Oshkosh Corporation Updates Third Quarter and Full Year Fiscal 2015 EPS Estimates
June 16 2015 - 07:30AM
Business Wire
Oshkosh Corporation (NYSE: OSK) updated its EPS estimates for
the third quarter and full year fiscal 2015. The Company expects
that EPS for the third quarter of fiscal 2015 will approximate the
adjusted EPS reported in the third quarter of fiscal 2014.
Previously, the Company commented that it believed EPS for the
third quarter of fiscal 2015 would be above EPS for the third
quarter of fiscal 2014. The Company reported adjusted1 EPS of $1.23
for the third quarter of fiscal 2014.
Oshkosh noted that sales and earnings for the third quarter of
fiscal 2015, principally in its access equipment segment, have been
impacted by several factors including severe weather conditions
that continued into the third fiscal quarter, potential rental
industry consolidation and, to a lesser extent, new product launch
delays.
The Company is also updating its full year 2015 adjusted1 EPS
estimate range to $3.75 to $4.00, reduced from its most recent
expectation of $4.00 to $4.25. The Company reported adjusted1 EPS
of $3.62 for the full year fiscal 2014.
Oshkosh will be presenting at the Stifel 2015 Industrials
Conference today at 10:20 am EDT. Slides for the presentation will
be available on the Company’s website beginning at 8:00 am EDT. The
presentation 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 presentation 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 April 28, 2015. 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 specialty access equipment,
commercial, fire & emergency and military 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 in businesses 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.
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:
Three Months Ended Fiscal Year Ended
June 30, 2014 September 30,
2014 Adjusted earnings per share-diluted
(non-GAAP) $ 1.23 $ 3.62
Reduction of valuation allowance on net
operating loss carryforward
- 0.14 Debt extinguishment costs, net of tax
- (0.08 ) Contract pricing adjustment for
OPEB costs, net of tax (0.08 ) (0.08
) OPEB curtailment gain, net of tax 0.07
0.07 Pension curtailment and settlement loss, net of
tax -
(0.06 ) Earnings per
share-diluted (GAAP) $
1.22 $
3.61 Fiscal 2015
Expectations Low
High Adjusted earnings per
share-diluted (non-GAAP) $ 3.75 $
4.00 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) $
3.66 $
3.91
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.
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Oshkosh CorporationFinancial:Patrick DavidsonVice President,
Investor Relations920.966.5939orMedia:John DaggettVice President,
Communications920.233.9247
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