Reduces Fiscal 2015 Adjusted1
EPS Estimate Range to $3.00 to $3.25
Declares Quarterly Cash Dividend of $0.17
per share
Highlights Strong Recovery Expected in
Defense Segment in Fiscal 2016
Oshkosh Corporation (NYSE: OSK) today reported fiscal 2015 third
quarter net income of $89.9 million, or $1.13 per diluted
share, compared to $105.1 million, or $1.22 per diluted
share, in the third quarter of fiscal 2014. Fiscal 2014 third
quarter adjusted1 net income was $105.7 million, or
$1.23 per diluted share, excluding an after-tax, other post
employment benefits (OPEB) curtailment gain of $6.2 million related
to announced workforce reductions in the Company’s defense segment
and after-tax costs of $6.8 million resulting from a reduction in
eligible OPEB costs under historical cost-plus government
contracts. As expected, fiscal 2015 third quarter results were
positively impacted by $0.09 per share due to tax audit settlements
and expiration of statutes of limitations and negatively impacted
compared to the prior year quarter by $0.11 per share from currency
translation, 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 third quarter of fiscal 2015 were
$1.61 billion, a decrease of 16.6 percent compared to the
prior year third quarter. Significantly lower defense segment
sales, as expected, and lower access equipment segment sales
contributed to the lower sales levels. On a constant currency
basis, sales decreased 14.7 percent compared to the third quarter
of fiscal 2014.
Consolidated operating income in the third quarter of fiscal
2015 was $136.6 million, or 8.5 percent of sales,
compared to $174.3 million, or 9.0 percent of sales, in
the prior year third quarter. Fiscal 2014 third quarter adjusted1
consolidated operating income was $175.3 million, or 9.0% of sales,
excluding before-tax OPEB adjustments that netted to $1.0 million.
Lower operating income in the Company’s access equipment and
defense segments on lower sales during the third quarter of fiscal
2015 resulted in the lower consolidated operating income.
“We are reducing our full year 2015 expectations for adjusted1
EPS to a range of $3.00 to $3.25 based on lower expected sales in
our access equipment segment,” said Charles L. Szews, Oshkosh
Corporation Chief Executive Officer. “While we are adjusting our
access equipment segment expectations, we are confident in the
overall strength of our business and expect improved financial
performance in fiscal 2016 led by a strong recovery in our defense
segment.
“Our access equipment segment sales fell short of our
expectations for the third quarter, normally our seasonally best
quarter, due to heavy rains in May disrupting construction projects
across the Southern U.S., cautious order patterns arising from
uncertain rental market conditions, including the impact of lower
oil and gas prices on rental demand for access equipment, and to a
much lesser extent, delays with several new product launches,”
added Szews. “While these launch issues are largely behind us, they
impacted our sales and manufacturing costs in the quarter.
“We believe the fundamental drivers for access equipment demand
remain solid. Specifically, we believe slowly rising residential
and non-residential construction in the U.S. will continue to drive
rental fleet demand for access equipment, and that rental company
metrics will remain strong. However, we now believe that a
shortened construction season in the U.S. due to severe weather
over the last two quarters along with the impact of lower oil and
gas prices on rental fleet utilization are leading U.S. rental
companies to reduce access equipment purchases compared to our
earlier expectations for fiscal 2015. Further, we now expect an
approximate 5% - 10% sales decline in our access equipment segment
in fiscal 2016 as we do not expect improving construction demand to
fully offset anticipated reduced replacement demand resulting from
very low industry purchases during 2009 and 2010.
“Our other segments met our expectations in the third quarter.
In particular, our commercial and fire & emergency segments
performed well in the quarter with each reporting higher revenue,
operating income and backlog.
“There were a number of important developments in our defense
segment over the last two months that support our belief that the
segment will return to meaningful growth in fiscal 2016. We
recently received large contract orders under the Family of Medium
Tactical Vehicle (FMTV) and Family of Heavy Tactical Vehicle (FHTV)
programs. The signing of a new FHTV five-year recapitalization
contract led to a re-start of production of those units in late
June. We also made important progress this quarter in our pursuit
of a significant quantity of international Mine Resistant Ambush
Protected – All Terrain Vehicles (M-ATVs) for sales in fiscal 2016
and beyond.
“Yesterday, we submitted our Final Proposal Revisions for the
Joint Light Tactical Vehicle (JLTV) program which, if awarded to
Oshkosh, would represent an important development for the long-term
stability and profitability of our defense segment. Oshkosh’s
superior JLTV offering provides next generation mobility and
survivability for U.S. troops at a fair value and is ready to enter
production today in response to any conflict,” concluded Szews.
Factors affecting third quarter results for the Company’s
business segments included:
Access Equipment – Access equipment segment sales
declined 10.3 percent to $932.6 million for the third
quarter of fiscal 2015. A slowdown in the order rate in North
America was the primary driver of lower shipments in the quarter
along with, to a lesser extent, delays in new product launches. The
strengthening U.S. dollar also negatively impacted access equipment
segment sales by $33.4 million. On a constant currency basis,
sales decreased 7.0 percent.
Access equipment segment operating income decreased
18.2 percent to $136.4 million, or 14.6 percent of
sales, for the third quarter of fiscal 2015 compared to
$166.8 million, or 16.0 percent of sales, in the third
quarter of fiscal 2014. The decrease in operating income was
primarily the result of lower sales volume, unfavorable currency
impacts of $6.9 million and production inefficiencies related to
challenges with several new product launches, offset in part by
lower incentive compensation expense.
Defense – Defense segment sales for the third quarter of
fiscal 2015 decreased 58.7 percent to $194.2 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 FMTV requirements, as
well as the absence of international sales of M-ATVs.
The defense segment recorded an operating loss of
$7.1 million, or (3.7) percent of sales, for the third
quarter of fiscal 2015 compared to operating income of
$19.1 million, or 4.1 percent of sales, in the third
quarter of fiscal 2014. Excluding OPEB adjustments, adjusted1
operating income was $20.1 million, or 4.2 percent of sales, in the
third quarter of fiscal 2014. The decrease in operating income was
largely due to the lower sales volume, partially offset by lower
operating expenses.
Fire & Emergency – Fire & emergency segment sales
for the third quarter of fiscal 2015 increased 6.6 percent to
$199.8 million. The increase in sales primarily reflected
higher content fire apparatus units and higher aircraft rescue and
firefighting vehicle shipments. Sales in the third quarter of
fiscal 2014 were adversely impacted as several high volume
international orders moved to the fourth quarter of fiscal 2014
because of back-ups at ports and other logistical issues.
Fire & emergency segment operating income increased
55.5 percent to $9.6 million, or 4.8 percent of
sales, for the third quarter of fiscal 2015 compared to
$6.2 million, or 3.3 percent of sales, in the third
quarter of fiscal 2014. Higher sales volume was the largest
contributor to the increase in operating income.
Commercial – Commercial segment sales increased
18.9 percent to $294.0 million in the third quarter of
fiscal 2015. The increase in sales was primarily attributable to
higher refuse collection vehicle unit volumes and the sale of
higher content concrete mixer units, including units with both
chassis and bodies.
Commercial segment operating income increased 12.9 percent
to $22.4 million, or 7.6 percent of sales, for the third
quarter of fiscal 2015 compared to $19.9 million, or
8.0 percent of sales, in the third 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
$13.0 million to $24.7 million for the third quarter of
fiscal 2015. The decrease in corporate operating expenses in the
third quarter of fiscal 2015 was primarily due to lower incentive
compensation expense as a result of lower expected earnings.
Interest Expense Net of Interest Income – Interest
expense net of interest income decreased $1.1 million to
$12.6 million in the third quarter of fiscal 2015, largely as
a result of the benefit of lower interest rates on the Company’s
senior notes refinanced in the second quarter of fiscal 2015.
Provision for Income Taxes – The Comp any recorded income
tax expense of $34.8 million in the third quarter of fiscal
2015, or 28.1 percent of pre-tax income. This compares to
$56.0 million, or 34.7 percent of pre-tax income, in the
third quarter of fiscal 2014. The Company recorded a $7.5 million
reduction of income tax reserves in the third quarter of fiscal
2015 related to settlement of tax audits and expiration of statutes
of limitations.
Share Repurchases – Earnings per share in the third
quarter of fiscal 2015 improved $0.09 compared to the prior year
third quarter as a result of share repurchases completed during the
previous twelve months.
Nine-month Results
The Company reported net sales for the first nine months of
fiscal 2015 of $4.52 billion and net income of
$179.2 million, or $2.25 per share. This compares with
net sales of $5.14 billion and net income of
$231.5 million, or $2.68 per share, in the first nine
months of the prior year. Consolidated net sales in the first nine
months of fiscal 2015 declined 12.1 percent on significantly
lower defense segment sales. On a constant currency basis, sales
decreased 10.7 percent compared to the first nine months of
fiscal 2014. Adjusted1 earnings for the first nine months of fiscal
2015 were $186.4 million, or $2.34 per share, as compared
to adjusted1 earnings of $229.6 million, or $2.66 per
share, in the first nine months of fiscal 2014. Improved operating
income results in the Company’s fire & emergency and commercial
segments and lower corporate expenses were not sufficient to offset
the impact of lower results in the Company’s defense and access
equipment segments. Adjusted operating income for the first nine
months of fiscal 2015 was negatively impacted by $13.1 million as a
result of the strengthening U.S. dollar. Earnings per share in the
first nine months of fiscal 2015 improved $0.17 compared to the
prior year period as a result of lower average diluted shares
outstanding as a result of share repurchases completed during the
previous twelve months. Earnings per share for the first nine
months of fiscal 2015 were negatively impacted by $0.11 as a result
of the strengthening U.S. dollar.
Fiscal 2015 Expectations
The Company is reducing its most recent fiscal 2015 adjusted1
earnings per share estimate range of $3.75 to $4.00, down to $3.00
to $3.25 on projected lower net sales of approximately $6.1
billion. The decline in the Company’s fiscal 2015 estimates is
driven by a lowered outlook for results in its access equipment
segment.
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 August 31, 2015 to shareholders of record as of August
17, 2015.
Conference Call
The Company will comment on its fiscal 2015 third 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 Company’s estimates of access equipment demand; 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 JLTV production contract award and finalize international
contracts for a significant quantity of M-ATVs, with sales
beginning in fiscal 2016; 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; 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 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; 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
Nine Months Ended June 30, June
30, 2015 2014
2015 2014 Net
sales $ 1,612.3 $ 1,932.4 $
4,519.8 $ 5,140.5 Cost of sales
1,328.3
1,585.5
3,730.3
4,247.3 Gross income 284.0
346.9 789.5 893.2 Operating
expenses: Selling, general and administrative
134.2 158.7 437.5 461.4 Amortization
of purchased intangibles 13.2
13.9
40.0 41.6
Total operating expenses
147.4 172.6
477.5
503.0 Operating income
136.6 174.3 312.0 390.2 Other
income (expense): Interest expense (13.2 )
(14.1 ) (56.4 ) (57.3 )
Interest income 0.6 0.4 2.0 1.4
Miscellaneous, net (0.2
) 0.8
(0.2 )
(0.4 ) Income before
income taxes and equity in earnings (losses) of
unconsolidated affiliates 123.8 161.4
257.4 333.9 Provision for income taxes
34.8 56.0
80.5
103.6 Income before equity in
earnings (losses) of unconsolidated affiliates
89.0 105.4 176.9 230.3 Equity in
earnings (losses) of unconsolidated affiliates
0.9 (0.3
) 2.3
1.2 Net income
$ 89.9
$ 105.1
$ 179.2
$ 231.5
Amounts available to common shareholders, net of tax: Net
income $ 89.9 $ 105.1 $
179.2 $ 231.5 Allocated to participating
securities (0.2
) (0.4
) (0.4
) (0.9
) Net income available to common
shareholders $ 89.7
$ 104.7
$ 178.8
$ 230.6
OSHKOSH CORPORATION EARNINGS PER SHARE
(Unaudited)
Three Months Ended Nine Months Ended June
30, June 30,
2015 2014
2015 2014 Earnings per
share attributable to common shareholders: Basic
$ 1.15 $ 1.24 $ 2.28
$ 2.72 Diluted 1.13 1.22
2.25 2.68 Basic weighted-average shares
outstanding 78,117,876 84,635,817
78,327,982 84,666,189 Dilutive stock options and
other equity-based compensation awards 1,185,651
1,489,220 1,131,081 1,509,735 Participating
restricted stock (119,450
) (215,972
) (114,641
) (205,065
) Diluted weighted-average shares
outstanding 79,184,077
85,909,065
79,344,422
85,970,859 OSHKOSH
CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions)
June 30, September 30,
2015 2014 ASSETS
Current assets: Cash and cash equivalents $
46.2 $ 313.8 Receivables, net
1,012.0 974.9 Inventories, net 1,352.2
960.9 Deferred income taxes, net 69.6
66.3 Prepaid income taxes 20.2 22.7
Other current assets 43.8
45.7 Total current assets
2,544.0 2,384.3 Investment in unconsolidated
affiliates 16.6 21.1 Property, plant and
equipment: Property, plant and equipment 1,065.9
988.3 Accumulated depreciation
(610.2 )
(582.8 ) Property, plant
and equipment, net 455.7 405.5 Goodwill
1,002.0 1,025.5 Purchased intangible assets,
net 619.6 657.9 Other long-term assets
91.3
92.4 Total assets
$ 4,729.2
$ 4,586.7
LIABILITIES AND SHAREHOLDERS' EQUITY Current
liabilities: Revolving credit facility and current
maturities of long-term debt $ 40.0 $
20.0 Accounts payable 640.5 586.7
Customer advances 399.4 310.1
Payroll-related obligations 112.7 147.2
Accrued warranty 78.6 91.2 Other current
liabilities 194.2
156.4 Total current liabilities
1,465.4 1,311.6 Long-term debt, less current
maturities 860.0 875.0 Deferred income taxes,
net 121.2 125.0 Other long-term
liabilities 285.0 290.1 Commitments and
contingencies Shareholders' equity
1,997.6
1,985.0 Total liabilities and
shareholders' equity $
4,729.2 $
4,586.7 OSHKOSH
CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (Unaudited; in millions)
Nine Months Ended June
30, 2015 2014
Operating activities: Net income $
179.2 $ 231.5 Depreciation and
amortization 94.1 95.2 Stock-based
compensation expense 16.4 15.8 Deferred income
taxes (7.1 ) (39.2 ) Foreign
currency transaction (gains) losses 7.9 (3.8
) Other non-cash adjustments 5.9 6.3
Changes in operating assets and liabilities
(333.0 )
(236.4 ) Net cash
provided (used) by operating activities (36.6 )
69.4 Investing activities: Additions to
property, plant and equipment (100.0 )
(54.6 ) Additions to equipment held for rental
(19.8 ) (15.9 ) Acquisition of
business, net of cash acquired (8.8 ) -
Contribution to rabbi trust - (1.9 )
Proceeds from sale of equipment held for rental 25.5
5.5 Other investing activities
(0.7 )
(1.0 ) Net cash used by
investing activities (103.8 ) (67.9
) Financing activities: Repayment of
long-term debt (265.0 ) (705.0 )
Proceeds from issuance of long-term debt 250.0
650.0 Proceeds under revolving credit facility
20.0 - Repurchases of Common Stock
(88.1 ) (152.8 ) Debt issuance
costs (15.5 ) (19.1 ) Proceeds
from exercise of stock options 7.3 50.4
Dividends paid (40.0 ) (38.1 )
Excess tax benefit from stock-based compensation
4.3 6.1
Net cash used by financing activities (127.0
) (208.5 ) Effect of exchange rate
changes on cash (0.2
) (0.8
) Decrease in cash and cash equivalents
(267.6 ) (207.8 ) Cash and cash
equivalents at beginning of period
313.8 733.5
Cash and cash equivalents at end of period
$ 46.2
$ 525.7
OSHKOSH CORPORATION SEGMENT INFORMATION
(Unaudited; in millions)
Three Months Ended
June 30, 2015 June 30, 2014
External Inter- Net External
Inter- Net Customers
segment Sales
Customers segment
Sales Access equipment Aerial work
platforms $ 542.7 $ - $
542.7 $ 558.1 $ - $
558.1 Telehandlers 221.4 - 221.4
324.4 - 324.4 Other
168.5 -
168.5
156.7 -
156.7 Total access
equipment 932.6 - 932.6 1,039.2
- 1,039.2 Defense 191.1
3.1 194.2 470.6 0.1 470.7
Fire & emergency 195.0 4.8 199.8
177.5 10.0 187.5 Commercial
Concrete placement 158.0 - 158.0
138.0 - 138.0 Refuse collection
103.6 - 103.6 73.5 - 73.5
Other 32.0
0.4 32.4
33.6
2.2 35.8
Total commercial 293.6 0.4 294.0
245.1 2.2 247.3 Intersegment
eliminations -
(8.3 )
(8.3 )
- (12.3
) (12.3
) Consolidated net sales
$ 1,612.3
$ -
$ 1,612.3
$ 1,932.4
$ -
$ 1,932.4
Nine Months Ended June 30,
2015 June 30, 2014 External
Inter- Net External Inter- Net
Customers segment
Sales Customers
segment Sales Access
equipment Aerial work platforms $ 1,252.5
$ - $ 1,252.5 $ 1,295.6
$ - $ 1,295.6 Telehandlers
891.5 - 891.5 841.8 -
841.8 Other 487.1
- 487.1
436.4
- 436.4
Total access equipment 2,631.1 -
2,631.1 2,573.8 - 2,573.8
Defense 617.9 4.3 622.2 1,436.2
0.2 1,436.4 Fire & emergency
549.1 20.6 569.7 513.4 28.2
541.6 Commercial Concrete placement
355.1 - 355.1 313.1 -
313.1 Refuse collection 269.9 -
269.9 214.9 - 214.9 Other
96.7 3.4
100.1
89.1 5.1
94.2 Total commercial
721.7 3.4 725.1 617.1 5.1
622.2 Intersegment eliminations
- (28.3
) (28.3
) -
(33.5 )
(33.5 ) Consolidated net
sales $ 4,519.8
$ -
$ 4,519.8
$ 5,140.5
$ -
$ 5,140.5
Three Months Ended Nine
Months Ended June 30, June
30, 2015
2014 2015
2014 Operating income (loss): Access
equipment $ 136.4 $ 166.8 $
350.5 $ 373.7 Defense (7.1
) 19.1 (9.3 ) 78.4 Fire &
emergency 9.6 6.2 20.1 14.1
Commercial 22.4 19.9 43.4 35.5
Corporate (24.7 ) (37.7 )
(92.8 ) (111.4 ) Intersegment
eliminations -
- 0.1
(0.1 )
Consolidated $ 136.6
$ 174.3
$ 312.0
$ 390.2
June 30, 2015
2014 Period-end backlog: Access
equipment $ 394.9 $ 487.4
Defense 1,216.6 879.8 Fire &
emergency 761.1 537.7 Commercial
218.0 206.7
Consolidated $
2,590.6 $
2,111.6
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 Nine
Months Ended June 30, June
30, 2015
2014 2015
2014 Adjusted defense operating
income (loss) (non-GAAP) $ (7.1 ) $
20.1 $ (12.7 ) $ 83.5
Pension and OPEB curtailment - 9.7 3.4
5.6 Contract pricing adjustment for OPEB costs
- (10.7
) -
(10.7 ) Defense
operating income (loss) (GAAP) $
(7.1 )
$ 19.1
$ (9.3
) $
78.4 Adjusted operating income
(non-GAAP) $ 136.6 $ 175.3 $
308.6 $ 395.3 Pension and OPEB
curtailment - 9.7 3.4 5.6
Contract pricing adjustment for OPEB costs
- (10.7
) -
(10.7 ) Operating income
(GAAP) $ 136.6
$ 174.3
$ 312.0
$ 390.2
Adjusted net income (non-GAAP) $ 89.9 $
105.7 $ 186.4 $ 229.6
Reduction of valuation allowance on net operating loss
carryforward - - - 12.1 Pension
and OPEB curtailment, net of tax - 6.2 2.1
3.6 Contract pricing adjustment for OPEB costs, net of
tax - (6.8 ) - (6.8 )
Debt extinguishment costs, net of tax
- -
(9.3 )
(7.0 ) Net income
(GAAP) $ 89.9
$ 105.1
$ 179.2
$ 231.5
Adjusted earnings per share-diluted (non-GAAP) $
1.13 $ 1.23 $ 2.34 $
2.66 Reduction of valuation allowance on net
operating loss carryforward - - -
0.14 Pension and OPEB curtailment, net of tax
- 0.07 0.03 0.04 Contract pricing
adjustment for OPEB costs, net of tax - (0.08
) - (0.08 ) Debt extinguishment
costs, net of tax -
- (0.12
) (0.08
) Earnings per share-diluted (GAAP)
$ 1.13
$ 1.22
$ 2.25
$ 2.68
Fiscal 2015
Expectations Low
High Adjusted earnings per
share-diluted (non-GAAP) $ 3.00 $
3.25 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) $
2.91 $
3.16
_____________________________
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150730005326/en/
Oshkosh CorporationFinancial:Patrick DavidsonVice President,
Investor Relations920.966.5939orMedia:John DaggettVice President,
Communications920.233.9247
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