Oshkosh Q2 2017 Earnings Presentation

MOVING THE WORLD AT WORK
Second Quarter Fiscal 2017
April 26, 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 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, including any delays as a result of an
accident at the Company’s Dodge Center manufacturing facility; 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.
April 26, 2017OSK Second Quarter 2017 Earnings Call 2

Continuing to Execute in FY17
 Q2 adjusted EPS* of $0.76
− Equal to prior year Q2 EPS
− Above Company expectations
 Continued positive outlook
− Driven by market dynamics,
MOVE strategy and fleet ages
 Positive macroeconomic
environment and customer
sentiment
 Increasing full year FY17
adjusted EPS* outlook to
$3.20 to $3.50
Net Sales
(billions)
Adjusted EPS
3
OSK Fiscal Q2 Performance
April 26, 2017OSK Second Quarter 2017 Earnings Call
$0.76* $0.76
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$0.70
$0.80
FY17 FY16
$1.62
$1.52
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
$1.8
$2.0
FY17 FY16
* Non-GAAP results. See appendix for reconciliation to GAAP results.

Access Equipment
 Solid Q2 performance
 Continued lower North American
replacement demand and
challenging pricing environment
 U.S. construction indicators
generally positive
 Continued improving customer
sentiment in the U.S.
− Positive comments at recent trade
shows
 International market conditions
remained mixed
 Restructuring actions on track

Defense
 Solid execution in the quarter
 JLTV program remains a top priority
as manufacturing ramps up to
support program testing
 Remain busy internationally
− M-ATV shipments to Middle East
− Continued JLTV marketing
 Committed to a strong proposal for
FMTV recompete
 Monitoring U.S. Defense budget
progress

Fire & Emergency
 Continued progress toward double
digit operating income margin
 U.S. fire apparatus market expected
to be up modestly in FY17
− Despite annual market volume
continuing to run ~20% below pre-
recession levels
 Strong fire apparatus order rate in Q2
− Some likely related to price increase
timing
− Exited Q2 with record segment backlog
 Pierce launching multiple new
Ascendant configurations at FDIC
− Builds on strength of Pierce’s highly
successful new model introduction

Commercial
 Challenging quarter
− Lower shipments due to order
slowdown in prior quarter
− Adverse absorption
− Impact of January accident
 Orders rebounded in Q2
− Especially RCVs
 Strong activity at ConExpo
− Positive concrete mixer customer
sentiment, but expect
cautiousness to continue
− Multiple new product launches

Consolidated Results
 Sales impacted by:
+ Higher defense segment sales
− Lower access equipment and
commercial segment sales
 Adjusted EPS* impacted by:
+ Higher defense and fire &
emergency segment
operating income
+ Lower corporate expenses
− Lower access equipment and
commercial segment
operating income
− Higher prior year discrete
tax benefits
(Dollars in millions, except per share amounts)
Second Quarter
Net Sales $1,618.3 $1,524.3
% Change 6.2% (1.9)%
Adjusted Operating
Income $97.6* $91.4
% Change 6.8% (16.7)%
% Margin 6.0% 6.0%
Adjusted EPS $0.76* $0.76
% Change 0.0% (6.2)%
2017 2016
Q2 Comments

FY17 Expectations
9
 Revenues of $6.6 to $6.7 billion
 Adjusted operating income* of $415 million to $445 million
 Adjusted EPS* of $3.20 to $3.50
Q3 Commentary
 Expect higher sales vs. prior year
– Higher defense and to a lesser extent fire & emergency
segment sales to offset lower access equipment
segment sales
 Expect higher adjusted EPS vs. prior year
– Higher consolidated sales, partially offset by lower
commercial segment operating income
– Excludes expected pre-tax impact of additional
access equipment segment restructuring-related costs
Additional expectations
 Corporate expenses of ~ $145 million
 Adjusted tax rate* of 32.5% - 33.0%
 CapEx of ~$100 million
 Free Cash Flow* of $0 to $50 million
 Assumes share count of ~76.0 million
Segment information
Measure Access
Equipment Defense Fire &
Emergency Commercial
Sales
(billions)
~ $2.8 ~ $1.85 ~ $1.0 ~ $0.975
Adj. Operating
Income Margin
8.75% - 9.0%* ~ 10.0% ~ 8.5% 5.0% - 5.5%
OSK Second Quarter 2017 Earnings Call April 26, 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 $723.2 $754.3
% Change (4.1)% (23.2)%
Adjusted Operating
Income $59.3* $75.7
% Change (21.7)% (44.7)%
% Margin 8.2% 10.0%
Second Quarter
2017 2016
(Dollars in millions)
− Lower telehandler volume
− Competitive pricing
+ Higher used equipment and
service sales
 Adjusted operating income*
impacted by:
− Competitive pricing
− Higher SG&A costs, including
ConExpo impact
 Backlog up 11% vs. prior year
to $738 million
Q2 Comments

Appendix: Defense
Net Sales $446.1 $297.0
% Change 50.2% 87.1%
Operating Income $48.7 $27.8
% Change 75.2% 333.0%
% Margin 10.9% 9.4%
Second Quarter
2017 2016
+ Ramp-up of JLTV program
+ M-ATV international sales
 Operating income impacted by:
+ Higher sales volume
+ Improved manufacturing
absorption
− Adverse product mix
− Higher incentive compensation
expense
 Backlog up 9% vs. prior year to
$1.8 billion
Q2 Comments

Appendix: Fire & Emergency
− Lower international airport
products volume
+ Improved pricing
+ Improved pricing
at $1.0 billion
Net Sales $237.5 $240.4
% Change (1.2)% 18.5%
% Change 46.3% 66.0%
% Margin 9.2% 6.2%
Second Quarter
2017 2016
Q2 Comments

Appendix: Commercial
Net Sales $216.0 $236.7
% Change (8.7)% 7.1%
% Change (65.1)% 99.0%
% Margin 2.8% 7.3%
Second Quarter
2017 2016
− Lower RCV unit volume
+ Higher package (third party
chassis) sales
− Lower sales volume
− Adverse absorption
− Costs related to a manufacturing
facility accident
to $354 million
Q2 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
March 31, 2017
Adjusted diluted earnings per share (Non-GAAP) 0.76$
Restructuring-related costs, net of tax (0.18)
Diluted earnings per share (GAAP) 0.58$
Consolidated adjusted operating income (Non-GAAP) 97.6$
Restructuring-related costs (17.2)
Consolidated operating income (GAAP) 80.4$
Access equipment segment adjusted operating income (Non-GAAP) 59.3$
Restructuring-related costs (17.2)
Access equipment segment operating income (GAAP) 42.1$

Appendix:
comparable GAAP measures (in millions, except per share amounts):
Low High
Adjusted access equipment operating income margin (Non-GAAP) 8.75% 9.00%
Restructuring-related costs (1.55%) (1.55%)
Access equipment operating income margin (GAAP) 7.20% 7.45%
Consolidated adjusted operating income (Non-GAAP) 415.0$ 445.0$
Restructuring-related costs (43.0) (43.0)
Consolidated operating income (GAAP) 372.0$ 402.0$
Adjusted effective income tax rate (Non-GAAP) 33.0% 32.5%
Impact of restructuring-related costs on effective income tax rate 2.9% 2.9%
Effective income tax rate (GAAP) 35.9% 35.4%
Adjusted diluted earnings per share (Non-GAAP) 3.20$ 3.50$
Restructuring-related costs, net of tax (0.50) (0.50)
Diluted earnings per share (GAAP) 2.70$ 3.00$
Fiscal 2017 Expectations

Appendix:
comparable GAAP measures (in millions):
Low High
Net cash flows provided by operating activities 110.0$ 160.0$
Additions to property, plant and equipment (100.0) (100.0)
Net additions to equipment held for rental (10.0) (10.0)
Free cash flow -$ 50.0$
Fiscal 2017 Expectations

Appendix: Commonly Used Acronyms
18April 26, 2017OSK Second 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

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