Q3 2017 earnings slides final

MOVING THE WORLD AT WORK
Third Quarter Fiscal 2017
August 2, 2017
Wilson R. Jones
President and Chief Executive Officer
David M. Sagehorn
Executive Vice President
and Chief Financial Officer
Patrick N. Davidson
Vice President, Investor Relations
Oshkosh Corporation
(NYSE:OSK)

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 and construction seasons; the Company’s estimates of access
equipment demand which, among other factors, is influenced by customer historical buying patterns and rental company fleet replacement
strategies; 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 U.S. Department of Defense (DoD) and international defense customer procurement of products and services and
acceptance of and funding or payments for such products and services; higher material costs resulting from production variability due to
uncertainty of timing of funding or payments from international defense customers; risks related to reductions in government expenditures in
light of U.S. defense budget pressures, sequestration and an uncertain DoD tactical wheeled vehicle strategy; the impact of any DoD
solicitation for competition for future contracts to produce military vehicles, including a future Family of Medium Tactical Vehicle production
contract; 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 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 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 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.
August 2, 2017OSK Third Quarter 2017 Earnings Call 2

Continuing to Execute in FY17
 Q3 adjusted EPS* of $1.84
− Sales growth in all four segments
 Higher backlogs in all
non-defense segments
 Outlook has improved since
September 2016 Analyst Day
− Positive macroeconomic outlook
− Solid execution of MOVE strategy
 Increasing full year FY17
adjusted EPS* outlook to
$3.80 to $3.90
Net Sales
(billions)
Adjusted EPS
3
OSK Fiscal Q3 Performance
August 2, 2017OSK Third Quarter 2017 Earnings Call
$1.13
$1.84*
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
$1.80
$2.00
FY16 FY17
$1.75
$2.04
$1.0
$1.2
$1.4
$1.6
$1.8
$2.0
$2.2
$2.4
FY16 FY17
* Non-GAAP results. See appendix for reconciliation to GAAP results.

Access Equipment
 Strong Q3 performance
 Improved customer sentiment in
North America
− Improved rental market conditions
− Positive U.S. construction trends
despite replacement demand
headwinds
− Expect continued responsible rental
company capital expenditure
approach
 Solid market conditions in Europe
and product adoption growth in Asia
 Restructuring actions on track

Defense
 Strong Q3 results as international M-ATV
and domestic JLTV sales ramped
 JLTV program progressing and achieving
milestones
‒ Logging significant government test time
− Encouraged by interest in higher JLTV
quantities
 Building solid base for FY18
 Expect $1.7 billion sales visibility by
September 30, 2017
 Ongoing discussions with international
customers for defense products and vehicle
sustainment (timing expected to allow
for sales beginning late FY18)
 Submitted FMTV recompete proposal
 2017 U.S. Defense Budget signed;
monitoring progress of 2018 U.S.
Defense Budget request

Fire & Emergency
 Achieved >10% operating income
margin in Q3 – significant milestone
− Continued execution of proven formula
− Committed to achieving annual OI
margin of 10% or more
 Multiple new Ascendant models
launched at recent FDIC show
 U.S. fire apparatus market remains
20% - 25% below pre-recession level
 Strong U.S. dollar continues to
challenge international business

Commercial
 Revenue growth driven by higher RCV
sales
 Improved performance in the quarter
vs. 1H FY17, but short of targets
 Continued focus on simplification
activities
− Encouraged by opportunities
− Additional time needed to capture
improvement
 U.S. RCV market climbed above
pre-recession levels
 U.S. concrete mixer market
remained 20% - 25% below
normal pre-recession levels
 Positive longer term market outlook

Consolidated Results
 Sales impacted by:
+ Higher sales in all segments, led
by defense
 Adjusted EPS* impacted by:
+ Higher defense, access
equipment and fire & emergency
segment operating income
+ Lower tax rate
(Dollars in millions, except per share amounts)
Third Quarter
Net Sales $2,036.9 $1,747.5
% Change 16.6% 8.4%
Adjusted Operating
Income $222.5* $146.8
% Change 51.6% 7.5%
% Margin 10.9% 8.4%
Adjusted EPS $1.84* $1.13
% Change 62.8% 0.0%
2017 2016
Q3 Comments

FY17 Expectations
9
 Revenues of ~$6.75 billion
 Adjusted operating income* of $480 million to $490 million
 Adjusted EPS* of $3.80 to $3.90
Additional expectations
 Corporate expenses of ~$150 million
 Adjusted tax rate* of ~32.5%
 CapEx of ~$90 million
 Free Cash Flow* of ~$150 million
 Assumes share count of ~76.0 million
Segment information
Measure Access
Equipment Defense Fire &
Emergency Commercial
Sales
(billions)
~ $2.95 ~ $1.825 ~ $1.025 ~ $0.95
Adj. Operating
Income Margin
9.75% - 10.0%* 11.0% - 11.2% ~9.7% 4.5% - 5.0%
OSK Third Quarter 2017 Earnings Call August 2, 2017

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: Access Equipment
Net Sales $980.2 $952.5
% Change 2.9% 2.1%
Adjusted Operating
Income $140.8* $122.1
% Change 15.3% (10.4)%
% Margin 14.4% 12.8%
Third Quarter
2017 2016
(Dollars in millions)
+ Higher AWP volume
− Lower telehandler volume
 Adjusted operating income*
impacted by:
+ Higher sales volume
+ Favorable mix
+ Favorable material usage
 Backlog up 39.6% vs. prior year
to $523 million
Q3 Comments

Appendix: Defense
Net Sales $482.7 $264.3
% Change 82.6% 36.1%
Operating Income $62.4 $19.1
% Change 226.7% 369.3%
% Margin 12.9% 7.2%
Third Quarter
2017 2016
+ M-ATV international sales
+ Ramp-up of JLTV program
− Lower FMTV sales
 Operating income impacted by:
 Backlog down 16.8% vs. prior
year to $1.9 billion
Q3 Comments

Appendix: Fire & Emergency
+ Higher unit volume
+ Improved pricing
+ Improved pricing
to $894 million
Net Sales $282.9 $248.5
% Change 13.8% 24.4%
% Change 56.3% 105.0%
% Margin 10.9% 7.9%
Third Quarter
2017 2016
Q3 Comments

Appendix: Commercial
Net Sales $295.2 $287.9
% Change 2.5% (2.1)%
% Change (9.2)% 6.2%
% Margin 7.3% 8.3%
Third Quarter
2017 2016
+ Higher RCV unit volume
− Operational inefficiencies
to $333 million
Q3 Comments

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):
Three Months
Ended
June 30, 2017
Adjusted diluted earnings per share (Non-GAAP) 1.84$
Restructuring-related costs, net of tax (0.15)
Diluted earnings per share (GAAP) 1.69$
Consolidated adjusted operating income (Non-GAAP) 222.5$
Restructuring-related costs (10.6)
Consolidated operating income (GAAP) 211.9$
Access equipment segment adjusted operating income (Non-GAAP) 140.8$
Restructuring-related costs (10.6)
Access equipment segment operating income (GAAP) 130.2$

Appendix:
comparable GAAP measures (in millions, except per share amounts):
Low High
Adjusted access equipment operating income margin (Non-GAAP) 9.75% 10.00%
Restructuring-related costs (1.40%) (1.40%)
Access equipment operating income margin (GAAP) 8.35% 8.60%
Adjusted consolidated operating income (Non-GAAP) 480.0$ 490.0$
Restructuring-related costs (41.0) (41.0)
Consolidated operating income (GAAP) 439.0$ 449.0$
Adjusted diluted earnings per share (Non-GAAP) 3.80$ 3.90$
Restructuring-related costs (0.47) (0.47)
Diluted earnings per share (GAAP) 3.33$ 3.43$
Fiscal Year
2017 Expectations

Appendix:
comparable GAAP measures (in millions):
Fiscal Year 2017
Expectations
Net cash flows provided by operating activities 225.0$
Additions to property, plant and equipment (90.0)
Proceeds from sale of equipment held for rental, net of additions 15.0
Free cash flow 150.0$
Adjusted effective income tax rate (Non-GAAP) 32.5%
Impact of restructuring-related costs on effective income tax rate 2.0%
Effective income tax rate (GAAP) 34.5%

Appendix: Commonly Used Acronyms
18August 2, 2017OSK Third Quarter 2017 Earnings Call
ARFF Aircraft Rescue and Firefighting LVSR Logistic Vehicle System Replacement
AWP Aerial Work Platform M-ATV MRAP All-Terrain Vehicle
AMPS Aftermarket Parts & Service 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
EMD Engineering & Manufacturing Development OCO Overseas Contingency Operations
EMEA Europe, Middle East & Africa OH Overhead
EPS Diluted Earnings Per Share OI Operating Income
FAST Act Fixing America’s Surface Transportation Act OOS Oshkosh Operating System
FDIC Fire Department Instructors Conference OPEB Other Post-Employment Benefits
FHTV Family of Heavy Tactical Vehicles PLS Palletized Load System
FMS Foreign Military Sales PUC Pierce Ultimate Configuration
FMTV Family of Medium Tactical Vehicles R&D Research & Development
GAAP U.S. Generally Accepted Accounting Principles RCV Refuse Collection Vehicle
GAO Government Accountability Office RFP Request for Proposal
HEMTT Heavy Expanded Mobility Tactical Truck ROW Rest of World
HET Heavy Equipment Transporter SMP Standard Military Pattern (Canadian MSVS)
HMMWV High Mobility Multi-Purpose Wheeled Vehicle TACOM Tank-automotive and Armaments Command
IRC Independent Rental Company TDP Technical Data Package
IT Information Technology TPV Tactical Protector Vehicle
JLTV Joint Light Tactical Vehicle TWV Tactical Wheeled Vehicle
JPO Joint Program Office UCA Undefinitized Contract Action
JROC Joint Requirements Oversight Council UIK Underbody Improvement Kit (for M-ATV)
JUONS Joint Urgent Operational Needs Statement UK United Kingdom
L-ATV Light Combat Tactical All-Terrain Vehicle ZR Zero Radius
LRIP Low Rate Initial Production

Q3 2017 earnings slides final

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