q1 2015 earnings slides final

MOVING THE WORLD AT WORK

Oshkosh CorporationFirst Quarter Fiscal 2015

January 27, 2015

Charles L. SzewsChief Executive Officer

Wilson R. JonesPresident and Chief Operating Officer

David M. SagehornExecutive Vice President and Chief Financial Officer

Patrick N. DavidsonVice President, Investor Relations


Forward-Looking StatementsThis presentation 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 presentation, 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, which are particularly impacted by the strength of U.S. and European economies; the strength of emerging market growth and projected adoption rates of work at height machinery; the expected level and timing of DoD and international defense customer 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 uncertainDoD tactical wheeled vehicle strategy, including the Company’s ability to successfully manage the cost reductions required as a result of lower customer orders in the defense segment; the Company’s ability to win a U.S. JLTV production contract award and international defense contract awards; 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 facilitiesexpansion, consolidation and alignment, including the amounts of related costs and charges and that anticipated cost savings maynot be achieved; global economic uncertainty, which could lead to additional impairment charges related to many of the Company’sintangible 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 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; the impact of severe weather or natural disasters that may affect the Company, its suppliers or its customers; cyber security risks and costs of defending against, mitigating and responding to a data security breach; 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 presentation. The Company assumes no obligation, and disclaims any obligation, to update information contained in this presentation. Investors should be aware that the Company may not update such information until the Company’s next quarterly earnings conference call, if at all.

January 27, 2015OSK First Quarter 2015 Earnings Call 2


Solid Start to FY15

Adjusted EPS* of $0.41

Solid execution and timing of MOVE related spend drove higher than expected results

Strong orders and backlogs for all non-defense segments

Repurchased 1.9 million shares for $88.1 million

Maintaining FY15 adjusted EPS* estimate range of $4.00 to $4.25 despite negative FX impact expected in Q2-Q4

Net

Sal

es(b

illio

ns)

Adjusted EPS*

OSK Fiscal Q1 Performance


$1.4 $1.5

$0.41

$0.63

$0.00

$0.25

$0.50

$0.75

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.6

$1.8

FY15 FY14Net Sales Adjusted EPS*

* Non-GAAP results. See Appendix for reconciliation to GAAP results.


Defense Remain focused on efficient,

operational execution

Driving toward mid February JLTV production proposal submission date− Expect decision on winning bidder

late Summer 2015

Continue pursuit of meaningful international opportunities– M-ATVs

– Canadian MSVS Program

FY15 DoD budget finalized in December− Positive funding results for OSK

programs

Incremental OCO opportunities



Access Equipment

Solid start to FY15− Higher mix of telehandlers due to Tier 4

engine emissions standards changes

Strong orders and backlog evidence continued market strength

Broad end market demand expected to support FY15 outlook– Customer sentiment in North America

remains positive Strong construction activity, despite energy

sector concerns

– Outlook remains mixed in other regions

Building on FY14 MOVE success



Fire & Emergency

Continued to execute operational efficiency roadmap− Q1 results better than expected

New Enforcer and Saber chassis driving customer demand

Stable North American fire truck market – Modest market growth expected

in FY15

Additional international success− ARFF orders in Asia, Australia and

Latin America



Commercial Strong North American concrete

mixer market recovery over last several years

− Driven by slowly improving housing market

RCV market picked up after a down 2013

Split-bin and automated RCV models generating incremental demand

MOVE investments continue



Consolidated Results

Sales impacted by:‒ Lower defense segment sales

‒ Planned fire truck production rate decrease

Higher access equipment and commercial segment sales

EPS impacted by:‒ Lower defense segment

operating income

‒ Heavier mix of telehandlers in access equipment segment

‒ MOVE investments

Comments

(Dollars in millions, except per share amounts)

First Quarter

Net Sales $1,353.3 $1,530.2% Change (11.6)% (12.6)%

Adjusted Operating Income* $62.3 $96.5

% Change (35.5)% (0.1)%% Margin 4.6% 6.3%

Adjusted EPS* $0.41 $0.63% Change (34.9)% 1.6%

2015 2014




Updated Expectations for FY15

Additional expectations Corporate expenses of $140 - $145 million Refinancing of 8.5% Sr. Notes Tax rate of ~31% CapEx of ~$150 million Free cash flow* ~$200 million Assumes share count of ~80 million

Segment information

Measure Access Equipment Defense Fire &

Emergency Commercial

Sales(billions) $3.7 - $3.8 ~$1.0 ~$0.80 ~$1.0

Operating Income Margin ~15.0% Slightly above

break even ~4.25% ~6.5%

Revenues of $6.5 billion to $6.6 billion Adjusted operating income* of $510 million to $540 million Adjusted EPS* of $4.00 to $4.25



Q2 Commentary Expect adjusted EPS in range of Q2 FY14

adjusted EPS* Continued higher telehandler sales mix due to Tier 4 FHTV break in production until contract extension

is finalized


For informationcontact:

Patrick N. DavidsonVice President, Investor Relations(920) [email protected]

Jeffrey D. WattDirector, Investor Relations(920) [email protected]



Net Sales $716.7 $668.6% Change 7.2% 15.0%

Operating Income $77.2 $90.3% Change (14.5)% 84.6%% Margin 10.8% 13.5%

First Quarter

(Dollars in millions)

2015 2014

Appendix: Access Equipment

Sales impacted by: Higher North American

telehandler and lower AWP sales Higher volume in all regions,

except Latin America Operating income impacted by:

Product mix Higher NPD and operating costs Prior year military contract

finalization Higher sales volume

Backlog up 69% vs. prior year to $793 million

Comments



Appendix: Defense

Sales impacted by: Lower sales to U.S. DoD Prior year international M-ATV

sales

Operating income impacted by: Lower sales volume Prior year unfavorable contract

pricing adjustment Favorable aftermarket product

mix

Backlog down 59% vs. prior year to $670 million

Comments

Net Sales $269.3 $481.3% Change (44.1)% (41.9)%

Adjusted Operating Income* $6.4 $24.8

% Change (74.2)% (59.3)%% Margin 2.4% 5.2%

First Quarter


2015 2014




Net Sales $167.0 $198.0% Change (15.6)% 8.7%

Operating Income $1.5 $6.9% Change (77.6)% 28.5%% Margin 0.9% 3.5%

First Quarter


2015 2014

Appendix: Fire & Emergency

Sales impacted by: Planned reduction in fire truck

production rate to implement operational improvements

Prior year large international ARFF shipment

Operating income impacted by: Lower sales volume Favorable warranty performance


Comments



Appendix: Commercial

Sales impacted by: Higher RCV unit volume Higher aftermarket parts &

service

Operating income impacted by: Higher sales volume Favorable warranty performance Investments in MOVE initiatives


Comments

Net Sales $210.2 $192.6% Change 9.1% 8.6%

Operating Income $12.4 $10.2% Change 20.9% 27.7%% Margin 5.9% 5.3%

First Quarter


2015 2014



Appendix: Commonly Used Acronyms

15January 27, 2015OSK First Quarter 2015 Earnings Call

ARFF Aircraft Rescue and Firefighting MECV Modernized Expanded Capability VehicleAWP Aerial Work Platform MRAP Mine Resistant Ambush ProtectedCapEx Capital Expenditures MSVS Medium Support Vehicle System (Canada)CNG Compressed Natural Gas NOL Net Operating LossDGE Diesel Gallon Equivalent NPD New Product DevelopmentDoD Department of Defense NRC National Rental CompanyEAME Europe, Africa & Middle East OCO Overseas Contingency OperationsEMD Engineering & Manufacturing Development OH OverheadEPS Diluted Earnings Per Share OI Operating IncomeFHTV Family of Heavy Tactical Vehicles OOS Oshkosh Operating SystemFMS Foreign Military Sales OPEB Other Post-Employment BenefitsFMTV Family of Medium Tactical Vehicles PLS Palletized Load SystemGAAP U.S. Generally Accepted Accounting Principles PUC Pierce Ultimate ConfigurationHEMTT Heavy Expanded Mobility Tactical Truck R&D Research & DevelopmentHET Heavy Equipment Transporter RCV Refuse Collection VehicleHMMWV High Mobility Multi-Purpose Wheeled Vehicle RFP Request for ProposalIRC Independent Rental Company ROW Rest of WorldIT Information Technology SMP Standard Military Pattern (Canadian MSVS)JLTV Joint Light Tactical Vehicle TACOM Tank-automotive and Armaments CommandJPO Joint Program Office TDP Technical Data PackageJROC Joint Requirements Oversight Council TPV Tactical Protector VehicleJUONS Joint Urgent Operational Needs Statement TWV Tactical Wheeled VehicleL-ATV Light Combat Tactical All-Terrain Vehicle UCA Undefinitized Contract ActionLVSR Logistic Vehicle System Replacement UIK Underbody Improvement Kit (for M-ATV)M-ATV MRAP All-Terrain Vehicle UK United Kingdom



Appendix: Non-GAAP to GAAP Reconciliation

• 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):

2015 2014

Adjusted earnings per share - diluted (non-GAAP) 0.41$ 0.63$ OPEB curtailment gain, net of tax 0.02 - Earnings per share - diluted (GAAP) 0.43$ 0.63$

Adjusted operating income (non-GAAP) 62.3$ 96.5$ OPEB curtailment gain 3.4 - Operating income (GAAP) 65.7$ 96.5$

Adjusted defense segment operating income (non-GAAP) 6.4$ 24.8$ OPEB curtailment gain 3.4 - Defense segment operating income (GAAP) 9.8$ 24.8$

Three Months EndedDecember 31,




• 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):

Low High

Adjusted operating income (non-GAAP) 510.0$ 540.0$ OPEB curtailment gain 3.4 3.4Operating income (GAAP) 513.4$ 543.4$

Adjusted earnings per share - diluted (non-GAAP) 4.00$ 4.25$ OPEB curtailment gain, net of tax 0.02 0.02Debt extinguishment costs, net of tax (0.11) (0.11)Earnings per share - diluted (GAAP) 3.91$ 4.16$

Fiscal 2015Expectations

Net cash flows provided by operating activities 372.0$ Additions to property, plant and equipment (150.0) Net additions to equipment held for rental (22.0) Free cash flow 200.0$

Fiscal 2015 Expectations




• The table below presents a reconciliation of the Company’s presented non-GAAP measures to the most directly comparable GAAP measures:

Three Months EndedMarch 31, 2014

Adjusted earnings per share - diluted (non-GAAP) 0.80$ Reduction of valuation allowance on net operating loss carryforward 0.14 Pension curtailment, net of tax (0.03) Debt extinguishment costs, net of tax (0.08) Earnings per share - diluted (GAAP) 0.83$

q1 2015 earnings slides final

Investor Relations

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