
|
|
|
303.9 |
|
Repayment of debt |
|
|
(5.2 |
) |
|
|
(300.0 |
) |
Debt extinguishment and issuance costs |
|
|
- |
|
|
|
(9.6 |
) |
Repurchases of Common Stock |
|
|
(22.6 |
) |
|
|
(50.7 |
) |
Dividends paid |
|
|
(67.9 |
) |
|
|
(61.4 |
) |
Proceeds from exercise of stock options |
|
|
42.1 |
|
|
|
24.2 |
|
Other financing activities |
|
|
(3.7 |
) |
|
|
(1.5 |
) |
Net cash used by financing activities |
|
|
(57.3 |
) |
|
|
(95.1 |
) |
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash |
|
|
0.9 |
|
|
|
0.4 |
|
Increase (decrease) in cash and cash equivalents |
|
|
583.4 |
|
|
|
(116.8 |
) |
Cash and cash equivalents at beginning of period |
|
|
582.9 |
|
|
|
448.4 |
|
Cash and cash equivalents at end of period |
|
$ |
1,166.3 |
|
|
$ |
331.6 |
|
OSHKOSH CORPORATION
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
|
|
Three Months Ended June 30, |
||||||||||||||||||||||
|
|
2021 |
|
2020 |
||||||||||||||||||||
|
|
External Customers |
|
Inter- segment |
|
Net Sales |
|
External Customers |
|
Inter- segment |
|
Net Sales |
||||||||||||
Access Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerial work platforms |
|
$ |
450.9 |
|
|
$ |
- |
|
|
$ |
450.9 |
|
|
$ |
221.0 |
|
|
$ |
- |
|
|
$ |
221.0 |
|
Telehandlers |
|
|
233.5 |
|
|
|
- |
|
|
|
233.5 |
|
|
|
127.5 |
|
|
|
- |
|
|
|
127.5 |
|
Other |
|
|
238.7 |
|
|
|
1.2 |
|
|
|
239.9 |
|
|
|
131.4 |
|
|
|
8.1 |
|
|
|
139.5 |
|
Total Access Equipment |
|
|
923.1 |
|
|
|
1.2 |
|
|
|
924.3 |
|
|
|
479.9 |
|
|
|
8.1 |
|
|
|
488.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defense(a) |
|
|
709.9 |
|
|
|
0.5 |
|
|
|
710.4 |
|
|
|
558.1 |
|
|
|
3.1 |
|
|
|
561.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fire & Emergency(a) |
|
|
298.4 |
|
|
|
4.1 |
|
|
|
302.5 |
|
|
|
297.6 |
|
|
|
2.0 |
|
|
|
299.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Refuse collection |
|
|
137.4 |
|
|
|
- |
|
|
|
137.4 |
|
|
|
99.2 |
|
|
|
- |
|
|
|
99.2 |
|
Concrete placement |
|
|
113.4 |
|
|
|
- |
|
|
|
113.4 |
|
|
|
121.5 |
|
|
|
- |
|
|
|
121.5 |
|
Other |
|
|
26.6 |
|
|
|
0.7 |
|
|
|
27.3 |
|
|
|
24.4 |
|
|
|
2.6 |
|
|
|
27.0 |
|
Total Commercial |
|
|
277.4 |
|
|
|
0.7 |
|
|
|
278.1 |
|
|
|
245.1 |
|
|
|
2.6 |
|
|
|
247.7 |
|
Corporate and intersegment eliminations(a) |
|
|
- |
|
|
|
(6.5 |
) |
|
|
(6.5 |
) |
|
|
0.1 |
|
|
|
(15.8 |
) |
|
|
(15.7 |
) |
|
|
$ |
2,208.8 |
|
|
$ |
- |
|
|
$ |
2,208.8 |
|
|
$ |
1,580.8 |
|
|
$ |
- |
|
|
$ |
1,580.8 |
|
|
|
Nine Months Ended June 30, |
||||||||||||||||||||||
|
|
2021 |
|
2020 |
||||||||||||||||||||
|
|
External Customers |
|
Inter- segment |
|
Net Sales |
|
External Customers |
|
Inter- segment |
|
Net Sales |
||||||||||||
Access Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerial work platforms |
|
$ |
1,087.1 |
|
|
$ |
- |
|
|
$ |
1,087.1 |
|
|
$ |
800.7 |
|
|
$ |
- |
|
|
$ |
800.7 |
|
Telehandlers |
|
|
531.6 |
|
|
|
- |
|
|
|
531.6 |
|
|
|
546.5 |
|
|
|
- |
|
|
|
546.5 |
|
Other |
|
|
603.4 |
|
|
|
4.1 |
|
|
|
607.5 |
|
|
|
543.6 |
|
|
|
8.1 |
|
|
|
551.7 |
|
Total Access Equipment |
|
|
2,222.1 |
|
|
|
4.1 |
|
|
|
2,226.2 |
|
|
|
1,890.8 |
|
|
|
8.1 |
|
|
|
1,898.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defense(a) |
|
|
1,874.2 |
|
|
|
1.2 |
|
|
|
1,875.4 |
|
|
|
1,684.1 |
|
|
|
8.4 |
|
|
|
1,692.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fire & Emergency(a) |
|
|
876.9 |
|
|
|
12.0 |
|
|
|
888.9 |
|
|
|
792.2 |
|
|
|
6.6 |
|
|
|
798.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Refuse collection |
|
|
344.1 |
|
|
|
- |
|
|
|
344.1 |
|
|
|
330.3 |
|
|
|
- |
|
|
|
330.3 |
|
Concrete placement |
|
|
278.4 |
|
|
|
- |
|
|
|
278.4 |
|
|
|
286.9 |
|
|
|
- |
|
|
|
286.9 |
|
Other |
|
|
77.9 |
|
|
|
3.4 |
|
|
|
81.3 |
|
|
|
86.8 |
|
|
|
4.6 |
|
|
|
91.4 |
|
Total Commercial |
|
|
700.4 |
|
|
|
3.4 |
|
|
|
703.8 |
|
|
|
704.0 |
|
|
|
4.6 |
|
|
|
708.6 |
|
Corporate and intersegment eliminations(a) |
|
|
0.7 |
|
|
|
(20.7 |
) |
|
|
(20.0 |
) |
|
|
1.5 |
|
|
|
(27.7 |
) |
|
|
(26.2 |
) |
|
|
$ |
5,674.3 |
|
|
$ |
- |
|
|
$ |
5,674.3 |
|
|
$ |
5,072.6 |
|
|
$ |
- |
|
|
$ |
5,072.6 |
|
|
|
Three Months Ended June 30, |
|
Nine Months Ended June 30, |
||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Access Equipment |
|
$ |
113.0 |
|
|
$ |
33.5 |
|
|
$ |
218.4 |
|
|
$ |
173.3 |
|
Defense(a) |
|
|
59.8 |
|
|
|
41.4 |
|
|
|
148.1 |
|
|
|
132.1 |
|
Fire & Emergency(a) |
|
|
44.5 |
|
|
|
46.2 |
|
|
|
127.0 |
|
|
|
96.1 |
|
Commercial |
|
|
29.6 |
|
|
|
23.8 |
|
|
|
60.3 |
|
|
|
49.7 |
|
Corporate and intersegment eliminations(a) |
|
|
(43.1 |
) |
|
|
(26.3 |
) |
|
|
(113.3 |
) |
|
|
(89.9 |
) |
|
|
$ |
203.8 |
|
|
$ |
118.6 |
|
|
$ |
440.5 |
|
|
$ |
361.3 |
|
|
|
June 30, |
||||||
|
|
2021 |
|
2020 |
||||
Period-end backlog: |
|
|
|
|
|
|
|
|
Access Equipment |
|
$ |
1,747.7 |
|
|
$ |
557.0 |
|
Defense(a) |
|
|
3,397.8 |
|
|
|
3,317.4 |
|
Fire & Emergency(a) |
|
|
1,219.1 |
|
|
|
1,123.5 |
|
Commercial |
|
|
498.1 |
|
|
|
287.6 |
|
|
|
$ |
6,862.7 |
|
|
$ |
5,285.5 |
|
(a) |
On October 1, 2020, the Company transferred operational responsibility of the airport snow removal vehicle business from the Fire & Emergency segment to the Defense segment. As a result, the results of the airport snow removal vehicle business have been included with the Defense segment for financial reporting purposes. Historical information has been reclassified to include the airport snow removal vehicle business in the Defense segment for all periods presented. |
|
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 both on a GAAP basis and on a basis excluding items that affect comparability of results. When the Company excludes 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 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):
|
|
Three Months Ended June 30, |
|
Nine Months Ended June 30, |
||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Access Equipment segment operating income (GAAP) |
|
$ |
113.0 |
|
|
$ |
33.5 |
|
|
$ |
218.4 |
|
|
$ |
173.3 |
|
Restructuring-related costs |
|
|
1.3 |
|
|
|
7.6 |
|
|
|
11.5 |
|
|
|
7.6 |
|
Adjusted Access Equipment segment operating income (non-GAAP) |
|
$ |
114.3 |
|
|
$ |
41.1 |
|
|
$ |
229.9 |
|
|
$ |
180.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defense segment operating income (GAAP) |
|
$ |
59.8 |
|
|
$ |
41.4 |
|
|
$ |
148.1 |
|
|
$ |
132.1 |
|
Acquisition costs |
|
|
- |
|
|
|
- |
|
|
|
1.0 |
|
|
|
- |
|
Adjusted Defense segment operating income (non-GAAP) |
|
$ |
59.8 |
|
|
$ |
41.4 |
|
|
$ |
149.1 |
|
|
$ |
132.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fire & Emergency segment operating income (GAAP) |
|
$ |
44.5 |
|
|
$ |
46.2 |
|
|
$ |
127.0 |
|
|
$ |
96.1 |
|
Restructuring-related costs |
|
|
- |
|
|
|
1.1 |
|
|
|
- |
|
|
|
1.1 |
|
Adjusted Fire & Emergency segment operating income (non-GAAP) |
|
$ |
44.5 |
|
|
$ |
47.3 |
|
|
$ |
127.0 |
|
|
$ |
97.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial segment operating income (GAAP) |
|
$ |
29.6 |
|
|
$ |
23.8 |
|
|
$ |
60.3 |
|
|
$ |
49.7 |
|
Restructuring-related costs |
|
|
- |
|
|
|
1.5 |
|
|
|
- |
|
|
|
1.5 |
|
Adjusted Commercial segment operating income (non-GAAP) |
|
$ |
29.6 |
|
|
$ |
25.3 |
|
|
$ |
60.3 |
|
|
$ |
51.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated operating income (GAAP) |
|
$ |
203.8 |
|
|
$ |
118.6 |
|
|
$ |
440.5 |
|
|
$ |
361.3 |
|
Restructuring-related costs |
|
|
1.3 |
|
|
|
10.2 |
|
|
|
11.5 |
|
|
|
10.2 |
|
Acquisition costs |
|
|
- |
|
|
|
- |
|
|
|
1.0 |
|
|
|
- |
|
Adjusted consolidated operating income (non-GAAP) |
|
$ |
205.1 |
|
|
$ |
128.8 |
|
|
$ |
453.0 |
|
|
$ |
371.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense net of interest income (GAAP) |
|
|
11.7 |
|
|
|
11.7 |
|
|
|
34.3 |
|
|
|
44.2 |
|
Loss on extinguishment of debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(8.5 |
) |
Adjusted interest expense net of interest income (non-GAAP) |
|
|
11.7 |
|
|
|
11.7 |
|
|
|
34.3 |
|
|
|
35.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax Income (GAAP) |
|
$ |
192.5 |
|
|
$ |
108.4 |
|
|
$ |
408.2 |
|
|
$ |
312.4 |
|
Restructuring-related costs |
|
|
1.3 |
|
|
|
10.2 |
|
|
|
11.5 |
|
|
|
10.2 |
|
Acquisition costs |
|
|
- |
|
|
|
- |
|
|
|
1.0 |
|
|
|
- |
|
Loss on extinguishment of debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
8.5 |
|
Adjusted pre-tax income (non-GAAP) |
|
$ |
193.8 |
|
|
$ |
118.6 |
|
|
$ |
420.7 |
|
|
$ |
331.1 |
|
|
|
Three Months Ended June 30, |
|
Nine Months Ended June 30, |
||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Provision for income taxes (GAAP) |
|
$ |
(21.9 |
) |
|
$ |
28.0 |
|
|
$ |
24.5 |
|
|
$ |
87.0 |
|
Tax benefit related to restructuring-related costs |
|
|
(0.1 |
) |
|
|
1.8 |
|
|
|
(0.2 |
) |
|
|
1.8 |
|
Tax benefit related to acquisition costs |
|
|
- |
|
|
|
- |
|
|
|
0.2 |
|
|
|
- |
|
Tax benefit related to loss on extinguishment of debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2.0 |
|
Benefit from tax loss carryback to prior years |
|
|
69.9 |
|
|
|
- |
|
|
|
69.9 |
|
|
|
- |
|
Valuation allowance on deferred tax assets |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(11.4 |
) |
Adjusted provision for income taxes (non-GAAP) |
|
$ |
47.9 |
|
|
$ |
29.8 |
|
|
$ |
94.4 |
|
|
$ |
79.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
|
$ |
213.9 |
|
|
$ |
80.2 |
|
|
$ |
383.0 |
|
|
$ |
224.5 |
|
Restructuring-related costs, net of tax |
|
|
1.4 |
|
|
|
8.4 |
|
|
|
11.7 |
|
|
|
8.4 |
|
Acquisition costs, net of tax |
|
|
- |
|
|
|
- |
|
|
|
0.8 |
|
|
|
- |
|
Loss on extinguishment of debt, net of tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6.5 |
|
Benefit from tax loss carryback to prior years |
|
|
(69.9 |
) |
|
|
- |
|
|
|
(69.9 |
) |
|
|
- |
|
Valuation allowance on deferred tax assets |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
11.4 |
|
Adjusted net income (non-GAAP) |
|
$ |
145.4 |
|
|
$ |
88.6 |
|
|
$ |
325.6 |
|
|
$ |
250.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share-diluted (GAAP) |
|
$ |
3.07 |
|
|
$ |
1.17 |
|
|
$ |
5.53 |
|
|
$ |
3.26 |
|
Restructuring-related costs, net of tax |
|
|
0.02 |
|
|
|
0.12 |
|
|
|
0.17 |
|
|
|
0.12 |
|
Acquisition costs, net of tax |
|
|
- |
|
|
|
- |
|
|
|
0.01 |
|
|
|
- |
|
Loss on extinguishment of debt, net of tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.10 |
|
Benefit from tax loss carryback to prior years |
|
|
(1.00 |
) |
|
|
- |
|
|
|
(1.01 |
) |
|
|
- |
|
Valuation allowance on deferred tax assets |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.16 |
|
Adjusted earnings per share-diluted (non-GAAP) |
|
$ |
2.09 |
|
|
$ |
1.29 |
|
|
$ |
4.70 |
|
|
$ |
3.64 |
|
|
|
Fiscal 2021 Expectations |
||||||
|
|
Low |
|
High |
||||
Operating income (GAAP) |
|
$ |
595.0 |
|
|
$ |
615.0 |
|
Restructuring-related costs |
|
|
14.0 |
|
|
|
14.0 |
|
Acquisition costs |
|
|
1.0 |
|
|
|
1.0 |
|
Adjusted operating income (non-GAAP) |
|
$ |
610.0 |
|
|
$ |
630.0 |
|
|
|
|
|
|
|
|
|
|
Earnings per share-diluted (GAAP) |
|
$ |
7.15 |
|
|
$ |
7.30 |
|
Restructuring-related costs, net of tax |
|
|
0.19 |
|
|
|
0.19 |
|
Acquisition costs, net of tax |
|
|
0.01 |
|
|
|
0.01 |
|
Benefit from tax loss carryback to prior years |
|
|
(1.00 |
) |
|
|
(1.00 |
) |
Adjusted earnings per share-diluted (non-GAAP) |
|
$ |
6.35 |
|
|
$ |
6.50 |
|
_______________________
1 This news 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 disclosed by other companies. A reconciliation of the Company’s presented non-GAAP measures to the most directly comparable GAAP measures can be found under the caption “Non-GAAP Financial Measures” in this news release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210729005191/en/
FAQ
What were Oshkosh Corporation's fiscal 2021 third quarter earnings results for OSK?
How did Oshkosh Corporation's revenue perform in the third quarter of fiscal 2021?
What is the updated earnings per share guidance for Oshkosh Corporation in fiscal 2021?
What dividends were declared by Oshkosh Corporation for shareholders in August 2021?
