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Oshkosh Defense Receives $543 Million Order for More JLTVs as Follow-On Contract Award Nears
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Rhea-AI Summary
Oshkosh Corporation's Oshkosh Defense announced a significant $543 million contract from the U.S. Army for the Joint Light Tactical Vehicle (JLTV) Family. This order supports multiple branches, including the U.S. Marine Corps, U.S. Air Force, and U.S. Navy. Since winning the JLTV contract in 2015, Oshkosh has delivered over 18,500 vehicles and secured 125 patents related to JLTV technologies. The company is well-positioned for future contracts, according to Vice President George Mansfield.
Positive
Secured a $543 million contract from the U.S. Army for JLTVs, enhancing revenue.
Delivered over 18,500 JLTVs since winning the contract in 2015, demonstrating strong market presence.
Positioned for follow-on contracts due to optimized manufacturing and robust supply chain.
Negative
None.
OSHKOSH, Wis.--(BUSINESS WIRE)--
Oshkosh Defense, LLC, an Oshkosh Corporation (NYSE: OSK) company, announced today that the U.S. Army Contracting Command – Detroit Arsenal has placed a $543 Million order to exercise available options to support the fielding of the Joint Light Tactical Vehicle (JLTV) Family of Vehicles.
(Photo: Business Wire)
The order includes Oshkosh Defense JLTVs for the U.S. Army, U.S. Marine Corps, U.S. Air Force, and U.S. Navy.
“Oshkosh has spent the past eight years optimizing its manufacturing and design processes and building a robust supply chain with maximized efficiencies,” said George Mansfield, Vice President and General Manager of Joint Programs for Oshkosh Defense. “As we prepare for the follow-on contract award to be announced in early 2023, Oshkosh is in a great position to continue providing the best JLTV solution today and for many years to come.”
About Oshkosh Defense
Oshkosh Defense is a global leader in the design, production and sustainment of best-in-class military vehicles, technology solutions and mobility systems. Oshkosh develops and applies emerging technologies that advance safety and mission success. Setting the industry standard for sustaining fleet readiness, Oshkosh ensures every solution is supported worldwide throughout its entire life cycle.
Oshkosh Defense, LLC is an Oshkosh Corporation company [NYSE: OSK].
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 approximately 15,000 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™, Pratt Miller and Maxi-Metal. For more information, visit oshkoshcorp.com.
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 the extent of supply chain and logistics disruptions; 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 Company’s ability to attract and retain production labor in a timely manner; 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 strength of the U.S. dollar and its impact on Company exports, translation of foreign sales and the cost of purchased materials; the Company’s ability to predict the level and timing of orders for indefinite delivery/indefinite quantity contracts with the U.S. federal government; the impact of any U.S. Department of Defense solicitation for competition for future contracts to produce military vehicles; the impacts of budget constraints facing the U.S. Postal Service and continuously changing demands for postal services; the impact of severe weather, war, 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.
