Oshkosh Corporation Fourth Quarter Fiscal 2019 October 30, 2019 - PowerPoint PPT Presentation

Oshkosh Corporation Fourth Quarter Fiscal 2019 October 30, 2019 WILSON JONES – PRESIDENT AND CHIEF EXECUTIVE OFFICER JOHN PFEIFER - EXECUTIVE VICE PRESIDENT AND CHIEF OPERATING OFFICER DAVID SAGEHORN – EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER PATRICK DAVIDSON – SENIOR VICE PRESIDENT, INVESTOR RELATIONS

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 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, sequestration and an uncertain DoD tactical wheeled vehicle strategy; the impact of any DoD solicitation for competition for future contracts to produce military vehicles; 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; performance issues with key suppliers or subcontractors; 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 an escalating 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; 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 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. 2 Fourth Quarter 2019 Earnings Call October 30, 2019

Delivering a strong 4 th quarter OSK Q4 Performance +20.6% +6.7%  Double digit earnings growth  Sales up in 3 segments, defense and $2.20 $2. fire & emergency each grew by more $2. $2.17 $2.06 $2. than 20% $1.80 $1.  Named to Dow Jones Sustainability Global Index  Strong results despite moderating access equipment market  Different integrated global industrial  Announcing full year FY20 EPS FY18 FY19 FY18* FY19 estimate range of $7.30 to $8.10 Net et S Sales es Adjuste ted E EPS* (billio illions) *Non-GAAP results. See appendix for reconciliation to GAAP results 3 Fourth Quarter 2019 Earnings Call October 30, 2019

Driving strong performance in FY19 OSK FY19 Performance +8.8% +30.7%  Strong execution and results in an $8.38 $8. $8.31 $8. $7.71 $7. uncertain environment $6.36 $6.  Double-digit sales growth in fire & emergency and defense segments  FY19 operating income margin >10% in 3 segments  Strong capital allocation  More than $400 million of FCF*  Returned ~$425 million to shareholders through share buybacks and dividends FY18 FY19 FY18* FY19* Net et S Sales es  Increasing quarterly cash dividend Adjuste ted E EPS* (billio illions) by 11% *Non-GAAP results. See appendix for reconciliation to GAAP results 4 Fourth Quarter 2019 Earnings Call October 30, 2019

Defense  JLTV program continues to mature following Full Rate Production milestone earlier in FY19  Incorporating configuration changes into production  Program timing and budget on track  Significant interest in Oshkosh products at recent DSEI and AUSA tradeshows  Showcasing Oshkosh’s tactical wheeled vehicle leadership  Expect to book international JLTV orders in FY20  Well positioned for FY20 sales despite U.S. government budget delay and continuing resolution 5 Fourth Quarter 2019 Earnings Call October 30, 2019

Access Equipment  Strong finish to FY19 - full year record revenues exceeding $4B  Higher North America and Asia Pacific sales  Product adoption in Asia Pacific remains a strong market driver  Expanding manufacturing footprint in China in response to expected continued strong growth in the region  Market outlook  Lower Q4 orders and backlog due to cautious capex approach by customers and timing  Expect lower segment sales in FY20  Fleet demographics support expectation of increased replacement demand in North America in FY21 6 Fourth Quarter 2019 Earnings Call October 30, 2019

Fire & Emergency  FY19 performance set new segment records for sales and operating income  ~1,100 basis point operating margin improvement since FY13  Domestic municipal demand, increased U.S. Air Force volume and timing of international sales drove FY19 sales  Orders up 10% for full year  Uncertain trade policy negatively impacted international orders  Highest order rate for Pierce fire trucks since FY09  Expect flat to slight growth in North America fire truck market in FY20 7 Fourth Quarter 2019 Earnings Call October 30, 2019

Commercial  Strong finish to FY19  Increased RCV sales  Operations back to normal  Simplification focus regaining momentum after recovery from partial roof collapse  Expect RCV and concrete mixer markets in FY20 to be similar to FY19  RCV market at or slightly above long term average  Concrete mixer market remains below long term average  Expect choppiness as customers assess macro outlook 8 Fourth Quarter 2019 Earnings Call October 30, 2019

Consolidated results Dollars in millions, except per share amounts Q4 comments Fourth Quarter 2019 2018  Sales impacted by: Net Sales $ 2,195.7 $ 2,057.0 + Higher sales in defense, fire & % Change 6.7% 4.8% emergency and commercial Adjusted Operating Income $ 203.1 $ 180.6* segments % Change 12.5% 18.3% − Lower access equipment segment % Margin 9.2% 8.8% sales Adjusted EPS $ 2.17 $ 1.80*  Adjusted EPS* impacted by: % Change 20.6% 30.4% + Higher sales volumes + Share repurchases *Non-GAAP results. See appendix for reconciliation to GAAP results 9 Fourth Quarter 2019 Earnings Call October 30, 2019