Q4 2016 earnings slides v8

MOVING THE WORLD AT WORK
Fourth Quarter Fiscal 2016
November 1, 2016
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; the outcome of a competitor’s protest of orders we received from the
DoD; 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 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 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.
November 1, 2016OSK Fourth Quarter 2016Earnings Call 2

Q4 FY16 Results
 Q4 FY16 adjusted EPS* of $1.05
 Higher defense segment sales
− 325 international M-ATVs
 Higher adjusted operating
income margin vs. prior year in
defense and access equipment
segments
 Strong free cash flow
 Maintaining full year FY17 EPS
outlook range of $3.00 to $3.40
Net Sales
(billions)
Adjusted EPS*
3
OSK Fiscal Q4 Performance
November 1, 2016OSK Fourth Quarter 2016 Earnings Call
* Non-GAAP results. See Appendix for reconciliation to GAAP results.
$1.05
$0.67
$0.00
$0.25
$0.50
$0.75
$1.00
$1.25
FY16 FY15
$1.8
$1.6
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
$1.8
$2.0
FY16 FY15

OSK Full Year Performance
Full Year FY16 Results
 Revenue and adjusted EPS
growth driven by:
– Strong defense shipments
– Improved fire & emergency
results
 Improving operations
− Focus on operational efficiencies
and simplifying our businesses
 Repurchased 2.5 million shares
or ~3% of outstanding shares
 Announced 11% dividend
increase effective November 17
 Generated $490 million
free cash flow*
* Non-GAAP results. See Appendix for reconciliation to GAAP results.
4November 1, 2016OSK Fourth Quarter 2016 Earnings Call
Net Sales
(billions)
Adjusted EPS*
$3.14
$3.02
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
FY16 FY15
$6.3 $6.1
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
FY16 FY15

Access Equipment
 Maintaining previous outlook for FY17
 North America market remains cautious
− Rental companies selective with new
equipment purchases
− Lower replacement demand
 Growth in Europe
− Signs of recovery in southern Europe
− Continued recovery in Benelux and
Nordics
− Brexit driven pause in UK
 Achieved inventory reduction goal
 Plan to outsource aftermarket parts
distribution
 Long-term outlook remains positive
November 1, 2016OSK Fourth Quarter 2016 Earnings Call 5

Defense
 Strong finish to strong year
 Initial deliveries of JLTV started in Q4
− Supports government testing during LRIP
− Eight years of U.S. DoD demand with
initial contract
− Solid long-term international opportunity
 FMTV update
− Additional orders received in September
as expected
− Competitor filed protest with GAO;
resolution expected in January 2017
 Continuing to work towards additional
opportunities for international sales
− Positive impact on FY16 performance
with growth in FY17

Fire & Emergency
 Strong performance driven by
streamlined operations and
improved North American market
− 160 bps increase in operating
income margin in FY16
− Q4 operating income margin
supports full year FY17 margin target
 Building on strengths in traditional
fire truck market
− New products/technology
− Improved municipal tax receipts
− Dealer network investing for growth
 Airport products revenue lower
− Large international sales in Q4 FY15
− Strong U.S. dollar
 Aging fleets support longer
term outlook

Commercial
 Slightly higher full year results and
operating income margin compared to
prior year on flat sales
 RCV business remains solid despite
expected moderation in near term
− Strong municipal tax receipts and
construction support continuing demand
 Concrete mixer customers remain
cautious
− Waiting for positive construction
trends to be more pronounced
− Fleet age expected to become
positive driver
 Committed to deliver margin
improvement

Consolidated Results
 Sales impacted by:
 Higher sales in each segment,
led by defense
 EPS impacted by:
 Higher defense and access
equipment segment operating
income
 Lower average share count
− Higher corporate expenses
Q4 Comments
(Dollars in millions, except per share amounts)
Fourth Quarter
Net Sales $1,755.4 $1,578.3
% Change 11.2% (5.4)%
Adjusted Operating
Income* $123.3 $89.5
% Change 37.7% (23.4)%
% Margin 7.0% 5.7%
Adjusted EPS* $1.05 $0.67
% Change 56.7% (30.2)%
2016 2015
* Non-GAAP results. See appendix for reconciliation to GAAP results.

FY17 Estimates
10
 Revenues of $6.5 to $6.7 billion
 Operating income of $390 million to $430 million
 EPS of $3.00 to $3.40
Assumptions
– No recession
– Sale of ~1,000 International M-ATVs
– Continued caution by construction equipment customers
– Slow recovery of N.A. fire apparatus market continues
– Moderating refuse collection vehicle market growth
– Working capital build to support international
defense sales
Additional estimates
– Corporate expenses of $140 - $145 million
– Tax rate of ~33%
– CapEx of ~$100 million
– Free Cash Flow* of $0 to $50 million
– Assumes share count of ~74.5 million
Segment information
Measure Access
Equipment Defense Fire &
Emergency Commercial
Sales
(billions)
$2.7 to $2.8 ~$1.85 ~$1.0 ~$1.0
Operating Income
Margin
7.75% - 8.5% ~9.5% ~8.5% ~6.75%
OSK Fourth Quarter 2016 Earnings Call November 1, 2016

Positive Long-Term Outlook for Oshkosh
 A Different Integrated Global Industrial
 Favorable end market drivers
 Shared operations
 People First culture
 MOVE – Evolving to deliver more value
 Well positioned for long-term success

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 $775.8 $769.5
% Change 0.8% (17.5)%
Adjusted
Operating Income* $73.0 $59.0
% Change 23.7% (53.7)%
% Margin 9.4% 7.7%
Fourth Quarter
(Dollars in millions)
2016 2015
Appendix: Access Equipment
 Higher volume in EMEA and
Pacific Rim
− Competitive pricing
 Operating income impacted by:
 Lower spending on engine
emissions standards changes
 Lower material costs
 Lower provisions for valuation
reserves on used equipment
− Competitive pricing
 Backlog down 14% vs. prior
year to $179 million
Q4 Comments

Appendix: Defense
 Higher international M-ATV and
FHTV volume
 Higher sales volume
 Prior year provisions for
contract audits
 Backlog up 65% vs. prior year
to $2.3 billion*
Q4 Comments
Net Sales $471.8 $317.6
% Change 48.5% 10.3%
Operating Income $52.4 $18.5
% Change 183.4% 989.8%
% Margin 11.1% 5.8%
Fourth Quarter
2016 2015
* Includes $380 million of FMTV orders under protest.

Net Sales $256.9 $245.4
% Change 4.7% 14.2%
% Change (5.8)% 89.2%
% Margin 8.7% 9.6%
Fourth Quarter
2016 2015
Appendix: Fire & Emergency
 Higher Pierce fire truck volume
− Lower airport products volume
− Unfavorable airport products
and broadcast vehicle mix
 Higher sales volume
 Backlog up 8% vs. prior year to
$853 million
Q4 Comments

Appendix: Commercial
 Higher concrete mixer volume
− Lower service truck volume
− Production inefficiencies
associated with new product
launches
− Investments in MOVE initiatives
 Backlog down 10% vs. prior
year to $173 million
Q4 Comments
Net Sales $254.3 $252.9
% Change 0.6% 3.8%
% Change (15.9)% 14.6%
% Margin 7.0% 8.4%
Fourth Quarter
2016 2015

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):
Fiscal 2016
Net cash flows provided by operating activities $ 577.7
Additions to property, plant and equipment (92.5)
Additions to equipment held for rental (34.8)
Proceeds from sale of equipment held for rental 40.2
Free cash flow $ 490.6
Fiscal 2017 Fiscal 2017
Low High
Expectations Expectations
Net cash flows provided by operating activities $ 100.0 $ 150.0
Additions to property, plant and equipment (100.0) (100.0)
Free cash flow $ - $ 50.0

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):
2016 2015 2016 2015
Adjusted access equipment segment operating
income (non-GAAP) 73.0$ 59.0$ 291.2$ 409.5$
Long-lived asset impairment charge (26.9) - (26.9) -
Workforce reduction charges (0.9) (2.5) (0.9) (2.5)
Access equipment segment operating income (GAAP) 45.2$ 56.5$ 263.4$ 407.0$
Adjusted operating income (non-GAAP) 123.3$ 89.5$ 391.8$ 398.1$
Long-lived asset impairment charge (26.9) - (26.9) -
OPEB curtailment / settlement - - - 3.4
Workforce reduction charges (0.9) (2.9) (0.9) (2.9)
Operating income (GAAP) 95.5$ 86.6$ 364.0$ 398.6$
Adjusted earnings per share-diluted (non-GAAP) 1.05$ 0.67$ 3.14$ 3.02$
Long-lived asset impairment charge, net of tax (0.22) - (0.22) -
OPEB curtailment / settlement, net of tax - - - 0.03
Workforce reduction charges, net of tax (0.01) (0.03) (0.01) (0.03)
Debt extinguishment costs, net of tax - - - (0.12)
Earnings per share-diluted (GAAP) 0.82$ 0.64$ 2.91$ 2.90$
Three Months Ended Fiscal Year Ended
September 30, September 30,

Appendix: Commonly Used Acronyms
19November 1, 2016OSK Fourth Quarter 2016 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
EAME Europe, Africa & Middle East OCO Overseas Contingency Operations
EMD Engineering & Manufacturing Development OH Overhead
EPS Diluted Earnings Per Share OI Operating Income
FAST Act Fixing America’s Surface Transportation Act 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
GAO Government Accountability Office RCV Refuse Collection Vehicle
HEMTT Heavy Expanded Mobility Tactical Truck RFP Request for Proposal
HET Heavy Equipment Transporter ROW Rest of World
HMMWV High Mobility Multi-Purpose Wheeled Vehicle SMP Standard Military Pattern (Canadian MSVS)
IRC Independent Rental Company TACOM Tank-automotive and Armaments Command
IT Information Technology TDP Technical Data Package
JLTV Joint Light Tactical Vehicle TPV Tactical Protector Vehicle
JPO Joint Program Office TWV Tactical Wheeled Vehicle
JROC Joint Requirements Oversight Council UCA Undefinitized Contract Action
JUONS Joint Urgent Operational Needs Statement UIK Underbody Improvement Kit (for M-ATV)
L-ATV Light Combat Tactical All-Terrain Vehicle UK United Kingdom
LRIP Low Rate Initial Production ZR Zero Radius

Q4 2016 earnings slides v8

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Q4 2016 earnings slides v8