In this earnings call, Oshkosh Truck Corporation discusses its first quarter 2007 results. Sales increased 27.4% to $1.01 billion due to the acquisition of JLG Industries. Operating income decreased 3.9% to $83.6 million and EPS decreased 23.6% to $0.55. The company increased its full-year 2007 EPS estimate range to $3.15 to $3.25 per share. JLG is meeting expectations and integration is progressing well. Defense sales were lower compared to strong prior year results while fire and emergency and commercial saw strong performance.
Riverside County State of Education 2013riversidecoe
Riverside County Superintendent of Schools Kenneth M. Young delivered the 2013 Riverside County State of Education address Thursday, March 21, 2013, to nearly 400 education, business and community leaders at the Palm Springs Convention Center.
Riverside County State of Education 2013riversidecoe
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Abstract In the present era of rapid industrialization and development of infrastructure projects, the natural resources are becoming scarce and hence their cost is increasing alarmingly. For an infrastructural project the soil consumption is very high and also specific soil is to be used for the requirements of its strength, durability etc. Locally available soil is the best option for these projects, if the suitable soil is not nearby it has a stringent effect on overall cost of project. Due to increase of demand for land in urban areas, soils which are weak and not suitable for foundations are to be effectively modified for construction of industries. Hence, there is a need to carryout research for an alternate material which is available in plenty and also gives desired strength upon modifications. There is a growing awareness allover the world about the extensive damage caused by the accumulated industrial wastes at various plants. This paper highlights various issues and scope for utilization of spent wash in engineering practice. This paper presents the results of index and engineering properties of blended soils. Studies are carried out by varying soil gradation, spent wash content under different curing time periods. For study two types of soils are taken and their properties are studied up on addition of 25% spent wash maintaining different curing periods of 2, 4 and 6 weeks. It was observed that spent wash is effective in reducing plasticity characteristics and increasing engineering properties namely, dry density and the unconfined strength of soil and reducing Optimum moisture content Index Terms: Effluent, Tropical, spentwash, blended
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This strategic move aims to redefine and elevate the banking experience for customers.
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Indepth analysis of the BYD 2024
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This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
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On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
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The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
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NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
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@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
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A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
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Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
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how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
1. Earnings Conference Call
First Quarter Fiscal 2007
February 2, 2007
Robert G. Bohn
Chairman, President and Chief Executive Officer
Charles L. Szews
Executive Vice President and Chief Financial Officer
and President, JLG Industries, Inc.
1
Patrick N. Davidson
2. Forward Looking Statements
Our remarks that follow, including answers to your questions and these slides, include
statements that we believe are “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act. All of our statements, other than statements of historical fact,
including statements regarding Oshkosh Truck’s future financial position, business strategy,
targets, projected sales, costs, earnings, capital expenditures and debt levels, and plans and
objectives of management for future operations, are forward-looking statements. In addition,
forward-looking statements generally can be identified by the use of words such as “expect,”
“intend,” “estimates,” “anticipate,” “believe,” “should,” “plans,” or similar words. We cannot
give any assurance that such expectations will prove to be correct. Some factors that could cause
actual results to differ materially from our expectations include the accuracy of assumptions
made with respect to our expectations for fiscal 2007, the Company’s ability to integrate the JLG
Industries, Inc., the Oshkosh Specialty Vehicles and Iowa Mold Tooling Co., Inc. acquisitions, the
consequences of financial leverage associated with the JLG acquisition, the Company’s ability to
turn around the Geesink Norba Group and Medtec businesses sufficiently to support their
valuations resulting in no non-cash impairment charges for goodwill, the Company’s ability to
grow operating income in fiscal 2007 at certain of its business units that anticipate lower
industry demand resulting from changes to diesel engine emissions standards effective January
1, 2007, the expected level of U.S. Department of Defense procurement of the Company’s
products and services, the cyclical nature of the Company’s access equipment, commercial and
fire & emergency markets, risks related to reductions in government expenditures, the
uncertainty of government contracts, the success of the launch of the Revolution® drum, and
risks associated with international operations. Additional information concerning these and
other factors is contained in our filings with the SEC, including our Form 8-K filed February 2,
2007. Except as set forth in such Form 8-K, we disclaim any obligation to update such forward-
looking statements.
2
3. Oshkosh Q1 2007 Highlights
• Closed on $3.1 billion
OSK Q1 Performance
acquisition of JLG Industries
(millions)
– Acquisition meeting our
expectations $1,200 $100.0
$87.0 $83.6
$90.0
• Sales increased 27.4% to $1,000
$80.0
$67.6
Operating Income
Sales Revenue
$1,006.8
$1.01 billion $70.0
$790.3
$800
$60.0
$644.9
• Operating income decreased $600 $50.0
$40.0
3.9% to $83.6 million $400
$30.0
$20.0
• EPS down 23.6% to $0.55 $200
$10.0
$0 $0.0
• Increased fiscal 2007 EPS 2005 2006 2007
estimate range by $0.10; Sales Revenue Operating Income
now $3.15 to $3.25
3
4. Defense
• Tough quarterly comparison
with 2006, as expected
– Remanufacturing volume shifted
to back half of fiscal 2007
– Parts & service business impacted
by low funding
• Increasing bid activity for
armored vehicles
• Expect large spring 2007
supplemental; solidifies outlook
for fiscal 2008
4
5. Fire & Emergency
• Exceptional performance by
Pierce led the way
• Velocity™ and Impel™ chassis
gaining momentum
• Solid results in towing and
airport groups
• Significant integration
progress with recent
acquisition, Oshkosh
Specialty Vehicles (formerly
known as AK Specialty
Vehicles)
5
6. Commercial
• Strong domestic results in
advance of tighter 2007
engine emissions standards
• Chassis availability issues in
France continue and U.K.
demand remains weak
• IMT synergies and integration
progressing as planned
• Successfully implemented 3rd
and final phase of McNeilus
ERP system
6
7. Strategic Rationale for JLG
• Continue track record of
outstanding shareholder value
creation
• JLG is the world leader in aerial
work platforms and telehandlers
• OSK’s acquisition objectives:
– Support growth rate of >15%
– Diversify to complement strong and
growing defense business
– Provide scale in procurement and global
reach
– Execute within goals of long-term
acquisition strategy
7
8. JLG Meeting Expectations
• Fiscal 2007 outlook
favorable
– Favorable contract renewals
– Prices increased
– Favorable mix shift to aerial
work platforms
• Achieving scale as expected
– Procurement
– Global reach
• Excellent integration
cooperation
– Strong cultural similarities
with Oshkosh
8
9. Integration Activities
• Formed value creation and back
office integration teams
• Created management team to drive
business forward
• Established 100 day goals
• Communicated sales and growth
objectives
• Opportunities are matching
expectations
– Expect to deliver fiscal 2007 synergy
targets
9
10. Driving JLG Forward
OSK Annual Revenues
(millions)
• Focused on delivering $7,000
value to customers $6,000
• Implementing growth $5,000
drivers $4,000
$3,000
• Creating velocity
$2,000
• Installing best practices
$1,000
$0
-
96
01
02
03
04
05
20 6
E
0
07
19
20
20
20
20
20
20
2007E based on Company estimates in this presentation.
10
11. Consolidated Results
Dollars in millions
Comments
First Quarter
2006
2007
• As expected,
Net Sales $1,006.8 $790.3
defense results
% Growth 27.4% 22.5%
lower in quarter
Operating Income $ 83.6 $ 87.0
• JLG dilutive to
% Margin 8.3% 11.0%
earnings in Q1 by
% Growth (3.9)% 28.6%
$0.13
Earnings Per Share $ 0.55 $ 0.72
• Strong results from
% Growth (23.6)% 28.6%
fire & emergency
and commercial
11
12. Access Equipment
Dollars in millions
Comments
First Quarter
2006
2007
• December sales are
Net Sales $117.7 NA seasonally slow
% Growth NA NA • Purchase accounting
charges:
Operating Income $ 2.4 NA
- $3.5 million
% Margin 2.0% NA
inventory revaluation
% Growth NA NA - $3.8 million
amortization and
depreciation
• Backlog up 8.7%
12
13. Defense
Dollars in millions
Comments
First Quarter
2006
2007 • Lower truck
remanufacturing and
Net Sales $311.7 $363.1
parts & service
% Growth (14.2)% 68.5%
Operating Income $ 54.6 $ 72.6 • Higher new product
development and bid
% Margin 17.5% 20.0%
and proposal
% Growth (24.8)% 40.5%
spending
• Backlog down 15.9%
13
14. Fire & Emergency
Dollars in millions
Comments
First Quarter
2006
2007 • Substantially improved
margins at Pierce
Net Sales $266.0 $216.4
• Strong airport products
% Growth 22.9% 11.5%
results
Operating Income $ 24.5 $ 20.9
• Includes $28.7 million
% Margin 9.2% 9.7%
of sales from OSV
% Growth 17.3% 13.4%
• Operating losses at
Medtec and BAI
• Backlog up 24.9%
14
15. Commercial
Dollars in millions
First Quarter Comments
2006
2007
• Strong domestic sales
Net Sales $319.0 $221.2
• Pricing and cost
% Growth 44.2% (8.4)% initiatives continue to
produce solid results
Operating Income $ 20.8 $ 8.3
3.8% • Operating loss of $4.2
% Margin 6.5%
million in European
% Growth 150.3% 47.6%
refuse
• Includes $27.6 million
of sales from IMT
• Backlog up 3.0%
15
16. Oshkosh Fiscal 2007 Estimates
Sales of $6.05 to $6.15 billion
• Access equipment sales expected
to approximate $2.3 to $2.4 billion
• Defense sales expected to increase
by $150 to $200 million
• Fire and emergency sales expected
to rise 20 to 25%
• Commercial sales expected to be
slightly lower; includes impact of
IMT
16
17. Oshkosh Fiscal 2007 Estimates
Operating Income of $582 to $594 Million
• Expect access equipment
margins of about 9.5%, including
purchase accounting charges of
$63.0 to $65.0 million
• Expect defense margins to
decline about 50 to 100 bps
• Anticipate fire & emergency
margins to be up nearly 50 bps
• Expect commercial margins to
improve about 100 bps
17
18. Oshkosh Fiscal 2007 Estimates
Other Estimates
(Dollars in millions)
Fiscal
2007
Estimates
Interest expense and other $215 to $220 (expense)
Effective tax rate 36.0%
Minority interest $0.5 (expense)
Equity in earnings $2.5
Average shares outstanding 75,250,000
18
19. Oshkosh Fiscal 2007 Estimates
• Annual EPS estimate range
of $3.15 - $3.25
• Q2 EPS estimate range of
$0.50 - $0.57
• Capital spending expected
to approximate $105 million
• Expect debt between $3.1 and
$3.2 billion at fiscal year-end
19