Oshkosh Corporation (OSK)

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Oshkosh Corporation (OSK)

F1Q13 Earnings Call
January 25, 2013 9:00 a.m. ET


Charlie Szews - Chief Executive Officer

Dave Sagehorn - Executive Vice President & Chief Financial Officer

Wilson Jones - President & Chief Operating Officer

Patrick Davidson - Vice President of Investor Relations


Steve Volkmann – Jefferies & Co.

Jamie Cook – Credit Suisse

Ann Duignan – JPMorgan

Andrew – BMO Capital Markets

Peter Skibitski – Drexel Hamilton LLC

Eli Lustgarten – Longbow Research

Jerry Revich – Goldman Sachs

Alexander Potter – Piper Jaffray

Walt Liptak – Barrington Research

Basili Alukos – Morningstar, Inc.

Steve Barger – KeyBanc Capital Markets

Alexander Blanton – Clear Harbor Asset Management



Greetings and welcome to the Oshkosh Corporation Reports Fiscal 2013 First Quarter Results. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator instructions). As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Patrick Davidson, Vice President of Investor Relations for Oshkosh Corporation. Thank you, Mr. Davidson. You may now begin.

Patrick Davidson

Thanks Rob. Good morning everybody and thanks for joining us.

Earlier today we published strong first quarter results for fiscal 2013. A copy of the release is available on our website at oshkoshcorporation.com. Today’s call is being webcast and is accompanied by a slide presentation, which includes a reconciliation of non-GAAP measures used during this call and which is also available on our website. The audio replay and slide presentation will be available on our website for approximately 12 months. Please refer now to slide two of that slide presentation.

Our remarks that follow, including answers to your questions, include statements that we believe to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks that could cause actual results to be materially different from those expressed or implied by such forward-looking statements.

These risks include among other matters, matters that we have described in our Form 8-K filed with the SEC this morning and other filings we make with the SEC. We disclaim any obligation to update these forward-looking statements, which may not be updated until our next quarterly earnings conference call, if at all. All results stated on this call are for continuing operations attributable to Oshkosh Corporation, unless otherwise stated.

Our presenters today include Charlie Szews, Chief Executive Officer; Wilson Jones, President and Chief Operating Officer and Dave Sagehorn, Executive Vice President and Chief Financial Officer.

So, please turn to slide three and I’ll turn it over to you Charlie.

Charlie Szews

Thank you, Patrick and good morning. It is truly a pleasure to be speaking with all of you listening on our call today. I’m happy to kick off 2013 by announcing another quarter of strong performance for the company. This morning we’re reporting results that exceeded our expectations with revenues of $1.76 billion and adjusted EPS of $0.60 for the first quarter. We also generated $39 million of free cash flow in the quarter, which helped support a repurchase of approximately 4.25 million shares of Oshkosh common stock.

The momentum that we talked about in our last quarterly call has continued in our Access equipment and commercial segments as both businesses again delivered improved year-over-year performance. We also saw improved year-over-year performance in our fire and emergency segments and while margins in our defense segment are lower than the prior year period, the defense team still drove performance that led to margins in this segment that exceeded our expectations.

As a result of our strong first quarter performance, a positive outlook for the remainder of the year, first quarter share repurchases and the reinstatement of the R&D tax credit, we are raising our adjusted EPS estimates for fiscal 2013 to a range of $2.08 to $3.05. Dave will fill in the details on our estimates in a few minutes.

Please turn to slide 4. We continue to believe in our three year outlook for Oshkosh Corporation that we discussed last September in our Analyst Day. The building blocks for that outlook remain solid and we are progressing as expected. We’ve been talking about it for a while now and we’ll keep talking about it, MOVE. This strategy is simple, straightforward and easy to communicate. It provides us with a framework to improve our performance in all areas of the company, driving increased shareholder value. It’s a journey that we’ll be on for some time.

From a results perspective, we’re on schedule with all our principal MOVE initiatives and we’ll provide a scorecard for them at the end of fiscal 2013. In the meantime, we expect to continue to demonstrate the success of the MOVE strategy through improved earnings and increased shareholder value. We expect to achieve these goals through the focused efforts of each of our 13,000 employees. To borrow a phrase from football, we are currently doing a lot of blocking and tackling and striving for continuous improvement and it’s working.

It’s no secret that we’re experiencing recovery in the housing in the U.S. we see that data on a regular basis and it confirms that Americans are building more new homes. We directly benefit from these actions through stronger order flow for concrete mixer trucks and telehandlers, both of which are essentially equipment for new home construction. Indirectly, we expect increased housing starts to lead to higher tax receipts for municipalities and in turn stronger demand for new fire trucks and refuse collection vehicles in future years. Regardless of news from Washington, we believe that the U.S economy will power forward, albeit along a slow recovery consistent with our previous outlook.

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