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TheStreet Open House

Oshkosh Corporation Reports Fiscal 2013 First Quarter Results

About Oshkosh Corporation

Oshkosh Corporation is a leading designer, manufacturer and marketer of a broad range of specialty access equipment, commercial, fire & emergency and military vehicles and vehicle bodies. Oshkosh Corporation manufactures, distributes and services products under the brands of Oshkosh ®, JLG ®, Pierce ®, McNeilus ®, Medtec ®, Jerr-Dan ®, Frontline , CON-E-CO ®, London ® and IMT ®. Oshkosh products are valued worldwide in businesses where high quality, superior performance, rugged reliability and long-term value are paramount. For more information, log on to www.oshkoshcorporation.com.

®, TM All brand names referred to in this news release are trademarks of Oshkosh Corporation or its subsidiary companies.

 
 
 
OSHKOSH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited; in millions)
   
Three Months Ended
December 31,
2012 2011
 
Net sales $ 1,761.0 $ 1,875.7
Cost of sales   1,514.7     1,654.2  
Gross income 246.3 221.5
 
Operating expenses:
Selling, general and administrative 151.1 131.4
Amortization of purchased intangibles   14.4     14.7  
Total operating expenses   165.5     146.1  
Operating income 80.8 75.4
 
Other income (expense):
Interest expense (16.7 ) (20.6 )
Interest income 2.5 0.6
Miscellaneous, net   0.3     (5.6 )
Income from continuing operations before income
taxes and equity in earnings of unconsolidated affiliates 66.9 49.8
Provision for income taxes   21.0     11.1  
Income from continuing operations before
equity in earnings of unconsolidated affiliates 45.9 38.7
Equity in earnings of unconsolidated affiliates   0.6     0.7  
Income from continuing operations, net of tax 46.5 39.4
Income (loss) from discontinued operations, net of tax   -     (0.1 )
Net income 46.5 39.3
Net income attributable to noncontrolling interest   -     (0.4 )
Net income attributable to Oshkosh Corporation $ 46.5   $ 38.9  
 
Amounts available to Oshkosh Corporation
common shareholders, net of tax:
Income from continuing operations $ 46.5 $ 39.0
Income allocated to participating securities   (0.3 )   (0.1 )
Income available to Oshkosh Corporation common
shareholders $ 46.2   $ 38.9  
 
Income (loss) from discontinued operations $ -   $ (0.1 )
 
 
 
OSHKOSH CORPORATION
EARNINGS (LOSS) PER SHARE
(Unaudited)
   
Three Months Ended
December 31,
2012 2011
 
Earnings (loss) per share attributable to Oshkosh
Corporation common shareholders-basic:
Continuing operations $ 0.51 $ 0.43
Discontinued operations   -   (0.01 )
$ 0.51 $ 0.42  
 
Earnings (loss) per share attributable to Oshkosh
Corporation common shareholders-diluted:
Continuing operations $ 0.51 $ 0.43
Discontinued operations   -   (0.01 )
$ 0.51 $ 0.42  
 
Basic weighted average shares outstanding 90,303,191 91,186,347
Effect of dilutive stock options and other
equity-based compensation awards   878,606   585,278  
Diluted weighted average shares outstanding   91,181,797   91,771,625  
 
 
 
OSHKOSH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions)
   
December 31, September 30,
2012 2012
ASSETS
Current assets:
Cash and cash equivalents $ 455.7 $ 540.7
Receivables, net 646.2 1,018.6
Inventories, net 1,056.9 937.5
Deferred income taxes 60.5 69.9
Prepaid income taxes 122.3 98.0
Other current assets   28.6     29.8  
Total current assets 2,370.2 2,694.5
Investment in unconsolidated affiliates 19.7 18.8
Property, plant and equipment:
Property, plant and equipment 851.3 856.5
Accumulated depreciation   (493.3 )   (486.6 )
Property, plant and equipment, net 358.0 369.9
Goodwill 1,038.9 1,033.8
Purchased intangible assets, net 762.0 775.4
Other long-term assets   55.1     55.4  
Total assets $ 4,603.9   $ 4,947.8  
 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Revolving credit facility and current maturities
of long-term debt $ 16.3 $ -
Accounts payable 532.6 683.3
Customer advances 481.7 510.4
Payroll-related obligations 87.8 130.1
Accrued warranty 90.5 95.0
Deferred revenue 34.2 113.0
Other current liabilities   193.8     172.7  
Total current liabilities 1,436.9 1,704.5
Long-term debt, less current maturities 938.7 955.0
Deferred income taxes 119.9 129.6
Other long-term liabilities 320.5 305.2
Commitments and contingencies
Shareholders' equity   1,787.9     1,853.5  
Total liabilities and shareholders' equity $ 4,603.9   $ 4,947.8  
 
 
 
OSHKOSH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
   
Three Months Ended
December 31,
2012 2011
Operating activities:
Net income $ 46.5 $ 39.3
Depreciation and amortization 31.4 33.7
Deferred income taxes (2.5 ) 0.7
Other non-cash adjustments 0.4 2.1
Changes in operating assets and liabilities   (30.7 )   (13.9 )
Net cash provided by operating activities 45.1 61.9
 
Investing activities:
Additions to property, plant and equipment (8.3 ) (14.2 )
Additions to equipment held for rental (1.1 ) (3.5 )
Proceeds from sale of equipment held for rental 3.5 1.1
Other investing activities   -     2.4  
Net cash used by investing activities (5.9 ) (14.2 )
 
Financing activities:
Repayment of long-term debt - (40.0 )
Repurchases of common stock (125.1 ) -
Other financing activities   0.7     0.1  
Net cash used by financing activities (124.4 ) (39.9 )
 
Effect of exchange rate changes on cash   0.2     4.0  
Increase (decrease) in cash and cash equivalents (85.0 ) 11.8
Cash and cash equivalents at beginning of period   540.7     428.5  
Cash and cash equivalents at end of period $ 455.7   $ 440.3  
 
 
 
OSHKOSH CORPORATION
SEGMENT INFORMATION
(Unaudited; in millions)
           
Three Months Ended Three Months Ended
December 31, 2012 December 31, 2011
External Inter- Net External Inter- Net
Customers segment Sales Customers segment Sales
Access equipment
Aerial work platforms $ 252.2 $ - $ 252.2 $ 252.9 $ - $ 252.9
Telehandlers 206.9 - 206.9 148.4 - 148.4
Other   122.1   0.1     122.2     103.8   122.6     226.4  
Total access equipment 581.2 0.1 581.3 505.1 122.6 627.7
 
Defense 827.8 0.9 828.7 1,050.2 0.8 1,051.0
 
Fire & emergency 182.6 10.7 193.3 155.4 4.7 160.1
 
Commercial
Concrete placement 63.3 - 63.3 46.7 - 46.7
Refuse collection 80.8 - 80.8 95.3 - 95.3
Other   25.3   7.9     33.2     23.0   6.6     29.6  
Total commercial 169.4 7.9 177.3 165.0 6.6 171.6
Intersegment eliminations   -   (19.6 )   (19.6 )   -   (134.7 )   (134.7 )
Consolidated $ 1,761.0 $ -   $ 1,761.0   $ 1,875.7 $ -   $ 1,875.7  
 
 
 
 

Three Months Ended

December 31,
2012   2011
Operating income (loss):
Access equipment $ 48.9 $ 13.1
Defense 60.9 92.4
Fire & emergency 5.8 (9.9 )
Commercial 8.0 6.9
Corporate (42.7 ) (27.1 )
Intersegment eliminations   (0.1 )   -  
Consolidated $ 80.8   $ 75.4  
 
December 31,
2012 2011
Period-end backlog:
Access equipment $ 767.1 $ 785.3
Defense 3,138.1 4,258.8
Fire & emergency 479.2 522.6
Commercial   145.9     120.4  
Consolidated $ 4,530.3   $ 5,687.1  

1 This press release refers to GAAP (U.S. generally accepted accounting principles) and non-GAAP financial measures. Oshkosh Corporation believes that the non-GAAP measures provide a more meaningful comparison of its underlying operating performance. These non-GAAP measures may not be comparable to similarly titled measures being disclosed by other companies. A reconciliation of these non-GAAP financial measures to the most comparable GAAP measures can be found under the caption “Non-GAAP Financial Measures” in this press release.

Copyright Business Wire 2010
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