Reaffirms Fiscal 2015 Adjusted1
EPS Estimate Range of $4.00 to $4.25
Delivers Higher Sales and Operating Income
in All non-Defense Segments
Declares Quarterly Cash Dividend of $0.17
per share
Oshkosh Corporation (NYSE: OSK) today reported fiscal 2015
second quarter net income of $54.6 million, or $0.69 per
diluted share, compared to $71.5 million, or $0.83 per
diluted share, in the second quarter of fiscal 2014. Results for
the second quarter of fiscal 2015 included after-tax costs of
$9.3 million incurred in connection with the refinancing of
the Company’s senior notes due 2020. Excluding this item, fiscal
2015 second quarter adjusted1 net income was $63.9 million, or
$0.81 per diluted share. Fiscal 2014 second quarter adjusted1
net income was $69.0 million, or $0.80 per diluted share,
excluding after-tax costs of a pension curtailment of
$2.6 million related to announced workforce reductions in the
Company’s defense segment, after-tax costs of $7.0 million
incurred in connection with the refinancing of the Company’s credit
agreement and senior notes due 2017, and a $12.1 million tax
benefit related to the reduction of a net operating loss valuation
reserve. Fiscal 2015 second quarter results were negatively
impacted compared to the prior year quarter by $0.05 per share from
currencies, particularly the euro and Australian dollar, which
declined against the U.S. dollar. Comparisons in this press release
are to the corresponding period of the prior year, unless otherwise
noted.
Consolidated net sales in the second quarter of fiscal 2015 were
$1.55 billion, a decrease of 7.4 percent. Significantly
lower defense segment sales, as expected, were offset in part by
improved demand in the Company’s non-defense segments. On a
constant currency basis, sales decreased 5.7 percent compared
to the second quarter of fiscal 2014.
Consolidated operating income in the second quarter of fiscal
2015 was $109.7 million, or 7.1 percent of sales,
compared to $119.4 million, or 7.1 percent of sales, in
the prior year second quarter. Excluding the curtailment charge
described above, adjusted1 consolidated operating income in the
second quarter of fiscal 2014 was $123.5 million, or
7.4 percent of sales. Higher operating income in each of the
Company’s non-defense segments during the second quarter of fiscal
2015 was not sufficient to offset the impact of lower sales in the
Company’s defense segment.
“Our team performed well in the quarter as we managed through a
previously announced break in production under the Family of Heavy
Tactical Vehicle (FHTV) program in our defense segment, foreign
currency headwinds and severe weather conditions in the Northeast
U.S. to deliver adjusted earnings per share in line with our
expectations and slightly above the prior year quarter adjusted
earnings per share,” said Charles L. Szews, Oshkosh Corporation
chief executive officer. “Sales and operating income were higher in
each of our non-defense segments, reflecting the continued recovery
of those markets and the execution of our MOVE strategy. The
improved operating results in our non-defense segments helped to
mitigate much of the impact of significantly lower defense segment
sales and earnings.
“We expect to deliver strong second half results as we enter the
seasonally busy construction season, resume FHTV sales in the
fourth quarter, and continue to execute our MOVE strategy,” added
Szews. “Our solid first half performance and positive outlook for
the second half of the fiscal year give us confidence in sustaining
our fiscal 2015 full year adjusted1 earnings per share estimate
range of $4.00 - $4.25.”
Factors affecting second quarter results for the Company’s
business segments included:
Access Equipment – Access equipment segment sales
increased 13.4 percent to $981.8 million for the second
quarter of fiscal 2015. The improvement was principally the result
of increased sales in all regions, except Latin America, on a
constant currency basis. The effect of the strengthening U.S.
dollar negatively impacted access equipment segment sales by
$26.5 million. On a constant currency basis, sales increased
16.4 percent.
Access equipment segment operating income increased
17.4 percent to $136.9 million, or 13.9 percent of
sales, for the second quarter of fiscal 2015 compared to
$116.6 million, or 13.5 percent of sales, in the second
quarter of fiscal 2014. The increase in operating income was
primarily the result of higher sales volume and a favorable vendor
recovery settlement, offset in part by an adverse product mix and
unfavorable currency impacts of $3.3 million.
Defense – Defense segment sales for the second quarter of
fiscal 2015 decreased 67.2 percent to $158.7 million. The
decrease in sales was primarily due to expected lower sales to the
U.S. Department of Defense (DoD) stemming from the break in
production under the FHTV program and lower Family of Medium
Tactical Vehicle requirements, as well as the absence of
international sales of MRAP All-Terrain Vehicles.
The defense segment recorded an operating loss of
$12.0 million, or 7.5 percent of sales, for the second
quarter of fiscal 2015 compared to operating income of
$34.5 million, or 7.1 percent of sales, in the second
quarter of fiscal 2014. The decrease in operating income was
largely due to the lower sales volume.
Fire & Emergency – Fire & emergency segment sales
for the second quarter of fiscal 2015 increased 30.0 percent
to $202.9 million. The increase in sales primarily reflected
higher domestic and international shipments of fire apparatus and
aircraft rescue and firefighting vehicles and a shift to higher
content units. Production delays negatively impacted sales in the
second quarter of fiscal 2014.
Fire & emergency segment operating income increased
750.1 percent to $9.0 million, or 4.4 percent of
sales, for the second quarter of fiscal 2015 compared to
$1.0 million, or 0.7 percent of sales, in the second
quarter of fiscal 2014. Higher sales volume was the largest
contributor to the increase in operating income.
Commercial – Commercial segment sales increased
21.2 percent to $220.9 million in the second quarter of
fiscal 2015. The increase in sales was primarily attributable to
higher concrete mixer and refuse collection vehicle unit volume and
the sale of higher content units, including units with both chassis
and bodies.
Commercial segment operating income increased 59.9 percent
to $8.6 million, or 3.9 percent of sales, for the second
quarter of fiscal 2015 compared to $5.4 million, or
3.0 percent of sales, in the second quarter of fiscal 2014.
The increase in operating income was primarily a result of higher
sales volume, offset in part by investments in MOVE
initiatives.
Corporate – Corporate operating expenses decreased
$5.3 million to $32.8 million for the second quarter of
fiscal 2015. The decrease in corporate operating expenses in the
second quarter of fiscal 2015 was primarily due to lower
share-based compensation expense, largely as a result of higher
variable, share-based compensation in the second quarter of fiscal
2014 due to an increase in the Company’s share price.
Interest Expense Net of Interest Income – Interest
expense net of interest income increased $1.7 million to
$28.2 million in the second quarter of fiscal 2015. The
Company incurred $14.7 million and $11.0 million of debt
extinguishment costs in connection with the refinancing of the
Company’s senior notes during the second quarter of fiscal 2015 and
senior notes and credit agreement during the second quarter of
fiscal 2014, respectively. Excluding debt extinguishment costs,
adjusted1 interest expense net of interest income decreased
$2.0 million to $13.5 million in the second quarter of
fiscal 2015 largely as a result of the benefit of lower interest
rates on the senior notes refinanced in the second quarter of
fiscal 2014.
Provision for Income Taxes – The Company recorded income
tax expense of $29.5 million in the second quarter of fiscal
2015, or 35.7 percent of pre-tax income. This compares to
$22.9 million, or 24.6 percent of pre-tax income, in the
second quarter of fiscal 2014. In the second quarter of fiscal
2014, the Company recorded a $12.1 million benefit due to a
reduction in a valuation reserve for net operating losses upon
securing a favorable tax ruling.
Share Repurchases – Earnings per share in the second
quarter of fiscal 2015 improved $0.05 compared to the prior year
second quarter as a result of share repurchases completed during
the past twelve months.
Six-month Results
The Company reported net sales for the first six months of
fiscal 2015 of $2.91 billion and net income of
$89.3 million, or $1.12 per share. This compares with net
sales of $3.21 billion and net income of $126.4 million,
or $1.47 per share, in the first six months of the prior year.
Consolidated net sales in the first six months of fiscal 2015
declined 9.4 percent on significantly lower defense segment
sales. On a constant currency basis, sales decreased
8.2 percent compared to the first six months of fiscal 2014.
Adjusted1 earnings for the first six months of fiscal 2015 were
$96.5 million, or $1.21 per share, as compared to
$123.9 million, or $1.44 per share, in the first six
months of fiscal 2014. Improved operating income results in each of
the Company’s non-defense segments were not sufficient to offset
the impact of lower sales in the Company’s defense segment.
Adjusted operating income for the first six months of fiscal 2015
was negatively impacted by $4.8 million as a result of the
strengthening U.S. dollar. Earnings per share in the first six
months of fiscal 2015 improved $0.09 compared to the prior year
period as a result of lower average diluted shares outstanding.
Earnings per share for the first six months of fiscal 2015 were
negatively impacted by $0.06 as a result of the strengthening U.S.
dollar.
Fiscal 2015 Expectations
The Company reaffirms its fiscal 2015 adjusted1 earnings per
share estimate range of $4.00 to $4.25 on projected net sales of
$6.5 billion to $6.6 billion. The Company anticipates
that third quarter earnings per share will represent the strongest
earnings quarter of fiscal 2015 and will be higher than the third
quarter of fiscal 2014. Similar to the second quarter of fiscal
2015, the Company expects third quarter sales and operating income
in each of its non-defense segments to be higher than the prior
year quarter. The Company expects defense segment third quarter
results to be similar to the second quarter of fiscal 2015.
Dividend Announcement
The Company’s Board of Directors today declared a quarterly cash
dividend of $0.17 per share of Common Stock. The dividend will be
payable on May 28, 2015 to shareholders of record as of May 14,
2015.
Conference Call
The Company will comment on its fiscal 2015 second quarter
earnings and its full-year fiscal 2015 outlook during a conference
call at 9:00 a.m. EDT this morning. 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 webcast simultaneously over the Internet.
To access the webcast, listeners can go to
www.oshkoshcorporation.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.
Forward-Looking
Statements
This press 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 press release, 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 the U.S. dollar and its impact on
Company exports, translation of foreign sales and purchased
materials; 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 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. Joint Light Tactical
Vehicle 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 facilities expansion, consolidation and
alignment, including the amounts of related costs and charges and
that anticipated cost savings may not be achieved; 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; projected adoption rates of work at
height machinery in emerging markets; 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 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; cybersecurity 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 press release. The
Company assumes no obligation, and disclaims any obligation, to
update information contained in this press 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
Oshkosh Corporation is a leading designer, manufacturer and
marketer of a broad range of access equipment, commercial, fire
& emergency, military and specialty vehicles and vehicle
bodies. Oshkosh Corporation manufactures, distributes and services
products under the brands of Oshkosh®, JLG®, Pierce®, McNeilus®,
Jerr-Dan®, Frontline™, CON-E-CO®, London® and IMT®. Oshkosh
products are valued worldwide by rental companies, concrete
placement and refuse collection businesses, fire & emergency
departments, municipal and airport services and defense forces,
where high quality, superior performance, rugged reliability and
long-term value are paramount. For more information, log on to
www.oshkoshcorporation.com.
®, TM 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 (Unaudited; in millions)
Three Months Ended Six Months Ended
March 31, March 31,
2015 2014
2015 2014 Net
sales $ 1,554.2 $ 1,677.9 $
2,907.5 $ 3,208.1 Cost of sales
1,278.4
1,386.7
2,402.0
2,661.8 Gross income 275.8
291.2 505.5 546.3 Operating
expenses: Selling, general and administrative
152.8 158.0 303.3 302.7 Amortization
of purchased intangibles 13.3
13.8
26.8 27.7
Total operating expenses
166.1 171.8
330.1
330.4 Operating income
109.7 119.4 175.4 215.9 Other
income (expense): Interest expense (28.8 )
(27.0 ) (43.2 ) (43.2 )
Interest income 0.6 0.5 1.4 1.0
Miscellaneous, net 1.3
0.5 -
(1.2 )
Income before income taxes and equity in earnings of
unconsolidated affiliates 82.8 93.4 133.6
172.5 Provision for income taxes
29.5 22.9
45.7
47.6 Income before equity in earnings
of unconsolidated affiliates 53.3 70.5
87.9 124.9 Equity in earnings of unconsolidated
affiliates 1.3
1.0 1.4
1.5 Net income
$ 54.6
$ 71.5
$ 89.3
$ 126.4
Amounts available to common shareholders, net of tax: Net
income $ 54.6 $ 71.5 $
89.3 $ 126.4 Allocated to participating
securities (0.1
) (0.3
) (0.2
) (0.5
) Net income available to common
shareholders $ 54.5
$ 71.2
$ 89.1
$ 125.9 OSHKOSH
CORPORATION EARNINGS PER SHARE (Unaudited)
Three Months Ended Six Months
Ended March 31, March
31, 2015 2014
2015 2014 Earnings per
share attributable to common shareholders: Basic
$ 0.70 $ 0.84 $ 1.14
$ 1.49 Diluted 0.69 0.83
1.12 1.47 Basic weighted-average shares
outstanding 78,007,479 84,036,403
78,433,035 84,681,375 Dilutive stock options and
other equity-based compensation awards 1,102,424
1,679,070 1,103,796 1,591,580 Participating
restricted stock (115,163
) (208,409
) (112,237
) (201,872
) Diluted weighted-average shares
outstanding 78,994,740
85,507,064
79,424,594
86,071,083 OSHKOSH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited; in
millions) March 31, September 30,
2015 2014 ASSETS
Current assets: Cash and cash equivalents $
53.4 $ 313.8 Receivables, net
993.8 974.9 Inventories, net 1,196.5
960.9 Deferred income taxes, net 66.8
66.3 Prepaid income taxes 22.0 22.7
Other current assets 43.9
45.7 Total current assets
2,376.4 2,384.3 Investment in unconsolidated
affiliates 18.2 21.1 Property, plant and
equipment: Property, plant and equipment 1,049.4
988.3 Accumulated depreciation
(604.5 )
(582.8 ) Property, plant
and equipment, net 444.9 405.5 Goodwill
993.0 1,025.5 Purchased intangible assets, net
628.5 657.9 Other long-term assets
94.9 92.4
Total assets $
4,555.9 $
4,586.7 LIABILITIES AND
SHAREHOLDERS' EQUITY Current liabilities: Revolving
credit facility and current maturities of long-term debt
$ 33.7 $ 20.0 Accounts payable
601.8 586.7 Customer advances 342.5
310.1 Payroll-related obligations 120.3
147.2 Accrued warranty 81.4 91.2
Other current liabilities 202.0
156.4 Total current
liabilities 1,381.7 1,311.6 Long-term debt,
less current maturities 865.0 875.0 Deferred
income taxes, net 119.6 125.0 Other long-term
liabilities 291.6 290.1 Commitments and
contingencies Shareholders' equity
1,898.0
1,985.0 Total liabilities and
shareholders' equity $
4,555.9 $
4,586.7 OSHKOSH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions) Six Months
Ended March 31, 2015
2014 Operating activities: Net
income $ 89.3 $ 126.4
Depreciation and amortization 64.0 63.5
Stock-based compensation expense 11.4 11.0
Deferred income taxes (4.7 ) (22.2
) Foreign currency transaction (gains) losses
10.7 (2.5 ) Other non-cash adjustments
7.8 6.6 Changes in operating assets and
liabilities (249.2
) (237.1
) Net cash used by operating activities
(70.7 ) (54.3 ) Investing
activities: Additions to property, plant and equipment
(69.8 ) (36.4 ) Additions to
equipment held for rental (15.5 ) (11.0
) Contribution to rabbi trust - (1.9
) Proceeds from sale of equipment held for rental
13.4 2.7 Other investing activities
(1.5 )
(0.4 ) Net cash used by
investing activities (73.4 ) (47.0
) Financing activities: Repayment of
long-term debt (260.0 ) (705.0 )
Proceeds from issuance of long-term debt 250.0
650.0 Proceeds under revolving credit facility
13.7 - Repurchases of common stock
(88.1 ) (152.8 ) Debt issuance
costs (15.4 ) (18.8 ) Proceeds
from exercise of stock options 3.4 33.6
Dividends paid (26.7 ) (25.4 )
Excess tax benefit from stock-based compensation
4.1 6.5
Net cash used by financing activities (119.0
) (211.9 ) Effect of exchange rate
changes on cash 2.7
(0.3 ) Decrease in cash
and cash equivalents (260.4 ) (313.5
) Cash and cash equivalents at beginning of period
313.8
733.5 Cash and cash equivalents at
end of period $ 53.4
$ 420.0
OSHKOSH CORPORATION SEGMENT INFORMATION
(Unaudited; in millions) Three Months
Ended March 31, 2015
March 31, 2014 External
Inter- Net External
Inter- Net Customers
segment Sales
Customers segment
Sales Access equipment Aerial work
platforms $ 432.5 $ - $
432.5 $ 421.0 $ - $
421.0 Telehandlers 379.7 - 379.7
299.7 - 299.7 Other
169.6 -
169.6
145.3 -
145.3 Total access
equipment 981.8 - 981.8 866.0
- 866.0 Defense 157.6 1.1
158.7 484.3 0.1 484.4 Fire
& emergency 194.6 8.3 202.9
146.9 9.2 156.1 Commercial
Concrete placement 111.0 - 111.0
93.7 - 93.7 Refuse collection
76.7 - 76.7 60.6 - 60.6
Other 32.5
0.7 33.2
26.4
1.6 28.0
Total commercial 220.2 0.7 220.9
180.7 1.6 182.3 Intersegment
eliminations -
(10.1 )
(10.1 )
- (10.9
) (10.9
) Consolidated net sales
$ 1,554.2
$ -
$ 1,554.2
$ 1,677.9
$ -
$ 1,677.9
Six Months Ended March 31,
2015 March 31, 2014 External
Inter- Net External Inter- Net
Customers segment
Sales Customers
segment Sales Access
equipment Aerial work platforms $ 709.8
$ - $ 709.8 $ 737.5
$ - $ 737.5 Telehandlers
670.1 - 670.1 517.4 -
517.4 Other 318.6
- 318.6
279.7
- 279.7
Total access equipment 1,698.5 -
1,698.5 1,534.6 - 1,534.6
Defense 426.8 1.2 428.0 965.6
0.1 965.7 Fire & emergency
354.1 15.8 369.9 335.9 18.2
354.1 Commercial Concrete placement
197.1 - 197.1 175.1 -
175.1 Refuse collection 166.3 -
166.3 141.4 - 141.4 Other
64.7 3.0
67.7
55.5 2.9
58.4 Total commercial
428.1 3.0 431.1 372.0 2.9
374.9 Intersegment eliminations
- (20.0
) (20.0
) -
(21.2 )
(21.2 ) Consolidated net
sales $ 2,907.5
$ -
$ 2,907.5
$ 3,208.1
$ -
$ 3,208.1
Three Months Ended Six Months Ended
March 31, March 31,
2015 2014
2015 2014
Operating income (loss): Access equipment $
136.9 $ 116.6 $ 214.1 $
206.9 Defense (12.0 ) 34.5
(2.2 ) 59.3 Fire & emergency
9.0 1.0 10.5 7.9 Commercial
8.6 5.4 21.0 15.6 Corporate
(32.8 ) (38.1 ) (68.1 )
(73.7 ) Intersegment eliminations
- -
0.1
(0.1 ) Consolidated
$ 109.7
$ 119.4
$ 175.4
$ 215.9
March 31, 2015
2014 Period-end backlog: Access
equipment $ 654.1 $ 726.5
Defense 573.9 1,242.0 Fire &
emergency 716.1 534.1 Commercial
291.8 224.5
Consolidated $
2,235.9 $
2,727.1
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 reported basis and on a basis excluding items that affect
comparability of results. When the Company uses operating results
excluding 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 Six Months Ended
March 31, March 31,
2015 2014
2015 2014
Defense operating income (loss) (non-GAAP) $
(12.0 ) $ 38.6 $ (5.6
) $ 63.4 Pension and OPEB curtailment
- (4.1
) 3.4
(4.1 ) Defense operating
income (loss) (GAAP) $
(12.0 )
$ 34.5
$ (2.2
) $
59.3 Adjusted operating income
(non-GAAP) $ 109.7 $ 123.5 $
172.0 $ 220.0 Pension and OPEB
curtailment -
(4.1 )
3.4 (4.1
) Operating income (GAAP)
$ 109.7
$ 119.4
$ 175.4
$ 215.9
Adjusted interest expense net of interest income
(non-GAAP) $ (13.5 ) $ (15.5
) $ (27.1 ) $ (31.2
) Debt extinguishment costs
(14.7 )
(11.0 )
(14.7 )
(11.0 ) Interest expense
net of interest income (GAAP) $
(28.2 )
$ (26.5
) $
(41.8 )
$ (42.2
) Adjusted net income (non-GAAP)
$ 63.9 $ 69.0 $ 96.5
$ 123.9 Reduction of valuation allowance on net
operating loss carryforward - 12.1
- 12.1 Pension and OPEB curtailment, net of
tax - (2.6 ) 2.1 (2.6
) Debt extinguishment costs, net of tax
(9.3 )
(7.0 )
(9.3 )
(7.0 ) Net income
(GAAP) $ 54.6
$ 71.5
$ 89.3
$ 126.4
Adjusted earnings per share-diluted (non-GAAP) $
0.81 $ 0.80 $ 1.21 $
1.44 Reduction of valuation allowance on net
operating loss carryforward - 0.14
- 0.14 Pension and OPEB curtailment, net of
tax - (0.03 ) 0.03 (0.03
) Debt extinguishment costs, net of tax
(0.12 )
(0.08 )
(0.12 )
(0.08 ) Earnings per
share-diluted (GAAP) $
0.69 $
0.83 $
1.12 $
1.47 Fiscal 2015
Expectations Low
High Adjusted earnings per
share-diluted (non-GAAP) $ 4.00 $
4.25 OPEB curtailment gain, net of tax 0.03
0.03 Debt extinguishment costs, net of tax
(0.12 )
(0.12 ) Earnings per
share-diluted (GAAP) $
3.91 $
4.16
________________________
1 This press 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
these non-GAAP financial measures to the most comparable GAAP
measures can be found under the caption “Non-GAAP Financial
Measures” in this press release.
Oshkosh CorporationFinancial:Patrick Davidson, 920-966-5939Vice
President, Investor RelationsMedia:John Daggett, 920-233-9247Vice
President, Communications
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