Oshkosh Corporation Announces Increased Share Repurchase Authorization
August 31 2015 - 4:52PM
Business Wire
Oshkosh Corporation (NYSE: OSK) announced that its Board of
Directors today approved an increase to its share repurchase
authority. The new authorization is in addition to the unused
portion of the Company’s previous share repurchase authorization
and permits the Company to repurchase up to an additional 10
million shares of Oshkosh Corporation common stock. The
authorization is open-ended and the Company has not set any
timeframe to use the authority.
"Today’s action reaffirms our Board’s confidence in the
Company's MOVE strategy and gives us the flexibility to repurchase
shares over the next few years when opportunities arise,” said
Charles L. Szews, Oshkosh Corporation chief executive officer.
During the Company’s fourth fiscal quarter through August 31,
2015, the Company repurchased 2,599,723 of its shares. As of August
31, 2015, the Company had 299,198 shares available for repurchase
under its previous share repurchase authorization.
Under Oshkosh’s share repurchase authorization, the Company's
common stock may be purchased through any one or more of a 10b5-1
trading plan and discretionary purchases on the open market, block
trades, accelerated share repurchases or privately negotiated
transactions. The number of shares repurchased and the timing of
repurchases will depend on a number of factors, including share
price, trading volume and general market conditions, as well as on
working capital requirements, general business conditions and other
factors, including alternative investment opportunities. The
repurchase authority may be suspended, modified or discontinued at
any time, subject to the parameters of any 10b5-1 trading plan that
the Company may implement.
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, visit
www.oshkoshcorporation.com.
®, ™ All brand names referred to in this news release are
trademarks of Oshkosh Corporation or its subsidiary companies.
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, an uncertain DoD tactical
wheeled vehicle strategy and uncertainties associated with
government contracts; risks related to the JLTV production contract
award that the Company recently received, including those
associated with commencement of production under the contract; the
Company’s ability to 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. 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150831006219/en/
Oshkosh CorporationFinancial:Patrick DavidsonVice President,
Investor Relations920.966.5939orMedia:John DaggettVice President,
Communications920.233.9247
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