Reports Diluted Earnings per Share of $2.71,
up 102 Percent
Reports Adjusted1 Earnings per Share
of $2.89, up 77 Percent
Reports Sales of $2.54 billion, up 12
Percent
Raises 2024 Sales and Earnings
Expectations
Declares Quarterly Cash Dividend of $0.46
Per Share
Oshkosh Corporation (NYSE: OSK), a leading innovator of
purpose-built vehicles and equipment, today reported 2024 first
quarter net income of $179.4 million, or $2.71 per diluted share,
compared to net income of $88.5 million, or $1.34 per diluted
share, for the first quarter of 2023. Adjusted1 net income was
$191.1 million, or $2.89 per diluted share, for the first quarter
of 2024 compared to $107.6 million, or $1.63 per diluted share, for
the first quarter of 2023. Comparisons in this news release are to
the first quarter of 2023, unless otherwise noted.
Consolidated sales in the first quarter of 2024 increased 12.2
percent to $2.54 billion primarily due to sales related to the
AeroTech acquisition of $176.1 million, improved organic volume and
improved pricing, offset in part by the sale of the rear-discharge
concrete mixer business.
Consolidated operating income in the first quarter of 2024
increased 98.5 percent to $259.7 million, or 10.2 percent of sales,
compared to $130.8 million, or 5.8 percent of sales, in the first
quarter of 2023. The increase in operating income was primarily due
to improved price/cost dynamics, favorable mix, higher organic
sales volume and the absence of a loss on the sale of a business.
Adjusted1 operating income in the first quarter of 2024 was $275.3
million, or 10.8 percent of sales, compared to $151.7 million, or
6.7 percent of sales, in the first quarter of 2023.
“We're off to a strong start in 2024, as we grew adjusted
operating income by over 80 percent leading to adjusted earnings
per share of $2.89 in the first quarter. Our results were driven by
outstanding execution as well as healthy demand and strategic
acquisitions,” said John Pfeifer, president and chief executive
officer of Oshkosh Corporation. “Our Access and Vocational segments
both delivered strong year-over-year earnings growth during the
quarter and have solid visibility for the remainder of the
year.
“We are delivering on many new technologies in electrification,
autonomy and digital products. This month, we began production of
the USPS Next Generation Delivery Vehicle and built a
pre-production pilot of our all-electric, fully integrated Volterra
ZSL refuse and recycling vehicle, representing key milestones on
programs that we believe will drive growth at Oshkosh well into the
future. Our outlook and visibility remain strong across the
company, bolstered by solid market dynamics and backlogs, the
ramp-up of new programs and capacity expansions. It’s truly an
exciting time for our company.
“Based on our strong first quarter results and a combination of
solid demand and operational execution, we are raising our
full-year earnings per share outlook to be in the range of $10.55
per share and adjusted earnings per share outlook to be in the
range of $11.25 per share. We remain highly committed to leading
with innovation and delivering exceptional value for our
shareholders, customers and the communities in which we live and
operate,” said Pfeifer.
Factors affecting first quarter results for the Company’s
business segments included:
Access - Access segment sales for the first quarter of
2024 increased 3.7 percent to $1.24 billion as a result of higher
sales volume in North America, offset in part by lower sales volume
in Europe.
Access segment operating income in the first quarter of 2024
increased 54.1 percent to $208.1 million, or 16.8 percent of sales,
compared to $135.0 million, or 11.3 percent of sales, in the first
quarter of 2023. The increase was primarily due to improved
price/cost dynamics, improved customer mix and higher sales
volume.
Adjusted1 operating income in the first quarter of 2024 was
$210.4 million, or 17.0 percent of sales, compared to $136.0
million, or 11.4 percent of sales, in the first quarter of
2023.
Defense - Defense segment sales for the first quarter of
2024 increased 4.6 percent to $536.9 million primarily due to
higher aftermarket parts and Family of Medium Tactical Vehicle
sales volume, offset in part by lower Joint Light Tactical Vehicle
program volume.
Defense segment operating income in the first quarter of 2024
increased 564.7 percent to $11.3 million, or 2.1 percent of sales,
compared to $1.7 million, or 0.3 percent of sales, in the first
quarter of 2023. The increase was primarily the result of improved
product mix and higher sales volume.
Adjusted1 operating income in the first quarter of 2024 was
$12.6 million, or 2.3 percent of sales, compared to $4.1 million,
or 0.8 percent of sales, in the first quarter of 2023.
Vocational - Vocational segment sales for the first
quarter of 2024 increased 37.3 percent to $772.4 million due to the
inclusion of sales related to the AeroTech acquisition and improved
pricing. AeroTech had sales of $176.1 million during the first
quarter of 2024.
Vocational segment operating income in the first quarter of 2024
increased 185.1 percent to $80.1 million, or 10.4 percent of sales,
compared to $28.1 million, or 5.0 percent of sales, in the first
quarter of 2023. The increase was primarily due to improved
price/cost dynamics, the absence of a loss on the sale of the
rear-discharge mixer business and improved product mix.
Adjusted1 operating income in the first quarter of 2024 was
$92.1 million, or 11.9 percent of sales, compared to $45.0 million,
or 8.0 percent of sales, in the first quarter of 2023.
Corporate - Corporate costs in the first quarter of 2024
increased $5.8 million to $39.8 million due to higher new product
development investments and higher share-based compensation
expense.
Interest Expense Net of Interest Income - Interest
expense net of interest income in the first quarter of 2024
increased $13.6 million to $20.8 million due to increased
borrowings on the Company's revolving credit facility as a result
of the acquisition of AeroTech.
Miscellaneous, net - Miscellaneous expense, net in the
first quarter of 2024 was $2.0 million compared to miscellaneous
income, net of $5.8 million in the first quarter of 2023.
Miscellaneous income, net for the first quarter of 2023 included a
$4.7 million gain on a settlement with the Company's pension
advisor.
Provision for Income Taxes - The Company recorded income
tax expense in the first quarter of 2024 of $54.7 million, or 23.1
percent of pre-tax income, compared to $34.2 million, or 26.4
percent of pre-tax income, in the first quarter of 2023. Results
for the first quarter of 2023 were impacted by $3.4 million of
discrete tax charges, including a $1.7 million charge related to a
valuation allowance recorded with respect to a deferred tax asset
on marketable securities.
Dividend Announcement
The Company’s Board of Directors today declared a quarterly cash
dividend of $0.46 per share of Common Stock. The dividend will be
payable on May 28, 2024 to shareholders of record as of May 13,
2024.
2024 Expectations
The Company expects its 2024 diluted earnings per share to be in
the range of $10.55 and its adjusted1 earnings per share to be in
the range of $11.25 on projected net sales of approximately $10.7
billion, compared to its previous estimates of $9.45, $10.25 and
$10.4 billion, respectively.
Conference Call
The Company will host a conference call at 9:30 a.m. EDT this
morning to discuss its first 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.
_______
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.
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 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 impact of orders and costs on the U.S. Postal
Service contract; the impact of severe weather, war, natural
disasters or pandemics that may affect the Company, its suppliers
or its customers; the Company’s ability to increase prices or
impose surcharges to raise margins or to offset higher input costs,
including increased raw material, labor, freight and overhead
costs; the Company's ability to accurately predict future input
costs associated with Defense contracts; the Company’s ability to
attract and retain production labor in a timely manner; the
Company's ability to successfully integrate the AeroTech
acquisition and to realize the anticipated benefits associated with
the same; 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; budget uncertainty for the U.S.
federal government, including risks of future budget cuts, the
impact of continuing resolution funding mechanisms and the
potential for shutdowns; the impact of any U.S. Department of
Defense solicitation for competition for future contracts to
produce military vehicles; 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 other 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
approximately 17,000 team members worldwide, all united behind a
common purpose: to make a difference in people’s lives. Oshkosh
products can be found in more than 150 countries under the brands
of JLG®, Hinowa, Power Towers, Pierce®, MAXIMETAL, Oshkosh®
Defense, McNeilus®, IMT®, Jerr-Dan®, Frontline™ Communications,
Oshkosh® Airport Products, Oshkosh AeroTech™ 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
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(In millions, except share and
per share amounts; unaudited)
Three Months Ended March
31,
2024
2023
Net sales
$
2,543.8
$
2,268.1
Cost of sales
2,073.8
1,934.3
Gross income
470.0
333.8
Operating expenses:
Selling, general and administrative
196.8
199.1
Amortization of purchased intangibles
13.5
3.9
Total operating expenses
210.3
203.0
Operating income
259.7
130.8
Other income (expense):
Interest expense
(22.4
)
(13.4
)
Interest income
1.6
6.2
Miscellaneous, net
(2.0
)
5.8
Income before income taxes and losses of
unconsolidated affiliates
236.9
129.4
Provision for income taxes
54.7
34.2
Income before losses of unconsolidated
affiliates
182.2
95.2
Losses of unconsolidated affiliates
(2.8
)
(6.7
)
Net income
$
179.4
$
88.5
Earnings per share:
Basic
$
2.73
$
1.35
Diluted
2.71
1.34
Basic weighted-average shares
outstanding
65,729,472
65,440,014
Dilutive equity-based compensation
awards
398,179
390,971
Diluted weighted-average shares
outstanding
66,127,651
65,830,985
OSHKOSH CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In millions; unaudited)
March 31,
December 31,
2024
2023
Assets
Current assets:
Cash and cash equivalents
$
69.9
$
125.4
Receivables, net
1,533.0
1,316.4
Unbilled receivables, net
792.1
771.6
Inventories
2,208.4
2,131.6
Income taxes receivable
36.4
42.2
Other current assets
91.7
93.6
Total current assets
4,731.5
4,480.8
Property, plant and equipment:
Property, plant and equipment
2,221.4
2,162.6
Accumulated depreciation
(1,118.5
)
(1,093.1
)
Property, plant and equipment, net
1,102.9
1,069.5
Goodwill
1,409.4
1,416.4
Purchased intangible assets, net
812.8
830.2
Deferred income taxes
261.1
262.0
Deferred contract costs
793.4
710.7
Other non-current assets
359.9
359.6
Total assets
$
9,471.0
$
9,129.2
Liabilities and Shareholders’
Equity
Current liabilities:
Revolving credit facilities
$
641.0
$
175.0
Accounts payable
1,059.3
1,214.5
Customer advances
703.8
706.9
Payroll-related obligations
158.4
242.5
Income taxes payable
328.7
308.0
Other current liabilities
428.3
442.7
Total current liabilities
3,319.5
3,089.6
Long-term debt
598.9
597.5
Non-current customer advances
1,181.5
1,190.7
Deferred income taxes
25.0
26.8
Other non-current liabilities
520.1
519.3
Commitments and contingencies
Shareholders’ equity
3,826.0
3,705.3
Total liabilities and shareholders’
equity
$
9,471.0
$
9,129.2
OSHKOSH CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In millions; unaudited)
Three Months Ended March
31,
2024
2023
Operating activities:
Net income
$
179.4
$
88.5
Depreciation and amortization
46.6
30.5
Stock-based incentive compensation
8.7
6.8
Loss on sale of business, net of tax
—
11.0
Deferred income taxes
0.4
(26.3
)
Other non-cash adjustments
5.8
6.0
Changes in operating assets and
liabilities
(596.7
)
(36.7
)
Net cash provided by (used in) operating
activities
(355.8
)
79.8
Investing activities:
Additions to property, plant and
equipment
(100.1
)
(111.5
)
Acquisition of businesses, net of cash
acquired
(7.8
)
(187.9
)
Proceeds from sale of business, net of
cash sold
—
23.1
Other investing activities
(3.3
)
(0.8
)
Net cash used in investing activities
(111.2
)
(277.1
)
Financing activities:
Proceeds from issuance of debt
1,133.0
—
Repayments of debt
(667.0
)
(25.0
)
Dividends paid
(30.1
)
(26.8
)
Repurchases of Common Stock
(15.1
)
(15.2
)
Other financing activities
(8.3
)
(4.1
)
Net cash provided by (used in) financing
activities
412.5
(71.1
)
Effect of exchange rate changes on cash
and cash equivalents
(1.0
)
1.2
Decrease in cash and cash equivalents
(55.5
)
(267.2
)
Cash and cash equivalents at beginning of
period
125.4
805.9
Cash and cash equivalents at end of
period
$
69.9
$
538.7
OSHKOSH CORPORATION
SEGMENT INFORMATION
(In millions; unaudited)
Three Months Ended March
31,
2024
2023
Net Sales
Access
Aerial work platforms
$
591.0
$
602.0
Telehandlers
373.4
341.4
Other
273.1
249.8
Total Access
1,237.5
1,193.2
Defense
536.9
513.1
Vocational
Fire apparatus
327.2
288.4
Refuse collection
147.3
141.9
Other
297.9
132.4
Total Vocational
772.4
562.7
Corporate and intersegment
eliminations
(3.0
)
(0.9
)
Consolidated
$
2,543.8
$
2,268.1
Three Months Ended March
31,
2024
2023
Operating Income
Access
$
208.1
$
135.0
Defense
11.3
1.7
Vocational
80.1
28.1
Corporate and intersegment
eliminations
(39.8
)
(34.0
)
Consolidated
$
259.7
$
130.8
March 31,
2024
2023
Period-end backlog:
Access
$
4,230.5
$
4,374.8
Defense
6,446.5
6,834.2
Vocational
5,669.9
3,631.4
Consolidated
$
16,346.9
$
14,840.4
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 March
31,
2024
2023
Access segment operating income (GAAP)
$
208.1
$
135.0
Amortization of purchased intangibles
2.3
1.0
Adjusted Access segment operating income
(non-GAAP)
$
210.4
$
136.0
Defense segment operating income
(GAAP)
$
11.3
$
1.7
Amortization of purchased intangibles
1.3
1.6
Restructuring costs
—
0.8
Adjusted Defense segment operating income
(non-GAAP)
$
12.6
$
4.1
Vocational segment operating income
(GAAP)
$
80.1
$
28.1
Amortization of purchased intangibles
12.0
1.3
Loss on sale of a business
—
13.3
Restructuring costs
—
2.3
Adjusted Vocational segment operating
income (non-GAAP)
$
92.1
$
45.0
Corporate operating expenses (GAAP)
$
(39.8
)
$
(34.0
)
Restructuring costs
—
0.6
Adjusted Corporate operating expenses
(non-GAAP)
$
(39.8
)
$
(33.4
)
Consolidated operating income (GAAP)
$
259.7
$
130.8
Amortization of purchased intangibles
15.6
3.9
Loss on sale of a business
—
13.3
Restructuring costs
—
3.7
Adjusted consolidated operating income
(non-GAAP)
$
275.3
$
151.7
Three Months Ended March
31,
2024
2023
Miscellaneous, net (GAAP)
$
(2.0
)
$
5.8
Pension advisor settlement
—
(4.7
)
Adjusted miscellaneous, net (non-GAAP)
$
(2.0
)
$
1.1
Provision for income taxes (GAAP)
$
54.7
$
34.2
Income tax effects of adjustments
3.9
3.0
Adjusted provision for income taxes
(non-GAAP)
$
58.6
$
37.2
Net income (GAAP)
$
179.4
$
88.5
Amortization of purchased intangibles
15.6
3.9
Loss on sale of a business
—
13.3
Restructuring costs
—
3.7
Pension advisor settlement
—
(4.7
)
Income tax effects of adjustments
(3.9
)
(3.0
)
Impairment of equity method investment
—
5.9
Adjusted net income (non-GAAP)
$
191.1
$
107.6
Earnings per share-diluted (GAAP)
$
2.71
$
1.34
Amortization of purchased intangibles
0.24
0.06
Loss on sale of a business
—
0.20
Restructuring costs
—
0.06
Pension advisor settlement
—
(0.07
)
Income tax effects of adjustments
(0.06
)
(0.05
)
Impairment of equity method investment
—
0.09
Adjusted earnings per share-diluted
(non-GAAP)
$
2.89
$
1.63
2024 Expectations
Earnings per share-diluted (GAAP)
$
10.55
Amortization of purchased intangibles
0.70
Adjusted earnings per share-diluted
(non-GAAP)
$
11.25
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240425449742/en/
Financial: Patrick Davidson Senior Vice President, Investor
Relations 920.502.3266
Media: Bryan Brandt Senior Vice President, Chief Marketing
Officer 920.502.3670
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