Oshkosh Corporation reports Fiscal ’21 Fourth Quarter and Full-Year results
- Grew Fourth Quarter Fiscal 2021 Revenues by 15.6 Percent
- Grew Fiscal 2021 Revenues by 12.8 Percent
- Generated $1.22 Billion of Cash from Operations
- Announces 12 Percent Increase in Quarterly Cash Dividend to $0.37 Per Share
Oshkosh Corporation, a leading innovator of mission-critical vehicles and essential equipment, today reported fiscal 2021 fourth-quarter net income of $89.7 million, or $1.30 per diluted share, compared to $100.0 million, or $1.46 per diluted share, in the fourth quarter of fiscal 2020. Comparisons in this news release are to the corresponding period of the prior year unless otherwise noted.
Results for the fourth quarter of fiscal 2021 included an $11.7 million tax benefit associated with the release of a valuation allowance on deferred tax assets in Europe and a $5.4 million tax benefit associated with the carryback of a U.S. net operating loss to prior years with higher federal statutory rates. Results for the fourth quarter of fiscal 2020 included a $14.2 million after-tax gain on a business interruption insurance settlement, after-tax charges of $9.5 million related to restructuring actions, a $3.2 million after-tax gain related to a favorable arbitration settlement, and a $2.8 million after-tax gain on the sale of a business. Excluding these items, adjusted1 net income was $72.6 million, or $1.05 per diluted share, and $89.3 million, or $1.30 per diluted share, for the fourth quarter of fiscal 2021 and 2020, respectively.
Consolidated net sales in the fourth quarter of fiscal 2021 increased 15.6 percent to $2.06 billion largely as a result of a rebound in demand in the Access Equipment segment in North America.
Consolidated operating income in the fourth quarter of fiscal 2021 decreased 18.2 percent to $104.2 million, or 5.1 percent of sales, compared to $127.4 million, or 7.1 percent of sales, in the fourth quarter of fiscal 2020. The decrease was primarily due to higher material & logistics costs and the return of spending related to temporary cost reductions in the prior year, offset in part by the impact of the higher sales volume.
Consolidated operating results for the fourth quarter of fiscal 2020 included pre-tax charges related to restructuring actions of $13.0 million, a $12.3 million pre-tax gain on the business interruption insurance settlement, a pre-tax gain on the sale of the business of $3.1 million, and the pre-tax gain of $0.9 million on the arbitration settlement. Excluding these items, adjusted1 operating income in the fourth quarter of fiscal 2020 was $124.1 million, or 7.0 percent of sales.
“During the fourth quarter, we achieved revenue growth of 15.6 percent. However, adjusted1 operating income declined by 16.0 percent in the quarter as a result of higher input costs and the return of spending related to temporary cost reductions in the prior year. To address extreme input costs, we implemented multiple price increases during the year. We expect higher prices will largely catch up with higher costs late in the second quarter of fiscal 2022.
John C. Pfeifer
“Despite significant supply chain disruptions and higher material costs in the latter half of fiscal 2021, we completed another successful year for Oshkosh Corporation with fourth-quarter fiscal 2021 revenues of $2.06 billion and operating income of $104.2 million. During the year, we overcame many pandemic-related challenges, continued to strengthen our customer relationships, won major new programs in the Defense segment, introduced exciting new electric-powered vehicles, and delivered double-digit revenue and earnings growth,” said John C. Pfeifer, president and chief executive officer of Oshkosh. “Thanks to the efforts of our dedicated team, we were able to report fiscal 2021 diluted earnings per share of $6.83 and adjusted1 diluted earnings per share of $5.75, increases of 44.7 percent and 16.4 percent, respectively, compared to fiscal 2020.
“We recently introduced our evolved strategy to better reflect where we are focusing our efforts and our resources. Our strategy leads with innovation and continues with serving and supporting equipment throughout its lifecycle. It finishes with advancing into new markets and categories for continued growth. We call it ‘Innovate. Serve. Advance’, and it provides the framework that we believe is necessary as we drive long-term growth,” stated Pfeifer.
“Due to uncertainty caused by ongoing supply chain disruptions, we are not providing guidance for our October through December Stub Period. We are aggressively managing our operations and working with suppliers and customers as we deal with the supply chain environment, which we believe will remain choppy well into fiscal 2022. We are confident in our long-term growth outlook based on strong market fundamentals, strategic program wins, and a comprehensive offering of innovative new products that enhance our continued market leadership,” added Pfeifer.
Factors affecting fourth-quarter results for the Company’s business segments included:
Access Equipment – Access Equipment segment net sales in the fourth quarter of fiscal 2021 increased 37.3 percent to $845.9 million due to improved market demand in North America. The fourth quarter of fiscal 2020 was impacted by low market demand, due in large part to the economic downturn brought on by the COVID-19 pandemic.
Access Equipment segment operating income in the fourth quarter of fiscal 2021 increased 21.3 percent to $30.7 million, or 3.6 percent of sales, compared to $25.3 million, or 4.1 percent of sales, in the fourth quarter of fiscal 2020. The increase in operating income was primarily due to the impact of the higher sales volume, improved manufacturing absorption, and the absence of charges related to restructuring actions, offset in part by higher material & logistics costs, the return of spending related to temporary cost reductions in the prior year and an increase in product liability activity.
Access Equipment segment results for the fourth quarter of fiscal 2020 included pre-tax charges related to restructuring actions of $7.5 million. Excluding these charges, adjusted1 operating income in the fourth quarter of fiscal 2020 was $32.8 million, or 5.3 percent of sales.
Defense – Defense segment net sales for the fourth quarter of fiscal 2021 increased 5.1 percent to $650.2 million due to higher Joint Light Tactical Vehicle program volume and sales related to the Pratt Miller acquisition, offset in part by lower Family of Medium Tactical Vehicle program volume and lower international sales.
Defense segment operating income in the fourth quarter of fiscal 2021 decreased 11.3 percent to $49.7 million, or 7.6 percent of sales, compared to $56.0 million, or 9.0 percent of sales, in the fourth quarter of fiscal 2020. The decrease in operating income was due to adverse product mix, higher material costs, and unfavorable production variances, offset in part by the impact of higher sales volumes.
Fire & Emergency – Fire & Emergency segment net sales for the fourth quarter of fiscal 2021 increased 9.6 percent to $337.7 million due to higher Aircraft Rescue and Firefighting vehicle sales volume.
Fire & Emergency segment operating income in the fourth quarter of fiscal 2021 decreased 6.3 percent to $47.2 million, or 14.0 percent of sales, compared to $50.4 million, or 16.4 percent of sales, in the fourth quarter of fiscal 2020. The decrease in operating income was due to higher material costs, manufacturing inefficiencies as a result of supply chain shortages and the return of spending related to temporary cost reductions in the prior year, offset in part by the impact of higher sales volume and higher pricing in response to the higher input costs.
Commercial – Commercial segment net sales for the fourth quarter of fiscal 2021 decreased 6.2 percent to $233.8 million due to lower package sales, which include both a third-party chassis and a body.
Commercial segment operating income in the fourth quarter of fiscal 2021 decreased 66.0 percent to $10.7 million, or 4.6 percent of sales, compared to $31.5 million, or 12.6 percent of sales, in the fourth quarter of fiscal 2020. The decrease in operating income was largely due to higher material costs, the $12.3 million business interruption insurance settlement that was received in the prior-year quarter, and the return of spending related to temporary cost reductions in the prior year, offset in part by improved manufacturing absorption and higher pricing in response to the higher input costs.
Commercial segment results for the fourth quarter of fiscal 2020 included the $12.3 million pre-tax gain on the business interruption insurance settlement, pre-tax charges related to restructuring actions of $4.1 million, and the pre-tax gain on the sale of a business of $3.1 million. Excluding these items, adjusted1 operating income was $20.2 million, or 8.1 percent of sales, in the fourth quarter of fiscal 2020.
Corporate – Corporate operating costs in the fourth quarter of fiscal 2021 decreased $1.7 million to $34.1 million primarily as a result of the absence of severance costs related to restructuring actions.
Interest Expense Net of Interest Income – Interest expense net of interest income in the fourth quarter of fiscal 2021 increased $2.8 million to $10.4 million. Interest income in the fourth quarter of fiscal 2020 included $3.3 million of interest income related to the arbitration settlement in the Defense segment.
Provision for Income Taxes – The Company recorded income tax expense in the fourth quarter of fiscal 2021 of $0.7 million, or 0.8 percent of pre-tax income, compared to $25.8 million, or 20.4 percent of pre-tax income, in the fourth quarter of fiscal 2020. Income tax expense in the fourth quarter of fiscal 2021 included an $11.7 million tax benefit associated with the release of a valuation allowance on deferred tax assets in Europe. Adjusted1 income tax expense in the fourth quarter of fiscal 2021 was $17.8 million, or 19.8 percent of adjusted1 pre-tax income, compared to $23.7 million, or 20.8 percent of adjusted1 pre-tax income, in the fourth quarter of fiscal 2020.
Full-Year Results
The Company reported net sales for fiscal 2021 of $7.74 billion and net income of $472.7 million, or $6.83 per diluted share. This compares to net sales of $6.86 billion and net income of $324.5 million, or $4.72 per diluted share, in the prior year. The improvement in net income for fiscal 2021 was the result of the impact of higher consolidated sales volumes and the carryback of a U.S. net operating loss to previous tax years, offset in part by higher material & logistics costs and higher incentive compensation costs.
Results for fiscal 2021 included a $75.3 million tax benefit associated with the carryback of the U.S. net operating loss to prior years and an $11.7 million tax benefit associated with the release of a valuation allowance on deferred tax assets in Europe, offset in part by after-tax charges of $11.7 million associated with restructuring actions in the Access Equipment segment and $0.8 million associated with business acquisition costs in the Defense segment. Results for fiscal 2020 included after-tax charges related to restructuring actions of $17.9 million, a $14.2 million after-tax gain on the business interruption insurance settlement, the establishment of a valuation allowance on deferred tax assets in Europe of $11.4 million, an after-tax charge of $6.5 million associated with debt extinguishment costs incurred in connection with the refinancing of the Company’s senior notes, an after-tax gain of $3.2 million on the arbitration settlement and an after-tax gain on the sale of a business of $2.8 million. Excluding these items, adjusted1 net income was $398.2 million, or $5.75 per diluted share, and $340.1 million, or $4.94 per diluted share, for fiscal 2021 and 2020, respectively.
Dividend Announcement
The Company’s Board of Directors today declared a quarterly cash dividend of $0.37 per share of Common Stock. The dividend represents an increase of 12 percent from the previous dividend and will be payable on November 29, 2021, to shareholders of record as of November 15, 2021.
|
OSHKOSH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In millions, except share and per share amounts; unaudited) |
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Three Months Ended September 30, |
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Twelve Months Ended September 30, |
||||||||||||
|
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
|
Net sales |
|
$ |
2,063.0 |
|
|
$ |
1,784.2 |
|
|
$ |
7,737.3 |
|
|
$ |
6,856.8 |
|
|
Cost of sales |
|
|
1,784.5 |
|
|
|
1,503.3 |
|
|
|
6,516.5 |
|
|
|
5,736.5 |
|
|
Gross income |
|
|
278.5 |
|
|
|
280.9 |
|
|
|
1,220.8 |
|
|
|
1,120.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
171.5 |
|
|
|
152.2 |
|
|
|
666.5 |
|
|
|
620.6 |
|
|
Amortization of purchased intangibles |
|
|
2.8 |
|
|
|
1.3 |
|
|
|
9.6 |
|
|
|
11.0 |
|
|
Total operating expenses |
|
|
174.3 |
|
|
|
153.5 |
|
|
|
676.1 |
|
|
|
631.6 |
|
|
Operating income |
|
|
104.2 |
|
|
|
127.4 |
|
|
|
544.7 |
|
|
|
488.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(12.2 |
) |
|
|
(11.5 |
) |
|
|
(48.2 |
) |
|
|
(59.3 |
) |
|
Interest income |
|
|
1.8 |
|
|
|
3.9 |
|
|
|
3.5 |
|
|
|
7.5 |
|
|
Miscellaneous, net |
|
|
(4.1 |
) |
|
|
6.9 |
|
|
|
(2.1 |
) |
|
|
2.2 |
|
|
Income before income taxes and earnings (losses) of unconsolidated affiliates |
|
|
89.7 |
|
|
|
126.7 |
|
|
|
497.9 |
|
|
|
439.1 |
|
|
Provision for income taxes |
|
|
0.7 |
|
|
|
25.8 |
|
|
|
25.2 |
|
|
|
112.8 |
|
|
Income before earnings (losses) of unconsolidated affiliates |
|
|
89.0 |
|
|
|
100.9 |
|
|
|
472.7 |
|
|
|
326.3 |
|
|
Equity in earnings (losses) of unconsolidated affiliates |
|
|
0.7 |
|
|
|
(0.9 |
) |
|
|
– |
|
|
|
(1.8 |
) |
|
Net income |
|
$ |
89.7 |
|
|
$ |
100.0 |
|
|
$ |
472.7 |
|
|
$ |
324.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.31 |
|
|
$ |
1.47 |
|
|
$ |
6.90 |
|
|
$ |
4.76 |
|
|
Diluted |
|
|
1.30 |
|
|
|
1.46 |
|
|
|
6.83 |
|
|
|
4.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Basic weighted-average shares outstanding |
|
|
68,397,838 |
|
|
|
68,131,260 |
|
|
|
68,482,363 |
|
|
|
68,149,324 |
|
|
Dilutive equity-based compensation awards |
|
|
732,265 |
|
|
|
626,925 |
|
|
|
726,388 |
|
|
|
638,405 |
|
|
Diluted weighted-average shares outstanding |
|
|
69,130,103 |
|
|
|
68,758,185 |
|
|
|
69,208,751 |
|
|
|
68,787,729 |
|
|
OSHKOSH CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In millions; unaudited) |
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September 30, |
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|
|
2021 |
|
2020 |
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|
Assets |
|
|
|
|
|
|
|
|
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Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,375.8 |
|
|
$ |
582.9 |
|
|
Receivables, net |
|
|
1,017.3 |
|
|
|
857.6 |
|
|
Unbilled receivables |
|
|
421.1 |
|
|
|
483.6 |
|
|
Inventories, net |
|
|
1,267.4 |
|
|
|
1,505.4 |
|
|
Income taxes receivable |
|
|
278.1 |
|
|
|
45.4 |
|
|
Other current assets |
|
|
58.2 |
|
|
|
60.9 |
|
|
Total current assets |
|
|
4,417.9 |
|
|
|
3,535.8 |
|
|
Property, plant and equipment: |
|
|
|
|
|
|
|
|
|
Property, plant and equipment |
|
|
1,467.1 |
|
|
|
1,397.0 |
|
|
Accumulated depreciation |
|
|
(871.2 |
) |
|
|
(831.1 |
) |
|
Property, plant and equipment, net |
|
|
595.9 |
|
|
|
565.9 |
|
|
Goodwill |
|
|
1,052.0 |
|
|
|
1,009.5 |
|
|
Purchased intangible assets, net |
|
|
466.8 |
|
|
|
418.2 |
|
|
Other long-term assets |
|
|
359.0 |
|
|
|
286.5 |
|
|
Total assets |
|
$ |
6,891.6 |
|
|
$ |
5,815.9 |
|
|
|
|
|
|
|
|
|
|
|
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Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
|
|
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Current liabilities: |
|
|
|
|
|
|
|
|
|
Revolving credit facilities and current maturities of long-term debt |
|
$ |
– |
|
|
$ |
5.2 |
|
|
Accounts payable |
|
|
860.4 |
|
|
|
577.8 |
|
|
Customer advances |
|
|
654.3 |
|
|
|
491.4 |
|
|
Payroll-related obligations |
|
|
215.1 |
|
|
|
150.8 |
|
|
Income taxes payable |
|
|
64.9 |
|
|
|
14.7 |
|
|
Other current liabilities |
|
|
357.0 |
|
|
|
345.2 |
|
|
Total current liabilities |
|
|
2,151.7 |
|
|
|
1,585.1 |
|
|
Long-term debt, less current maturities |
|
|
818.8 |
|
|
|
817.9 |
|
|
Other long-term liabilities |
|
|
673.3 |
|
|
|
562.2 |
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
3,247.8 |
|
|
|
2,850.7 |
|
|
Total liabilities and shareholders’ equity |
|
$ |
6,891.6 |
|
|
$ |
5,815.9 |
|
|
OSHKOSH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions; unaudited) |
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|
|
Twelve Months Ended September 30, |
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|
|
|
2021 |
|
2020 |
||||
|
Operating activities: |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
472.7 |
|
|
$ |
324.5 |
|
|
Depreciation and amortization |
|
|
104.0 |
|
|
|
104.2 |
|
|
Stock-based compensation expense |
|
|
27.2 |
|
|
|
29.3 |
|
|
Deferred income taxes |
|
|
88.6 |
|
|
|
22.8 |
|
|
Gain on sale of assets |
|
|
(3.6 |
) |
|
|
(11.8 |
) |
|
Foreign currency transaction gains |
|
|
(3.1 |
) |
|
|
(0.6 |
) |
|
Loss on extinguishment of debt |
|
|
– |
|
|
|
8.5 |
|
|
Other non-cash adjustments |
|
|
3.0 |
|
|
|
(1.0 |
) |
|
Changes in operating assets and liabilities |
|
|
532.8 |
|
|
|
(148.6 |
) |
|
Net cash provided by operating activities |
|
|
1,221.6 |
|
|
|
327.3 |
|
|
|
|
|
|
|
|
|
|
|
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Investing activities: |
|
|
|
|
|
|
|
|
|
Additions to property, plant and equipment |
|
|
(104.4 |
) |
|
|
(112.3 |
) |
|
Additions to equipment held for rental |
|
|
(10.4 |
) |
|
|
(17.9 |
) |
|
Acquisition of business, net of cash acquired |
|
|
(110.6 |
) |
|
|
– |
|
|
Proceeds from sale of property, plant and equipment |
|
|
1.2 |
|
|
|
2.4 |
|
|
Proceeds from sale of equipment held for rental |
|
|
16.3 |
|
|
|
38.8 |
|
|
Other investing activities |
|
|
(37.7 |
) |
|
|
11.4 |
|
|
Net cash used by investing activities |
|
|
(245.6 |
) |
|
|
(77.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
Financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from issuance of debt |
|
|
– |
|
|
|
303.9 |
|
|
Repayments of debt |
|
|
(5.2 |
) |
|
|
(300.0 |
) |
|
Debt issuance costs |
|
|
– |
|
|
|
(9.6 |
) |
|
Repurchases of Common Stock |
|
|
(122.1 |
) |
|
|
(51.5 |
) |
|
Dividends paid |
|
|
(90.4 |
) |
|
|
(81.8 |
) |
|
Proceeds from exercise of stock options |
|
|
42.8 |
|
|
|
26.1 |
|
|
Other financing activities |
|
|
(5.5 |
) |
|
|
(2.6 |
) |
|
Net cash used by financing activities |
|
|
(180.4 |
) |
|
|
(115.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash |
|
|
(2.7 |
) |
|
|
0.3 |
|
|
Increase in cash and cash equivalents |
|
|
792.9 |
|
|
|
134.5 |
|
|
Cash and cash equivalents at beginning of period |
|
|
582.9 |
|
|
|
448.4 |
|
|
Cash and cash equivalents at end of period |
|
$ |
1,375.8 |
|
|
$ |
582.9 |
|
|
OSHKOSH CORPORATION SEGMENT INFORMATION (In millions; unaudited) |
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Three Months Ended September 30, |
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|
|
2021 |
|
2020 |
||||||||||||||||||||
|
|
|
External |
|
Inter- |
|
Net |
|
External |
|
Inter- |
|
Net |
||||||||||||
|
Access Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerial work platforms |
|
$ |
384.3 |
|
|
$ |
– |
|
|
$ |
384.3 |
|
|
$ |
301.0 |
|
|
$ |
– |
|
|
$ |
301.0 |
|
|
Telehandlers |
|
|
237.8 |
|
|
|
– |
|
|
|
237.8 |
|
|
|
133.9 |
|
|
|
– |
|
|
|
133.9 |
|
|
Other |
|
|
223.1 |
|
|
|
0.7 |
|
|
|
223.8 |
|
|
|
180.0 |
|
|
|
1.3 |
|
|
|
181.3 |
|
|
Total Access Equipment |
|
|
845.2 |
|
|
|
0.7 |
|
|
|
845.9 |
|
|
|
614.9 |
|
|
|
1.3 |
|
|
|
616.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defense(a) |
|
|
649.9 |
|
|
|
0.3 |
|
|
|
650.2 |
|
|
|
616.3 |
|
|
|
2.6 |
|
|
|
618.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fire & Emergency(a) |
|
|
334.7 |
|
|
|
3.0 |
|
|
|
337.7 |
|
|
|
305.8 |
|
|
|
2.4 |
|
|
|
308.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Refuse collection |
|
|
121.8 |
|
|
|
– |
|
|
|
121.8 |
|
|
|
106.9 |
|
|
|
– |
|
|
|
106.9 |
|
|
Concrete mixers |
|
|
86.4 |
|
|
|
– |
|
|
|
86.4 |
|
|
|
116.6 |
|
|
|
– |
|
|
|
116.6 |
|
|
Other |
|
|
25.0 |
|
|
|
0.6 |
|
|
|
25.6 |
|
|
|
23.8 |
|
|
|
1.9 |
|
|
|
25.7 |
|
|
Total Commercial |
|
|
233.2 |
|
|
|
0.6 |
|
|
|
233.8 |
|
|
|
247.3 |
|
|
|
1.9 |
|
|
|
249.2 |
|
|
Corporate and intersegment eliminations |
|
|
– |
|
|
|
(4.6 |
) |
|
|
(4.6 |
) |
|
|
(0.1 |
) |
|
|
(8.2 |
) |
|
|
(8.3 |
) |
|
|
|
$ |
2,063.0 |
|
|
$ |
– |
|
|
$ |
2,063.0 |
|
|
$ |
1,784.2 |
|
|
$ |
– |
|
|
$ |
1,784.2 |
|
|
|
|
Twelve Months Ended September 30, |
||||||||||||||||||||||
|
|
|
2021 |
|
2020 |
||||||||||||||||||||
|
|
|
External |
|
Inter- |
|
Net |
|
External |
|
Inter- |
|
Net |
||||||||||||
|
Access Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerial work platforms |
|
$ |
1,471.4 |
|
|
$ |
– |
|
|
$ |
1,471.4 |
|
|
$ |
1,101.7 |
|
|
$ |
– |
|
|
$ |
1,101.7 |
|
|
Telehandlers |
|
|
769.4 |
|
|
|
– |
|
|
|
769.4 |
|
|
|
680.4 |
|
|
|
– |
|
|
|
680.4 |
|
|
Other |
|
|
826.5 |
|
|
|
4.8 |
|
|
|
831.3 |
|
|
|
723.6 |
|
|
|
9.4 |
|
|
|
733.0 |
|
|
Total Access Equipment |
|
|
3,067.3 |
|
|
|
4.8 |
|
|
|
3,072.1 |
|
|
|
2,505.7 |
|
|
|
9.4 |
|
|
|
2,515.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defense(a) |
|
|
2,524.1 |
|
|
|
1.5 |
|
|
|
2,525.6 |
|
|
|
2,300.4 |
|
|
|
11.1 |
|
|
|
2,311.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fire & Emergency(a) |
|
|
1,211.6 |
|
|
|
15.0 |
|
|
|
1,226.6 |
|
|
|
1,098.0 |
|
|
|
9.0 |
|
|
|
1,107.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Refuse collection |
|
|
465.9 |
|
|
|
– |
|
|
|
465.9 |
|
|
|
437.2 |
|
|
|
– |
|
|
|
437.2 |
|
|
Concrete mixers |
|
|
364.8 |
|
|
|
– |
|
|
|
364.8 |
|
|
|
403.5 |
|
|
|
– |
|
|
|
403.5 |
|
|
Other |
|
|
102.9 |
|
|
|
4.0 |
|
|
|
106.9 |
|
|
|
110.6 |
|
|
|
6.5 |
|
|
|
117.1 |
|
|
Total Commercial |
|
|
933.6 |
|
|
|
4.0 |
|
|
|
937.6 |
|
|
|
951.3 |
|
|
|
6.5 |
|
|
|
957.8 |
|
|
Corporate and intersegment eliminations |
|
|
0.7 |
|
|
|
(25.3 |
) |
|
|
(24.6 |
) |
|
|
1.4 |
|
|
|
(36.0 |
) |
|
|
(34.6 |
) |
|
|
|
$ |
7,737.3 |
|
|
$ |
– |
|
|
$ |
7,737.3 |
|
|
$ |
6,856.8 |
|
|
$ |
– |
|
|
$ |
6,856.8 |
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
|
Operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Access Equipment |
|
$ |
30.7 |
|
|
$ |
25.3 |
|
|
$ |
249.1 |
|
|
$ |
198.6 |
|
|
Defense(a) |
|
|
49.7 |
|
|
|
56.0 |
|
|
|
197.8 |
|
|
|
188.1 |
|
|
Fire & Emergency(a) |
|
|
47.2 |
|
|
|
50.4 |
|
|
|
174.2 |
|
|
|
146.5 |
|
|
Commercial |
|
|
10.7 |
|
|
|
31.5 |
|
|
|
71.0 |
|
|
|
81.2 |
|
|
Corporate and intersegment eliminations |
|
|
(34.1 |
) |
|
|
(35.8 |
) |
|
|
(147.4 |
) |
|
|
(125.7 |
) |
|
|
|
$ |
104.2 |
|
|
$ |
127.4 |
|
|
$ |
544.7 |
|
|
$ |
488.7 |
|
|
|
|
September 30, |
||||||
|
|
|
2021 |
|
2020 |
||||
|
Period-end backlog: |
|
|
|
|
|
|
|
|
|
Access Equipment |
|
$ |
2,757.7 |
|
|
$ |
366.7 |
|
|
Defense(a) |
|
|
3,355.4 |
|
|
|
2,835.2 |
|
|
Fire & Emergency(a) |
|
|
1,394.2 |
|
|
|
1,092.5 |
|
|
Commercial |
|
|
569.4 |
|
|
|
283.1 |
|
|
|
|
$ |
8,076.7 |
|
|
$ |
4,577.5 |
|
|
(a) |
On October 1, 2020, the Company transferred operational responsibility of the airport snow removal vehicle business from the Fire & Emergency segment to the Defense segment. As a result, the results of the airport snow removal vehicle business have been included within the Defense segment for financial reporting purposes. Historical information has been reclassified to include the airport snow removal vehicle business in the Defense segment for all periods presented. |
_______________
Non-GAAP Financial Measures
The Company reports its financial results in accordance with generally accepted accounting principles in the United States of America (GAAP). The Company is presenting various operating results both on a GAAP basis and on a basis excluding items that affect the comparability of results. When the Company excludes certain items as described below, they are considered non-GAAP financial measures. The Company believes excluding the impact of these items is useful to investors in comparing the Company’s performance to prior period results. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s results prepared in accordance with GAAP. 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 |
|
Twelve Months Ended |
||||||||||||
|
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
|
Access Equipment segment operating income (GAAP) |
|
$ |
30.7 |
|
|
$ |
25.3 |
|
|
$ |
249.1 |
|
|
$ |
198.6 |
|
|
Restructuring-related costs |
|
|
– |
|
|
|
7.5 |
|
|
|
11.5 |
|
|
|
15.1 |
|
|
Adjusted Access Equipment segment operating income (non-GAAP) |
|
$ |
30.7 |
|
|
$ |
32.8 |
|
|
$ |
260.6 |
|
|
$ |
213.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defense segment operating income (GAAP) |
|
$ |
49.7 |
|
|
$ |
56.0 |
|
|
$ |
197.8 |
|
|
$ |
188.1 |
|
|
Arbitration settlement |
|
|
– |
|
|
|
(0.9 |
) |
|
|
– |
|
|
|
(0.9 |
) |
|
Acquisition costs |
|
|
– |
|
|
|
– |
|
|
|
1.0 |
|
|
|
– |
|
|
Adjusted Defense segment operating income (non-GAAP) |
|
$ |
49.7 |
|
|
$ |
55.1 |
|
|
$ |
198.8 |
|
|
$ |
187.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fire & Emergency segment operating income (GAAP) |
|
$ |
47.2 |
|
|
$ |
50.4 |
|
|
$ |
174.2 |
|
|
$ |
146.5 |
|
|
Restructuring costs |
|
|
– |
|
|
|
0.3 |
|
|
|
– |
|
|
|
1.4 |
|
|
Adjusted Fire & Emergency segment operating income (non-GAAP) |
|
$ |
47.2 |
|
|
$ |
50.7 |
|
|
$ |
174.2 |
|
|
$ |
147.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial segment operating income (GAAP) |
|
$ |
10.7 |
|
|
$ |
31.5 |
|
|
$ |
71.0 |
|
|
$ |
81.2 |
|
|
Restructuring-related costs |
|
|
– |
|
|
|
4.1 |
|
|
|
– |
|
|
|
5.6 |
|
|
Proceeds from business interruption insurance |
|
|
– |
|
|
|
(12.3 |
) |
|
|
– |
|
|
|
(12.3 |
) |
|
Gain on sale of a business |
|
|
– |
|
|
|
(3.1 |
) |
|
|
– |
|
|
|
(3.1 |
) |
|
Adjusted Commercial segment operating income (non-GAAP) |
|
$ |
10.7 |
|
|
$ |
20.2 |
|
|
$ |
71.0 |
|
|
$ |
71.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate operating income (GAAP) |
|
$ |
(34.1 |
) |
|
$ |
(35.8 |
) |
|
$ |
(147.4 |
) |
|
$ |
(125.7 |
) |
|
Restructuring costs |
|
|
– |
|
|
|
1.1 |
|
|
|
– |
|
|
|
1.1 |
|
|
Adjusted corporate operating income (non-GAAP) |
|
$ |
(34.1 |
) |
|
$ |
(34.7 |
) |
|
$ |
(147.4 |
) |
|
$ |
(124.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated operating income (GAAP) |
|
$ |
104.2 |
|
|
$ |
127.4 |
|
|
$ |
544.7 |
|
|
$ |
488.7 |
|
|
Restructuring-related costs |
|
|
– |
|
|
|
13.0 |
|
|
|
11.5 |
|
|
|
23.2 |
|
|
Arbitration settlement |
|
|
– |
|
|
|
(0.9 |
) |
|
|
– |
|
|
|
(0.9 |
) |
|
Proceeds from business interruption insurance |
|
|
– |
|
|
|
(12.3 |
) |
|
|
– |
|
|
|
(12.3 |
) |
|
Gain on sale of a business |
|
|
– |
|
|
|
(3.1 |
) |
|
|
– |
|
|
|
(3.1 |
) |
|
Acquisition costs |
|
|
– |
|
|
|
– |
|
|
|
1.0 |
|
|
|
– |
|
|
Adjusted consolidated operating income (non-GAAP) |
|
$ |
104.2 |
|
|
$ |
124.1 |
|
|
$ |
557.2 |
|
|
$ |
495.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense net of interest income (GAAP) |
|
$ |
(10.4 |
) |
|
$ |
(7.6 |
) |
|
$ |
(44.7 |
) |
|
$ |
(51.8 |
) |
|
Debt extinguishment costs |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
8.5 |
|
|
Arbitration settlement interest income |
|
|
– |
|
|
|
(3.3 |
) |
|
|
– |
|
|
|
(3.3 |
) |
|
Adjusted interest expense net of interest income (non-GAAP) |
|
$ |
(10.4 |
) |
|
$ |
(10.9 |
) |
|
$ |
(44.7 |
) |
|
$ |
(46.6 |
) |
|
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
|
Miscellaneous income/(expense) (GAAP) |
|
$ |
(4.1 |
) |
|
$ |
6.9 |
|
|
$ |
(2.1 |
) |
|
$ |
2.2 |
|
|
Proceeds from business interruption insurance |
|
|
– |
|
|
|
(6.2 |
) |
|
|
– |
|
|
|
(6.2 |
) |
|
Adjusted miscellaneous income/(expense) (non-GAAP) |
|
$ |
(4.1 |
) |
|
$ |
0.7 |
|
|
$ |
(2.1 |
) |
|
$ |
(4.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes (GAAP) |
|
$ |
89.7 |
|
|
$ |
126.7 |
|
|
$ |
497.9 |
|
|
$ |
439.1 |
|
|
Restructuring-related costs |
|
|
– |
|
|
|
13.0 |
|
|
|
11.5 |
|
|
|
23.2 |
|
|
Arbitration settlement |
|
|
– |
|
|
|
(4.2 |
) |
|
|
– |
|
|
|
(4.2 |
) |
|
Proceeds from business interruption insurance |
|
|
– |
|
|
|
(18.5 |
) |
|
|
– |
|
|
|
(18.5 |
) |
|
Gain on sale of a business |
|
|
– |
|
|
|
(3.1 |
) |
|
|
– |
|
|
|
(3.1 |
) |
|
Debt extinguishment costs |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
8.5 |
|
|
Acquisition costs |
|
|
– |
|
|
|
– |
|
|
|
1.0 |
|
|
|
– |
|
|
Adjusted income before taxes (non-GAAP) |
|
$ |
89.7 |
|
|
$ |
113.9 |
|
|
$ |
510.4 |
|
|
$ |
445.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes (GAAP) |
|
$ |
0.7 |
|
|
$ |
25.8 |
|
|
$ |
25.2 |
|
|
$ |
112.8 |
|
|
Income tax benefit (expense) of restructuring-related costs |
|
|
– |
|
|
|
3.5 |
|
|
|
(0.2 |
) |
|
|
5.3 |
|
|
Income tax expense on arbitration settlement |
|
|
– |
|
|
|
(1.0 |
) |
|
|
– |
|
|
|
(1.0 |
) |
|
Income tax expense on insurance proceeds |
|
|
– |
|
|
|
(4.3 |
) |
|
|
– |
|
|
|
(4.3 |
) |
|
Income tax expense on sale of a business |
|
|
– |
|
|
|
(0.3 |
) |
|
|
– |
|
|
|
(0.3 |
) |
|
Income tax benefit of debt extinguishment costs |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
2.0 |
|
|
Income tax benefit of acquisition costs |
|
|
– |
|
|
|
– |
|
|
|
0.2 |
|
|
|
– |
|
|
Revaluation of net deferred tax liabilities |
|
|
11.7 |
|
|
|
– |
|
|
|
11.7 |
|
|
|
(11.4 |
) |
|
Net operating loss carryback tax benefit |
|
|
5.4 |
|
|
|
– |
|
|
|
75.3 |
|
|
|
– |
|
|
Adjusted provision for income taxes (non-GAAP) |
|
$ |
17.8 |
|
|
$ |
23.7 |
|
|
$ |
112.2 |
|
|
$ |
103.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
|
$ |
89.7 |
|
|
$ |
100.0 |
|
|
$ |
472.7 |
|
|
$ |
324.5 |
|
|
Restructuring-related costs, net of tax |
|
|
– |
|
|
|
9.5 |
|
|
|
11.7 |
|
|
|
17.9 |
|
|
Arbitration settlement, net of tax |
|
|
– |
|
|
|
(3.2 |
) |
|
|
– |
|
|
|
(3.2 |
) |
|
Insurance proceeds, net of tax |
|
|
– |
|
|
|
(14.2 |
) |
|
|
– |
|
|
|
(14.2 |
) |
|
Gain on sale of a business, net of tax |
|
|
– |
|
|
|
(2.8 |
) |
|
|
– |
|
|
|
(2.8 |
) |
|
Debt extinguishment costs, net of tax |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
6.5 |
|
|
Acquisition costs, net of tax |
|
|
– |
|
|
|
– |
|
|
|
0.8 |
|
|
|
– |
|
|
Revaluation of net deferred tax liabilities |
|
|
(11.7 |
) |
|
|
– |
|
|
|
(11.7 |
) |
|
|
11.4 |
|
|
Net operating loss carryback tax benefit |
|
|
(5.4 |
) |
|
|
– |
|
|
|
(75.3 |
) |
|
|
– |
|
|
Adjusted net income (non-GAAP) |
|
$ |
72.6 |
|
|
$ |
89.3 |
|
|
$ |
398.2 |
|
|
$ |
340.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share-diluted (GAAP) |
|
$ |
1.30 |
|
|
$ |
1.46 |
|
|
$ |
6.83 |
|
|
$ |
4.72 |
|
|
Restructuring-related costs, net of tax |
|
|
– |
|
|
|
0.14 |
|
|
|
0.17 |
|
|
|
0.26 |
|
|
Arbitration settlement, net of tax |
|
|
– |
|
|
|
(0.05 |
) |
|
|
– |
|
|
|
(0.05 |
) |
|
Insurance proceeds, net of tax |
|
|
– |
|
|
|
(0.21 |
) |
|
|
– |
|
|
|
(0.21 |
) |
|
Gain on sale of a business, net of tax |
|
|
– |
|
|
|
(0.04 |
) |
|
|
– |
|
|
|
(0.04 |
) |
|
Debt extinguishment costs, net of tax |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
0.10 |
|
|
Acquisition costs, net of tax |
|
|
– |
|
|
|
– |
|
|
|
0.01 |
|
|
|
– |
|
|
Revaluation of net deferred tax liabilities |
|
|
(0.17 |
) |
|
|
– |
|
|
|
(0.17 |
) |
|
|
0.16 |
|
|
Net operating loss carryback tax benefit |
|
|
(0.08 |
) |
|
|
– |
|
|
|
(1.09 |
) |
|
|
– |
|
|
Adjusted earnings per share-diluted (non-GAAP) |
|
$ |
1.05 |
|
|
$ |
1.30 |
|
|
$ |
5.75 |
|
|
$ |
4.94 |
|
|
_______________ 1 This news release refers to GAAP (U.S. generally accepted accounting principles) and non-GAAP financial measures. Oshkosh Corporation believes that the non-GAAP measures provide investors a useful comparison of the Company’s performance to prior period results. These non-GAAP measures may not be comparable to similarly-titled measures disclosed by other companies. A reconciliation of the Company’s presented non-GAAP measures to the most directly comparable GAAP measures can be found under the caption “Non-GAAP Financial Measures” in this news release. |
