Q1 2017 earnings slides

1. MOVING THE WORLD AT WORK
First Quarter Fiscal 2017
January 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)

2. MOVING THE WORLD AT WORK
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 a recent
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.
January 26, 2017OSK First Quarter 2017 Earnings Call 2

3. MOVING THE WORLD AT WORK
Solid Start to FY17
 Oshkosh Corporation:
100 years strong in 2017
 Q1 EPS of $0.26 exceeded
Company expectations
− Access equipment and defense
drove the stronger performance
 Taking action in access
equipment segment to simplify
operations and reduce cost
structure
 Reiterating full year FY17
adjusted EPS* outlook range of
$3.00 to $3.40
Net Sales
(billions)
EPS
3
OSK Fiscal Q1 Performance
January 26, 2017OSK First Quarter 2017 Earnings Call
$0.26
$0.19
$0.00
$0.05
$0.10
$0.15
$0.20
$0.25
$0.30
FY17 FY16
$1.21 $1.25
$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.

4. MOVING THE WORLD AT WORK
Access Equipment
 Solid performance in continued
challenging market environment
− Higher operating income on lower sales
− Ongoing lower replacement demand
− Continued challenging pricing
 Customer sentiment in North America
has remained strong
− Solid utilization and stabilizing rental rates
− Positive commentary on construction activity
and other indicators
 Continued positive long-term outlook
− Positive construction trends
− Replacement demand expected to
become a tailwind
− Potential for positive infrastructure
stimulus benefit
January 26, 2017OSK First Quarter 2017 Earnings Call 4

5. MOVING THE WORLD AT WORK
Restructuring in Access Equipment
Previously announced (September 2016)
 Aftermarket distribution center outsourcing in U.S. and Europe
− Expecting ~$6 million annualized savings beginning in FY18
Today’s announcement:
 Rationalizing operations and product offerings in Europe
− Moving European telehandler manufacturing from Belgium to Romania
− Streamlining European telehandler product lineup
− Exiting UK engineering center
 Consolidating North American telehandler manufacturing
operations in early FY18
− Moving from Ohio to Pennsylvania facilities
 Expecting annualized cost reduction of $20-$25 million
− Full run rate in FY19, partial year savings of $15-$20 million
expected in FY18
 Expecting implementation costs of $45-$50 million (including ~$10 million non-cash charges)
− ~$43 million to be incurred in FY17
− Will report results on adjusted, non-GAAP basis excluding implementation costs
January 26, 2017OSK First Quarter 2017 Earnings Call 5

6. MOVING THE WORLD AT WORK
Defense
 Strong start to the year
 JLTV LRIP phase gaining
momentum
− Production ramp up continuing
− Supporting government testing
− Continued international interest
 Executing well on programs
of record
− FHTV
− FMTV (competitor protest withdrawn)
 Ramping up international M-ATV
production
 Preparing proposal for
FMTV recompete
January 26, 2017OSK First Quarter 2017 Earnings Call 6

7. MOVING THE WORLD AT WORK
Fire & Emergency
 Simplification actions positively
impacting operational performance
 Fire apparatus market expected to
be up modestly in FY17
− Market declined 5.6% in FY16
− Pierce remains the industry leader
with best in class dealer network
 Expect solid municipal tax receipts
and aged fleets to continue to drive
positive outlook over next several
years
 Demand for Ascendant 107’ aerial
ladder has exceeded expectations
January 26, 2017OSK First Quarter 2017 Earnings Call 7

8. MOVING THE WORLD AT WORK
Commercial
 Lower order pace negatively
impacted Q1 performance
− Lower absorption
− Implemented cost reduction actions
 Concrete mixer customers remain
cautious
− Watching construction trends
− Considering potential impact of an
infrastructure stimulus package
− Fleet age continues to point towards
need for replacement
 RCV customers paused in Q1
− Pre-election slowdown
− Fleet age continues to point towards
need for replacement
January 26, 2017OSK First Quarter 2017 Earnings Call 8

9. MOVING THE WORLD AT WORK
Consolidated Results
 Sales impacted by:
− Lower access equipment and
defense segment sales
+ Higher fire & emergency
segment sales
 EPS impacted by:
+ Higher fire & emergency and
access equipment segment
operating income
− Lower commercial segment
operating income
Q1 Comments
(Dollars in millions, except per share amounts)
First Quarter
Net Sales $1,211.4 $1,252.0
% Change (3.2)% (7.5)%
Operating Income $36.2 $30.3
% Change 19.4% (51.3)%
% Margin 3.0% 2.4%
EPS $0.26 $0.19
% Change 36.8% (53.7)%
2017 2016
January 26, 2017OSK First Quarter 2017 Earnings Call 9

10. MOVING THE WORLD AT WORK
FY17 Expectations
10
 Revenues of $6.5 to $6.7 billion
 Adjusted operating income* of $390 million to $430 million
 Adjusted EPS* of $3.00 to $3.40
Q2 Commentary
– Expect higher sales vs. prior year
– Higher defense and fire & emergency segment sales to
offset lower access equipment segment sales
– Expect lower adjusted EPS vs. prior year
– Adverse mix between segments (higher defense
and lower access equipment )
– Excludes expected pre-tax impact of access
equipment segment restructuring-related costs
of $25 to $30 million
Additional expectations
– Corporate expenses of $140 - $145 million
– 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)
$2.7 to $2.8 ~$1.85 ~$1.0 ~$0.975
Adj. Operating
Income Margin
7.75% - 8.5%* ~9.75% ~8.5% ~6.5%
OSK First Quarter 2017 Earnings Call January 26, 2017
* Non-GAAP results. See appendix for reconciliation to GAAP results.

11. MOVING THE WORLD AT WORK
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
January 26, 2017OSK First Quarter 2017 Earnings Call 11

12. MOVING THE WORLD AT WORK
Net Sales $489.2 $529.8
% Change (7.7)% (26.1)%
Operating Income $24.4 $20.4
% Change 19.2% (73.5)%
% Margin 5.0% 3.9%
First Quarter
(Dollars in millions)
2017 2016
Appendix: Access Equipment
 Sales impacted by:
− Lower volume in North America
and EMEA
 Operating income impacted by:
+ Timing of new product
development costs
+ Product mix
− Lower sales
 Backlog down 18% vs. prior
year to $594 million
Q1 Comments
January 26, 2017OSK First Quarter 2017 Earnings Call 12

13. MOVING THE WORLD AT WORK
Appendix: Defense
 Sales impacted by:
− Prior year international M-ATV
sales
+ Higher FHTV volume
 Operating income impacted by:
+ Favorable mix
+ Performance on multi-year
contracts
− Lower volume
− Higher bid and proposal costs
 Backlog up 80% vs. prior year
to $2.2 billion
Q1 Comments
Net Sales $294.5 $318.0
% Change (7.4)% 18.1%
Operating Income $23.8 $23.2
% Change 2.6% 262.0%
% Margin 8.1% 7.3%
First Quarter
(Dollars in millions)
2017 2016
January 26, 2017OSK First Quarter 2017 Earnings Call 13

14. MOVING THE WORLD AT WORK
Net Sales $232.5 $207.5
% Change 12.0% 24.2%
Operating Income $17.0 $10.1
% Change 68.1% 556.8%
% Margin 7.3% 4.9%
First Quarter
(Dollars in millions)
2017 2016
Appendix: Fire & Emergency
 Sales impacted by:
+ Higher Pierce fire truck and
airport products volume
+ Improved pricing
 Operating income impacted by:
+ Price realization
+ Higher sales volume
 Backlog flat vs. prior year at
$901 million
Q1 Comments
January 26, 2017OSK First Quarter 2017 Earnings Call 14

15. MOVING THE WORLD AT WORK
Appendix: Commercial
 Sales impacted by:
− Lower unit volume
+ Higher content units
 Operating income impacted by:
− Adverse absorption
 Backlog down 12% vs. prior
year to $237 million
Q1 Comments
Net Sales $199.2 $200.3
% Change (0.6)% (4.7)%
Operating Income $4.6 $8.9
% Change (47.9)% (28.3)%
% Margin 2.3% 4.4%
First Quarter
(Dollars in millions)
2017 2016
January 26, 2017OSK First Quarter 2017 Earnings Call 15

16. MOVING THE WORLD AT WORK
January 26, 2017OSK First Quarter 2017 Earnings Call 16
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):
Low High
Adjusted access equipment operating income margin (Non-GAAP) 7.75% 8.50%
Restructuring-related costs (1.60%) (1.55%)
Access equipment operating income margin (GAAP) 6.15% 6.95%
Adjusted consolidated operating income (Non-GAAP) 390.0$ 430.0$
Restructuring-related costs (43.0) (43.0)
Consolidated operating income (GAAP) 347.0$ 387.0$
Adjusted effective income tax rate (Non-GAAP) 32.5% 33.0%
Impact of restructuring-related costs on effective income tax rate 2.9% 2.9%
Effective income tax rate (GAAP) 35.4% 35.9%
Adjusted diluted earnings per share (Non-GAAP) 3.00$ 3.40$
Restructuring-related costs (0.50) (0.50)
Diluted earnings per share (GAAP) 2.50$ 2.90$
September 30, 2017 Expectations
Fiscal Year Ended

17. MOVING THE WORLD AT WORK
January 26, 2017OSK First Quarter 2017 Earnings Call 17
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):
Low High
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$
Fiscal 2017 Expectations

18. MOVING THE WORLD AT WORK
Appendix: Commonly Used Acronyms
18January 26, 2017OSK First 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
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