MOVING THE WORLD AT WORK Wilson R. Jones President and Chief - PowerPoint PPT Presentation

MOVING THE WORLD AT WORK Wilson R. Jones President and Chief Executive Officer Oshkosh Corporation David M. Sagehorn (NYSE:OSK) Executive Vice President and Chief Financial Officer Fourth Quarter Fiscal 2017 Patrick N. Davidson Senior Vice President, Investor Relations October 31, 2017

Forward-Looking Statements This 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 and construction seasons; the Company’s estimates of access equipment demand which, among other factors, is influenced by customer historical 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 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; risks related to reductions in government expenditures in light of U.S. defense budget pressures, sequestration and an uncertain DoD tactical wheeled vehicle strategy; the impact of any DoD solicitation for competition for future contracts to produce military vehicles, including a future Family of Medium Tactical Vehicles production contract; 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 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 or natural disasters 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; 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; 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. October 31, 2017 OSK Fourth Quarter 2017 Earnings Call 2

Q4 Drove Strong Finish to FY17 OSK Fiscal Q4 Performance  Q4 adjusted EPS* of $1.38 Net Sales Adjusted EPS* (billions)  Q4 results exceeded $1.60 $2.4 $1.38 expectations $1.40 $2.2 $1.96 $2.0 $1.20 $1.76 $1.05  Sales growth in all four segments $1.8 $1.6 $1.00 $1.4  Higher backlogs in all $0.80 $1.2 $1.0 $0.60 non-defense segments $0.8 $0.40 $0.6  Announced 14% dividend $0.4 $0.20 $0.2 increase effective November 16 $0.00 $0.0 FY16 FY17 FY16 FY17 * Non-GAAP results. See appendix for reconciliation to GAAP results. October 31, 2017 OSK Fourth Quarter 2017 Earnings Call 3

Impressive Performance During 100 th Year OSK Full Year Performance  Access equipment, defense and fire & emergency Net Sales Adjusted EPS* (billions) segments all achieved full $8.0 $5.00 year adjusted operating $6.8 $4.25 $4.50 $7.0 $6.3 income* margin ≥ 10% $4.00 $6.0 $3.50 $3.14  People First culture maturing $5.0 $3.00 $4.0 $2.50  Focus on simplifying our $2.00 $3.0 $1.50 businesses $2.0 $1.00 $1.0  Announcing full year FY18 $0.50 $0.0 $0.00 adjusted EPS* estimate range FY16 FY17 FY16 FY17 of $4.25 to $4.65 * Non-GAAP results. See Appendix for reconciliation to GAAP results. OSK Fourth Quarter 2017 Earnings Call October 31, 2017 4

Access Equipment  Strong close to FY17 – full year results higher than expected  Customer sentiment and demand remain solid in North America − Metrics support positive outlook  Generally positive U.S. construction trends  Positive outlook for international markets in FY18  Restructuring activities on track to achieve targeted improvements  Expecting to grow in FY18 OSK Fourth Quarter 2017 Earnings Call October 31, 2017 5

Defense  Strong results driven by JLTV ramp and international shipments  JLTV program on track ‒ Pleased with results during government testing and evaluation activities − International interest is growing  Strong backlog supports FY18 outlook  FMTV recompete winner expected to be announced in Q2 FY18  U.S. operating under Continuing Resolution − Not expected to impact segment in FY18, but FY19 could be impacted if budget delays persist OSK Fourth Quarter 2017 Earnings Call October 31, 2017 6

Fire & Emergency  Achieved >10% full year operating income margin − Earlier than anticipated − Disciplined commitment to simplification  U.S. fire apparatus market stable in FY17 compared to FY16 − Aging fleets and solid municipal tax receipts support positive outlook  Solid Q4 international contribution and positive outlook − China 5-yr Plan targets 260 international airports by 2020 OSK Fourth Quarter 2017 Earnings Call October 31, 2017 7

Commercial  Q4 results in line with expectations  Committed to improved performance − Driving lasting change through simplification activities − Time needed to translate into meaningfully better financial results  U.S. RCV market grew in FY17 − Now above pre-recession levels  U.S. concrete mixer market remains well below pre-recession levels − Fleets continue to age  Positive longer-term market outlook OSK Fourth Quarter 2017 Earnings Call October 31, 2017 8

Consolidated Results (Dollars in millions, except per share amounts) Fourth Quarter Q4 Comments  Sales impacted by: 2017 2016 + Higher sales in all segments, led Net Sales $1,963.0 $1,755.4 by defense % Change 11.8% 11.2%  Adjusted EPS* impacted by: Adjusted Operating + Higher defense and fire & Income* $150.0 $123.3 emergency segment operating % Change 21.7% 37.7% income % Margin 7.6% 7.0% + Lower tax rate − Higher incentive compensation Adjusted EPS* $1.38 $1.05 % Change 31.4% 56.7% * Non-GAAP results. See appendix for reconciliation to GAAP results. OSK Fourth Quarter 2017 Earnings Call October 31, 2017 9

FY18 Expectations  Revenues of $6.9 to $7.1 billion  Adjusted operating income* of $515 million to $565 million  Adjusted EPS* of $4.25 to $4.65 Segment information Access Fire & Measure Defense Commercial Equipment Emergency Sales $3.1 - $3.2 ~ $1.8 – $1.85 ~ $1.1 $0.95 - $0.975 (billions) Adj. Operating 10.5% - 11.0%* 9.5% - 9.75% 10.5% - 11.0% 5.75% - 6.25% Income Margin Q1 Commentary Additional expectations  Expect higher yr/yr sales and adjusted  Corporate expenses of ~$150 million earnings driven by defense segment  Adjusted tax rate* of ~30.5%  Higher access equipment segment sales;  CapEx of ~$100 million incremental margins adversely impacted by  Free Cash Flow* of ~$350 million higher material costs  Assumes share count of ~76.0 million * Non-GAAP results. See appendix for reconciliation to GAAP results. OSK Fourth Quarter 2017 Earnings Call October 31, 2017 10

Patrick N. Davidson Jeffrey D. Watt For information Senior Vice President, Director, Investor Relations contact: Investor Relations (920) 233-9406 (920) 966-5939 jwatt@oshkoshcorp.com pdavidson@oshkoshcorp.com OSK Fourth Quarter 2017 Earnings Call October 31, 2017 11