Patrick N. Davidson Vice President, Investor Relations - PowerPoint PPT Presentation

MOVING THE WORLD AT WORK Oshkosh Corporation Charles L. Szews Chief Executive Officer Wilson R. Jones First Quarter Fiscal 2014 President and Chief Operating Officer January 28, 2014 David M. Sagehorn Executive Vice President and Chief Financial Officer Patrick N. Davidson 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 a re 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 cou ld 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, especially with the current outlook for U.S. and European economic recoveries; the strength of emerging market growth and projected adoption rate 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 uncertain DoD tactical wheeled vehicle strategy, including the Company’s ability to successfu lly manage the cost reductions required as a result of the significant projected decrease in sales levels in the defense segment; the Company’s ability to win a U.S. JLTV production contract award; 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 consolidation and alignment, including the amounts of related costs and charges and that anticipated cost savings may not be achieved; the duration of the ongoing global economic uncertainty, which could lead to additional impairment charges related to many of the Company’s intangible 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 compl y with complex laws and regulations applicable to U.S. government contractors; 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. MOVING THE WORLD AT WORK OSK First Quarter 2014 Earnings Call January 28, 2014 2

A Strong Start to FY14  EPS of $0.63 exceeded expectations  Disciplined execution OSK Fiscal Q1 Performance  Favorable product mix $2.0 $1.00  Improved performance in all non- $1.75 $1.8 $1.53 $1.6 defense segments offset defense Adjusted EPS $0.75 Net Sales $1.4 $0.63 earnings decline $0.62 (billions) $1.2  MOVE drove higher operating income $1.0 $0.50 $0.8 margins $0.6 $0.25  Exceeded share repurchase $0.4 program goal with $347 million $0.2 $0.0 $0.00 repurchased since November 2012 FY14 FY13* Net Sales EPS  Paid first dividend under reinstated program  Increasing FY14 EPS expectations to a range of $3.40 to $3.65 MOVING THE WORLD AT WORK * Non-GAAP results. See appendix for reconciliation to GAAP results. OSK First Quarter 2014 Earnings Call January 28, 2014 3

Defense  Q1 results exceeded expectations  Focused on execution in period of lower projected program volumes  International business development remains a priority  Introducing new M-ATV variants  New programs moving at uneven pace  Important trials occurring this Spring  Submitted proposal and test vehicles for Canadian MSVS SMP program  Pleased with progress of JLTV EMD program MOVING THE WORLD AT WORK OSK First Quarter 2014 Earnings Call January 28, 2014 4

Access Equipment  Strong results driven by several factors  Higher volume  Continued improved operational performance  Strong product mix impacted by Tier 4 timing  North American market remained strong  National rental company negotiations nearly complete; orders shifting to Q2 & Q3  Largely improved global markets  Europe and Middle East stronger  Positive conditions in Latin America  Australia remained weak  Expect strong new product launches at ConExpo MOVING THE WORLD AT WORK OSK First Quarter 2014 Earnings Call January 28, 2014 5

Fire & Emergency  Improved results with mixed domestic markets  Municipal fire truck demand improved  Expecting market to grow slowly in 2014  Federal market remained weak due to lower funding for equipment  Improvements in operations underway, driven by MOVE  Expect greater benefit in 2H 2014 and throughout 2015  Plans for strong new product launches at FDIC show this Spring MOVING THE WORLD AT WORK OSK First Quarter 2014 Earnings Call January 28, 2014 6

Commercial  U.S. housing starts growth trend continued  Supports positive concrete mixer market dynamics  U.S. refuse collection vehicle market expected to grow slightly in 2014  Remain focused on operational improvements to deliver higher margins  Expect greater benefit in 2H 2014 and throughout 2015 MOVING THE WORLD AT WORK OSK First Quarter 2014 Earnings Call January 28, 2014 7

Consolidated Results (Dollars in millions, except per share amounts) First Quarter Comments 2014 2013*  Sales impacted by: Net Sales $1,530.2 $1,749.8 ‒ Significantly lower defense volumes % Change (12.6)% (6.4)% + Non-defense demand Adjusted  Margins impacted by: Operating Income $96.5 $96.6 + Strong access equipment results % Change (0.1)% 18.1%  Lower defense segment sales % Margin 6.3% 5.5%  Higher corporate spending  Repurchased 2.96 million Adjusted EPS $0.63 $0.62 shares at aggregate cost of % Change 1.6% 55.0% $145 million * Non-GAAP results. See Appendix for reconciliation to GAAP results. MOVING THE WORLD AT WORK OSK First Quarter 2014 Earnings Call January 28, 2014 8

Updated Expectations for FY14 • Revenues of $6.65 billion to $6.85 billion • Operating income of $490 million to $520 million • EPS of $3.40 to $3.65 Segment information Access Fire & Measure Defense Commercial Emergency Equipment Sales $3.35-$3.40 $1.75 - $1.80 $0.80 - $0.825 $0.85 - $0.90 (billions) Operating 14.25% - 14.5% 3.75% - 4.0% 4.0% - 4.5% 6.75% - 7.0% Income Margin Additional expectations Comments on FY14 Second Quarter  Corporate expenses flat with adjusted FY13*  Expect improved year-over-year results in  Tax rate of ~32% non-defense segments   CapEx of ~$80 million Expect significantly lower defense segment sales and operating income  Free cash flow* ~$200 million  Prior year quarter had strong  Assumes share count of ~85.5 million M-ATV sales MOVING THE WORLD AT WORK * Non-GAAP results. See Appendix for reconciliation to GAAP results. OSK First Quarter 2014 Earnings Call January 28, 2014 9

MOVING THE WORLD AT WORK For information Patrick N. Davidson Vice President, Investor Relations contact: (920) 966-5939 pdavidson@oshkoshcorp.com Jeff Watt Director, Investor Relations (920) 233-9406 jwatt@oshkoshcorp.com