Q1 2015 earnings slides final

MOVING THE WORLD AT WORK
Oshkosh Corporation
First Quarter Fiscal 2015
January 27, 2015
Charles L. Szews
Chief Executive Officer
Wilson R. Jones
President and Chief Operating Officer
David M. Sagehorn
Executive Vice President
and Chief Financial Officer
Patrick N. Davidson
Vice President, Investor Relations

Forward-Looking Statements
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 today. 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.
January 27, 2015OSK First Quarter 2015 Earnings Call 2

Solid Start to FY15
 Adjusted EPS* of $0.41
 Solid execution and timing of
MOVE related spend drove
higher than expected results
 Strong orders and backlogs for
all non-defense segments
 Repurchased 1.9 million shares
for $88.1 million
 Maintaining FY15 adjusted EPS*
estimate range of $4.00 to $4.25
despite negative FX impact
expected in Q2-Q4
NetSales
(billions)
AdjustedEPS*
OSK Fiscal Q1 Performance
$1.4
$1.5
$0.41
$0.63
$0.00
$0.25
$0.50
$0.75
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
$1.8
FY15 FY14
Net Sales Adjusted EPS*
* Non-GAAP results. See Appendix for reconciliation to GAAP results.

Defense
 Remain focused on efficient,
operational execution
 Driving toward mid February JLTV
production proposal submission date
− Expect decision on winning bidder
late Summer 2015
 Continue pursuit of meaningful
international opportunities
– M-ATVs
– Canadian MSVS Program
 FY15 DoD budget finalized in
December
− Positive funding results for OSK
programs
 Incremental OCO opportunities

Access Equipment
 Solid start to FY15
− Higher mix of telehandlers due to Tier 4
engine emissions standards changes
 Strong orders and backlog evidence
continued market strength
 Broad end market demand expected to
support FY15 outlook
– Customer sentiment in North America
remains positive
 Strong construction activity, despite energy
sector concerns
– Outlook remains mixed in other regions
 Building on FY14 MOVE success

Fire & Emergency
 Continued to execute operational
efficiency roadmap
− Q1 results better than expected
 New Enforcer and Saber chassis
driving customer demand
 Stable North American fire truck
market
– Modest market growth expected
in FY15
 Additional international success
− ARFF orders in Asia, Australia and
Latin America

Commercial
 Strong North American concrete
mixer market recovery over last
several years
− Driven by slowly improving
housing market
 RCV market picked up after a
down 2013
 Split-bin and automated RCV
models generating incremental
demand
 MOVE investments continue

Consolidated Results
 Sales impacted by:
‒ Lower defense segment sales
‒ Planned fire truck production
rate decrease
 Higher access equipment and
commercial segment sales
 EPS impacted by:
‒ Lower defense segment
operating income
‒ Heavier mix of telehandlers in
access equipment segment
‒ MOVE investments
Comments
(Dollars in millions, except per share amounts)
First Quarter
Net Sales $1,353.3 $1,530.2
% Change (11.6)% (12.6)%
Adjusted
Operating Income* $62.3 $96.5
% Change (35.5)% (0.1)%
% Margin 4.6% 6.3%
Adjusted EPS* $0.41 $0.63
% Change (34.9)% 1.6%
2015 2014

Updated Expectations for FY15
Additional expectations
 Corporate expenses of $140 - $145 million
 Refinancing of 8.5% Sr. Notes
 Tax rate of ~31%
 CapEx of ~$150 million
 Free cash flow* ~$200 million
 Assumes share count of ~80 million
Segment information
Measure
Access
Equipment
Defense
Fire &
Emergency
Commercial
Sales
(billions)
$3.7 - $3.8 ~$1.0 ~$0.80 ~$1.0
Operating
Income Margin
~15.0%
Slightly above
break even
~4.25% ~6.5%
 Revenues of $6.5 billion to $6.6 billion
 Adjusted operating income* of $510 million to $540 million
 Adjusted EPS* of $4.00 to $4.25
Q2 Commentary
 Expect adjusted EPS in range of Q2 FY14
adjusted EPS*
 Continued higher telehandler sales mix due to Tier 4
 FHTV break in production until contract extension
is finalized

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

Net Sales $716.7 $668.6
% Change 7.2% 15.0%
Operating Income $77.2 $90.3
% Change (14.5)% 84.6%
% Margin 10.8% 13.5%
First Quarter
(Dollars in millions)
2015 2014
Appendix: Access Equipment
 Higher North American
telehandler and lower AWP sales
 Higher volume in all regions,
except Latin America
 Operating income impacted by:
 Product mix
 Higher NPD and operating costs
 Prior year military contract
finalization
 Higher sales volume
 Backlog up 69% vs. prior year
to $793 million
Comments

Appendix: Defense
 Lower sales to U.S. DoD
 Prior year international M-ATV
sales
 Lower sales volume
 Prior year unfavorable contract
pricing adjustment
 Favorable aftermarket product
mix
 Backlog down 59% vs. prior
year to $670 million
Comments
Net Sales $269.3 $481.3
% Change (44.1)% (41.9)%
Adjusted
Operating Income* $6.4 $24.8
% Change (74.2)% (59.3)%
% Margin 2.4% 5.2%
First Quarter
2015 2014

Net Sales $167.0 $198.0
% Change (15.6)% 8.7%
% Change (77.6)% 28.5%
% Margin 0.9% 3.5%
First Quarter
2015 2014
Appendix: Fire & Emergency
 Planned reduction in fire truck
production rate to implement
operational improvements
 Prior year large international
ARFF shipment
 Lower sales volume
 Favorable warranty performance
to $700 million
Comments

Appendix: Commercial
 Higher RCV unit volume
 Higher aftermarket parts &
service
 Higher sales volume
 Favorable warranty performance
 Investments in MOVE initiatives
to $238 million
Comments
Net Sales $210.2 $192.6
% Change 9.1% 8.6%
% Change 20.9% 27.7%
% Margin 5.9% 5.3%
First Quarter
2015 2014

Appendix: Commonly Used Acronyms
15January 27, 2015OSK First Quarter 2015 Earnings Call
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 OCO Overseas Contingency Operations
EMD Engineering & Manufacturing Development OH Overhead
EPS Diluted Earnings Per Share OI Operating Income
FHTV Family of Heavy Tactical Vehicles OOS Oshkosh Operating System
FMS Foreign Military Sales OPEB Other Post-Employment Benefits
FMTV Family of Medium Tactical Vehicles PLS Palletized Load System
GAAP U.S. Generally Accepted Accounting Principles PUC Pierce Ultimate Configuration
HEMTT Heavy Expanded Mobility Tactical Truck R&D Research & Development
HET Heavy Equipment Transporter RCV Refuse Collection Vehicle
HMMWV High Mobility Multi-Purpose Wheeled Vehicle RFP Request for Proposal
IRC Independent Rental Company ROW Rest of World
IT Information Technology SMP Standard Military Pattern (Canadian MSVS)
JLTV Joint Light Tactical Vehicle TACOM Tank-automotive and Armaments Command
JPO Joint Program Office TDP Technical Data Package
JROC Joint Requirements Oversight Council TPV Tactical Protector Vehicle
JUONS Joint Urgent Operational Needs Statement TWV Tactical Wheeled Vehicle
L-ATV Light Combat Tactical All-Terrain Vehicle UCA Undefinitized Contract Action
LVSR Logistic Vehicle System Replacement UIK Underbody Improvement Kit (for M-ATV)
M-ATV MRAP All-Terrain Vehicle UK United Kingdom

Appendix:
Non-GAAP to GAAP Reconciliation
• 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):
2015 2014
Adjusted earnings per share - diluted (non-GAAP) 0.41$ 0.63$
OPEB curtailment gain, net of tax 0.02 -
Earnings per share - diluted (GAAP) 0.43$ 0.63$
Adjusted operating income (non-GAAP) 62.3$ 96.5$
OPEB curtailment gain 3.4 -
Operating income (GAAP) 65.7$ 96.5$
Adjusted defense segment operating income (non-GAAP) 6.4$ 24.8$
OPEB curtailment gain 3.4 -
Defense segment operating income (GAAP) 9.8$ 24.8$
Three Months Ended
December 31,

Appendix:
comparable GAAP measures (in millions, except per share amounts):
Low High
Adjusted operating income (non-GAAP) 510.0$ 540.0$
OPEB curtailment gain 3.4 3.4
Operating income (GAAP) 513.4$ 543.4$
Adjusted earnings per share - diluted (non-GAAP) 4.00$ 4.25$
OPEB curtailment gain, net of tax 0.02 0.02
Debt extinguishment costs, net of tax (0.11) (0.11)
Earnings per share - diluted (GAAP) 3.91$ 4.16$
Fiscal 2015
Expectations
Net cash flows provided by operating activities 372.0$
Additions to property, plant and equipment (150.0)
Net additions to equipment held for rental (22.0)
Free cash flow 200.0$
Fiscal 2015 Expectations

Appendix:
comparable GAAP measures:
Three Months Ended
March 31, 2014
Adjusted earnings per share - diluted (non-GAAP) 0.80$
Reduction of valuation allowance on net operating
loss carryforward 0.14
Pension curtailment, net of tax (0.03)
Debt extinguishment costs, net of tax (0.08)
Earnings per share - diluted (GAAP) 0.83$

Q1 2015 earnings slides final

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Q1 2015 earnings slides final