2015 asm presentation final

MOVING THE WORLD AT WORK
Oshkosh Corporation
(NYSE:OSK)
2015 Annual Shareholders’ Meeting
February 3, 2015

Forward-Looking Statements
February 3, 20152015 Annual Shareholders' Meeting 2
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 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 emerging market growth and projected adoption rates 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 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. JLTV 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; 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 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; cyber security 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 January 27, 2015. 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.

February 3, 20152015 Annual Shareholders' Meeting
2015 Annual Shareholders’ Meeting
Charlie Szews - Chief Executive Officer
February 3, 2015
MOVE: Enjoy the Ride
3

Outstanding Total Shareholder Returns
Compared with “The Outsiders”
Source: NYSE March 29,1996 to December 31, 2014
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Mar-96
Sep-96
Mar-97
Sep-97
Mar-98
Sep-98
Mar-99
Sep-99
Mar-00
Sep-00
Mar-01
Sep-01
Mar-02
Sep-02
Mar-03
Sep-03
Mar-04
Sep-04
Mar-05
Sep-05
Mar-06
Sep-06
Mar-07
Sep-07
Mar-08
Sep-08
Mar-09
Sep-09
Mar-10
Sep-10
Mar-11
Sep-11
Mar-12
Sep-12
Mar-13
Sep-13
Mar-14
Sep-14
TotalReturn(%)
OSK
S&P 500
BRK.A
GD
TDY

Reflections on Fiscal 2014
February 3, 20152015 Annual Shareholders’ Meeting 5

MOVE Impact Evident in Strong Full
Year FY14 Results
 FY14 adjusted EPS* of $3.62,
above high end of Company’s
initial estimates
 Non-Defense markets continued
to recover
 Strong new product launches
 Advantageous capital allocation
– Repurchased 8.3 million shares
for $403 million
– Raised quarterly dividend in
October 2014
 Oshkosh Operating System
improving customer satisfaction
$6.8
$7.7
$3.62 $3.74
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
FY14 FY13
Net Sales Adjusted EPS*
OSK Full Year Performance
NetSales
(billions)
AdjustedEPS*
* Non-GAAP results. See Appendix for reconciliation to GAAP results.

Non-Defense Segment Sales Growth
Consolidated Net Sales
($ billions)
Despite challenges from
lower defense spending…
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
Net Sales
FY12 FY13 FY14
Non-Defense Segment Sales
($ billions)
$0.0
$2.0
$4.0
$6.0
Net Sales
FY12 FY13 FY14
…we have grown non-defense
sales at a solid pace...

Non-Defense Operating Income Growth
Consolidated Adjusted
Operating Income*
($ millions)
$0
$100
$200
$300
$400
$500
$600
$700
Non-Defense Operating Income*
FY12 FY13 FY14
Non-Defense Segment
Operating Income*
($ millions)
…and grown non-defense operating income even faster
$0
$100
$200
$300
$400
$500
$600
$700
Adjusted Operating Income**
FY12 FY13 FY14

Capital Allocation Contributing to TSR (1)
 Aggressively retiring shares at favorable prices; $605 million allocated
to share repurchases in FY13 and FY14
 Reinstated dividend with > 1% yield in December 2013; announced
13% increase to dividend in October 2014
(1) Total shareholder return
P = Projected
70
75
80
85
90
95
09/30/12 09/30/13 09/30/14
# Outstanding Shares
(Shares in millions)
>12% Reduction
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$0.70
$0.80
FY13 FY14 FY15(P)
Annualized Dividend Payment
13% Increase
9

Our Company –
Strong Brands, Market Leaders

Access Equipment –
The Market Leader
 MOVE delivered in FY14
– Exciting new products
– Strong incremental margins
– Record revenues, operating income and
operating income margin
 Continued growth expected in FY15
– Moderate growth in North America
– Mixed outlook in other regions
 Recent European economic slowdown muting
impact of aged fleets and growing UK market
 Middle East strong / Latin America softer
 Pacific Rim expected to grow; slow recovery
in Australia

Defense – Reduced Cost Structure with
Upside Opportunities
 Implemented necessary operations
changes to match lower demand
 Canada MSVS program award
decision expected by July 2015
 $30 billion JLTV program award
decision expected in September 2015
– DoD projects initial 8 year contract over
$9 billion
 Continuing pursuit of sales of
thousands of M-ATVs
– Middle East and North Africa
– Eastern Europe
– Reset opportunities in U.S.

Fire & Emergency – Operational
Improvements Leading to Bright Future
 Stepped back to better execute
business improvement roadmap
– Expect margins to improve
throughout FY15
 International progress continues
– Manchester, UK ARFF deliveries
 Strong orders for new Enforcer and
Saber chassis
 North American fire truck demand
remains soft
– Slow market growth expected
in FY15
Saber Chassis
Enforcer Chassis

Commercial –
Progress Continues
 Solid improvement in FY14
– Strong yr/yr concrete mixer sales
– Early stage investments in MOVE
initiatives began to impact
performance
 Expect continued market
recovery in FY15
– Modest U.S. housing market
growth expected to drive mixer
market
– Slow growth in refuse collection
vehicle market
 Success with split-bin and
automated units

Driving to FY15 MOVE Targets
and Beyond

FY15 Target
FY15 MOVE Scorecard
On Track to Achieve FY15 Adjusted EPS Target Range
(1) Compared with FY12 expectations as of September 2012 Analyst Day.
(2) Net of investment costs and compared with consolidated FY11 operating income margins.
Initiative
…Bottom Line Results for Shareholders
FY15
Estimate
16

What to Expect from Oshkosh in FY15
 Deliver MOVE strategy
– FY15 adjusted EPS* estimate range
of $4.00 - $4.25
– Margin improvement in all non-
defense segments
– Launch game changing new products
– Compete vigorously for business
around the world
 Target defense contract awards
 Maintain strong customer focus
 Increase industry leading quality to
higher level
 Drive shareholder value

What to Expect from Oshkosh Beyond FY15?
“More of Same”
 Execute effectively to deliver
positive near-term outlook
 Continue operating income margin
expansion
– Target 16 – 17% at Access Equipment
– Initially target 10% at other segments
 Prudent capital allocation
– Target annual dividend increases
– Begin building cash; deploy with crocodile
patience
 Sustain talent and process improvement to
outperform with Oshkosh Operating System
7.0% 7.5% ~ 8.0%
10.0%+
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
2013 2014 2015E Target
Consolidated Adjusted Operating
Income Margin *

Our Commitment to Shareholders

 Sustain momentum and focus on improving
– Customer satisfaction
– ROIC
– Shareholder returns
 Prudent capital allocation as disciples of “The Outsiders”
 “Enjoy the Ride”
Our Commitment to Shareholders
20

For information
contact:
Patrick N. Davidson
Vice President, Investor Relations
(920) 966-5939
pdavidson@oshkoshcorp.com
Jeffrey D. Watt
Director, Investor Relations
(920) 233-9406
jwatt@oshkoshcorp.com

Appendix: Commonly Used Acronyms
ARFF Aircraft Rescue and Firefighting MECV Modernized Expanded Capability Vehicle
AWP Aerial Work Platform MRAP Mine Resistant Ambush Protected
CapEx Capital Expenditures MSVS Medium Support Vehicle System (Canada)
CNG Compressed Natural Gas NOL Net Operating Loss
DGE Diesel Gallon Equivalent NPD New Product Development
DoD Department of Defense NRC National Rental Company
EAME Europe, Africa & Middle East OH Overhead
EMD Engineering & Manufacturing Development OI Operating Income
EPS Diluted Earnings Per Share OOS Oshkosh Operating System
FHTV Family of Heavy Tactical Vehicles OPEB Other Post-Employment Benefits
FMS Foreign Military Sales PLS Palletized Load System
FMTV Family of Medium Tactical Vehicles PUC Pierce Ultimate Configuration
GAAP U.S. Generally Accepted Accounting Principles R&D Research & Development
HEMTT Heavy Expanded Mobility Tactical Truck RCV Refuse Collection Vehicle
HET Heavy Equipment Transporter RFP Request for Proposal
HMMWV High Mobility Multi-Purpose Wheeled Vehicle ROW Rest of World
IRC Independent Rental Company SMP Standard Military Pattern (Canadian MSVS)
IT Information Technology TACOM Tank-automotive and Armaments Command
JLTV Joint Light Tactical Vehicle TDP Technical Data Package
JPO Joint Program Office TPV Tactical Protector Vehicle
JROC Joint Requirements Oversight Council TWV Tactical Wheeled Vehicle
JUONS Joint Urgent Operational Needs Statement UCA Undefinitized Contract Action
L-ATV Light Combat Tactical All-Terrain Vehicle UIK Underbody Improvement Kit (for M-ATV)
LVSR Logistic Vehicle System Replacement UK United Kingdom
M-ATV MRAP All-Terrain Vehicle

Appendix:
Non-GAAP to GAAP Reconciliation
• The tables below present a reconciliation of the Company’s presented non-GAAP measures to the most directly
comparable GAAP measures:
2014 2013
Adjusted earnings per share from continuing
operations-diluted (non-GAAP) 3.62$ 3.74$
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) -
OPEB curtailment gain, net of tax 0.07 -
Pension curtailment and settlement loss, net of tax (0.06) -
Tender offer and proxy contest costs, net of tax - (0.12)
Intangible asset impairment charge, net of tax - (0.06)
Union contract ratification costs, net of tax - (0.03)
Earnings per share from continuing
operations-diluted (GAAP) 3.61$ 3.53$
Low High
Adjusted earnings per share from continuing
operations-diluted (non-GAAP) 4.00$ 4.25$
Debt extinguishment costs, net of tax (0.11) (0.11)
OPEB curtailment gain, net of tax 0.02 0.02
Earnings per share from continuing operations-diluted (GAAP) 3.91$ 4.16$
Fiscal 2015 Expectations
Fiscal Year Ended
September 30,

Appendix:
• The table below presents a reconciliation of the Company’s presented non-GAAP measures to the most directly
comparable GAAP measures (in millions):
Fiscal Year Ended
September 30,
2012 2013 2014 2015E
Adjusted operating income (non-GAAP) $ 404.7 $ 534.8 $ 512.2 $ 525.0
Union contract ratification costs - (3.8) - -
Performance share valuation adjustment (7.0) - - -
Pension curtailment and settlement loss (3.4) - (8.2) -
OPEB curtailment gain - - 10.0 3.4
Tender offer and proxy contest costs (6.6) (16.3) - -
Intangible asset impairment charge - (9.0) - -
Contract pricing adjustment for OPEB costs - - (10.7) -
Operating income (GAAP) $ 387.7 $ 505.7 $ 503.3 $ 528.4

Appendix:
• The table below presents a reconciliation of the Company’s presented non-GAAP measures to the most directly
comparable GAAP measures:
2013 2014 2015E
Consolidated operating income margins (non-GAAP) 7.0% 7.5% 8.0%
Union contract ratification costs -0.1% - -
Pension curtailment and settlement loss - -0.1% -
OPEB curtailment gain - 0.2% -
Tender offer and proxy contest costs -0.2% - -
Intangible asset impairment charge -0.1% - -
Contract pricing adjustment for OPEB costs - -0.2% -
Consolidated operating income margins (GAAP) 6.6% 7.4% 8.0%
Fiscal Year Ended
September 30,

Appendix:
• The tables below present a reconciliation of the Company’s presented non-GAAP measures to the most directly
comparable GAAP measures (in millions):
2012 2013 2014
Non-Defense Segment Sales 4,385.1$ 4,680.1$ 5,128.9$
Defense Segment Sales 3,950.5 3,049.7 1,724.5
Intersegment eliminations (194.5) (64.7) (45.2)
Consolidated Net Sales 8,141.1$ 7,665.1$ 6,808.2$
2012 2013 2014
Non-Defense Segment Operating Income 270.1$ 444.7$ 581.6$
Defense Segment Operating Income 236.5 224.9 76.4
Corporate (119.1) (163.9) (154.7)
Intersegment eliminations 0.2 - -
Consolidated Operating Income 387.7$ 505.7$ 503.3$
Fiscal Year Ended
September 30,
Fiscal Year Ended
September 30,

2015 asm presentation final

Recommended

Recommended

More Related Content

What's hot

What's hot (20)

Viewers also liked

Viewers also liked (17)

Similar to 2015 asm presentation final

Similar to 2015 asm presentation final (18)

More from Oshkosh_Investors

More from Oshkosh_Investors (12)

Recently uploaded

Recently uploaded (20)

2015 asm presentation final