Oshkosh Corporation At A Glance

MOVING THE WORLD AT WORK

OSHKOSH CORPORATION IS MOVING THE WORLD AT WORK

Oshkosh Corporation is a leading designer,
manufacturer and marketer of a broad range
of access equipment, specialty military, fire &
emergency and commercial vehicles and vehicle
bodies. Oshkoshs products are valued worldwide
by rental companies, defense forces, concrete
placement and refuse businesses, fire & emergency
units and municipal and airport services, where high
quality, superior performance, rugged reliability
and long-term value are paramount.
Oshkosh Corporation partners with customers to
deliver superior solutions that safely and efficiently
move people and materials at work, around the
globe and around the clock. In short, we are
Moving the World at Work. Our top priorities are
to serve and delight our customers as well as
drive superior returns for our shareholders.
Founded in 1917, Oshkosh Corporation has
manufacturing operations in eight U.S. states and
in Australia, Belgium, Canada, China, France and
Romania and through an investment in a joint
venture in Mexico. The company currently
employs approximately 12,000 people worldwide.

CHARLES L. SZEWS

WILSON R. JONES

Chief Executive Officer

President and Chief Operating Officer

FORWARD-LOOKING STATEMENTS This document 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 Companys 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 document, 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
Companys 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 Companys access equipment, commercial and fire & emergency
markets, especially with the current tepid outlook for the U.S. and European economic recoveries and the struggles the U.S. government has encountered trying to resolve budgetary and debt issues; the strength of emerging market growth and projected
adoption rate of work at height machinery; the expected level and timing of the DoD procurement of products and services and funding thereof; risks related to reductions in government expenditures in light of U.S. defense budget pressures, sequestration
and an uncertain DoD tactical wheeled vehicle strategy, including the Companys ability to successfully manage the cost reductions required as a result of the significant projected decrease in sales levels in the defense segment; the Companys ability to
win a U.S. JLTV production contract award; the Companys 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
consolidation and alignment, including the amounts of related costs and charges and that anticipated cost savings may not be achieved; the duration of the ongoing global economic weakness, which could lead to additional impairment charges related
to many of the Companys intangible assets and/or a slower recovery in the Companys cyclical businesses than Company or equity market expectations; 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 Companys products; risks related to production or shipment delays arising from quality or production issues; risks associated with international operations and sales, including foreign
currency fluctuations and compliance with the Foreign Corrupt Practices Act; the Companys ability to comply with complex laws and regulations applicable to U.S. government contractors; and risks related to the Companys ability to successfully execute
on its strategic road map and meet its long-term financial goals. All forward-looking statements speak only as of November 13, 2013. The Company assumes no obligation, and disclaims any obligation, to update information contained in this document.
Investors should be aware that the Company may not update such information until the Companys next quarterly earnings conference call, if at all.
Oshkosh Corporation 2013

Oshkosh Corporation

EPS OPPORTUNITY:
Nearly Double
$4.00 to
by FY15

Delivering Value for Shareholders

$4.50

$2.30*

Our MOVE strategy supports Oshkosh Corporations

transformation to a stronger, global industrial company.

FY12

FY15E

*Adjusted earnings per share from continuing operations excludes net of tax
adjustments, including performance share valuation adjustments of $0.05, charges
associated with the curtailment of pension and other postretirement benefit plans
of $0.02, costs incurred in connection with a proxy contest of $0.05 and discrete
tax benefits of $0.49 from GAAP reported earnings per share of $2.67.

M
O
V
E

ARKET RECOVERY
AND GROWTH

PTIMIZE COST &

CAPITAL STRUCTURE

ALUE INNOVATION

MERGING MARKET
EXPANSION

Capture full upside of economic

recovery and market growth with
strong focus on execution and
conquest sales.

NON-DEFENSE OPERATING INCOME GROWTH

$220 million

opportunity

in FY15 compared with FY12

Optimize our cost and capital

structure to provide value for
customers and shareholders.

OPERATING INCOME MARGIN IMPROVEMENT

Targeting operating income

margin improvement of
by FY15

Continue to lead in innovation

over the entire product life cycle.

(1)

250 bps

INCREMENTAL REVENUE

Driving

~$350 million

incremental annual revenue by FY15 (2)

Drive international growth in

targeted geographies.

(1) Net of investment costs and compared with consolidated FY11 operating income margins.
(2) Compared with FY12 expectations as of Analyst Day, September 2012.

HIGHER INTERNATIONAL SALES

International revenue goal of

>25%
~30%

of total revenues by

FY15 and

by FY16

FINANCIAL HIGHLIGHTS
(In millions, except per share amounts)
Fiscal Year Ended September 30

Income Statement Data:

Net sales
Operating income
Adjusted operating income*
Income from continuing operations attributable to Oshkosh Corporation
Per share assuming dilution
Adjusted per share assuming dilution*
Depreciation
Amortization of purchased intangibles, deferred financing costs and stock based compensation**
Balance Sheet Data:
Total assets
Net working capital
Cash and cash equivalents
Long-term debt (including current maturities)
Oshkosh Corporation shareholders equity
Other Financial Data:
Book value per share
Backlog
Expenditures for property, plant and equipment

FY11

FY12

FY13

$7,538.5
526.1
533.9
290.6
3.18
3.11
77.9
79.9

$8,141.1
387.7
404.7
244.6
2.67
2.30
65.5
83.2

$7,665.1
505.7
534.8
314.3
3.53
3.74
65.3
85.9

4,826.9
762.8
339.0
1,060.1
1,596.5

4,947.8
990.0
540.7
955.0
1,853.5

4,765.7
1,172.7
733.5
955.0
2,107.8

17.48
6,478.4
82.3

20.24
4,046.2
55.9

24.36
2,838.0
46.0

*Non-GAAP results. See below for GAAP to Non-GAAP Reconciliation.

**Includes amortization of deferred financing costs of $5.1 million in FY11, $7.0 million in FY12 and $4.9 million in FY13.
GAAP to Non-GAAP Reconciliation

FY11

FY12

FY13

GAAP to Non-GAAP Reconciliation

FY11

FY12

FY13

GAAP operating income

Restructuring-related charges
Union contract ratification costs
Performance share valuation adjustment
Curtailment expense
Tender offer and proxy contest costs
Impairment charge

$526.1
5.8

2.0

$387.7

7.0
3.4
6.6

$505.7

3.8

16.3
9.0

Non-GAAP operating income

$533.9

$404.7

$534.8

GAAP earnings per share diluted

Restructuring-related charges
Union contract ratification costs
Performance share valuation adjustment
Curtailment expense
Tender offer and proxy contest costs
Impairment charge
Discrete tax benefits

$3.18
0.04

0.01
(0.12)

$2.67

0.05
0.02
0.05

(0.49)

$3.53

0.03

0.12
0.06

Non-GAAP earnings per share diluted

$3.11

$2.30

$3.74

800

NET SALES

OPERATING INCOME*

($ in millions)

($ in millions)

700

RETURN ON
600
INVESTED CAPITAL*

NET DEBT* AT
SEPTEMBER 30

FY13 NET SALES

BY SEGMENT*

FY13 NET SALES

BY REGION*

($ in millions)

15

600

12

500

500
400

400

300

300
6

200

12

13

13

GAAP

Non-GAAP

11 12
12 13
11
13

11
12 13
11 12
13

*See GAAP to Non-GAAP

Reconciliation

13

11

12

$221.5

10.6%

12.6%

$414.3

11

12

100

$721.1

Fiscal year

11

100

12.8%

$533.9
$404.7
$534.8

$526.1
$387.7
$505.7

$7,665.1

$8,141.1

$7,538.5

200

11

11

12

12

13

*ROIC is Income from continuing

operations (excluding impairment
charges) plus the after-tax cost of
interest expense divided by average
total capitalization

11

12

13

13

40% Access Equipment

82% North America

40% Defense

12% Europe, Africa,

10% Fire & Emergency

10% Commercial

*Net Debt is Long-term debt

(including current maturities)
less Cash and cash equivalents

Middle East
6% Rest of World

*Sales to external customers

Oshkosh Corporation // P.O. Box 2566 // Oshkosh, WI USA 54903-2566 // 920.235.9150

www.oshkoshcorporation.com

ALL TRADEMARKS ARE PROPERTY OF THEIR RESPECTIVE OWNERS.

OSK0060-IR-ATAG13

ACCESS EQUIPMENT

JLG IS POSITIONED FOR SUSTAINED INDUSTRY LEADING PERFORMANCE

Telehandlers: Expansive product line

targeted at construction, agriculture
and military markets

P ersonal portable lift: Push around

and Liftpod

Refurbished and pre-owned equipment

T owing and recovery equipment:

Standard, medium and heavy duty
wreckers and carriers, and self-loading
wreckers

S ervices: Aftermarket parts; all-makes

parts; call center support; in-shop
and mobile service; warranty service;
training; refurbishment services; and
product financing

Global leader in access equipment

P remium brand recognized for strong

performance, innovation, technology
and quality

 ccess equipment demand in North

A
America driven by fleet replacement

Improving residential construction

activity expected to expand growth
beyond North American replacement
cycle

T echnology, manufacturing and supply

chain synergies with multiple company
segments

E xpect non-residential construction

recovery to follow residential
construction recovery

Innovative equipment designs and

system technologies throughout broad
product lineup

E uropean market trailing North

American market with expectation
of a slow recovery

Australia impacted by mining weakness

S ingle-source global solution provider

of access equipment, aftermarket
parts support, pre-owned equipment,
refurbishment services and financing

Global manufacturing and distribution

L eading brand of towing equipment

in U.S.

3500

Brands

NET SALES
($ in millions)

3000 rates vary greatly;

P acific Rim adoption
longer-term opportunity

 emand in emerging markets driven by

D
market penetration, product adoption,
2000
safety and infrastructure
applications

 ork-at-height, safety
W
regulations and
1500
increasing labor rates driving structural
changes to job site requirements

R ecovering U.S. market for towing

equipment
500

2500

1000

$3,120.8

Aerial work platforms: Articulating

boom lifts; electric articulating boom
lifts; telescopic boom lifts; mast-style
boom lifts; trailer mounted boom lifts;
compact crawler booms; scissors and
electric mast lifts; and stock picking
products

Industry Outlook

$2,919.5

Competitive Advantages

$2,052.1

Products and Services

11

12

13

Sales to external customers grew 11.7% in fiscal

2013. FY11 and FY12 included sales to defense
segment of $108M and $125M, respectively.

DEFENSE

DEFENSE INDUSTRY EXPERTISE THAT LEVERAGES THE FULL CAPABILITIES OF OSHKOSH CORPORATION

S trong brand recognized for superior

vehicle performance and integrated
life cycle support

F amily of Medium Tactical Vehicles

(FMTV)

L ogistic Vehicle System Replacement

(LVSR)

 edium Tactical Vehicle Replacement

M
(MTVR)

 RAP All-Terrain Vehicle (M-ATV)

M
Family of Vehicles

L ight Combat All-Terrain Vehicle

(L-ATV), the Oshkosh JLTV solution

HMMWV Modernization Solutions

P 19 Aircraft Rescue and Fire Fighting

(ARFF) vehicle

High-mobility trailers

Integrated crew protection systems

and armor solutions

L ife cycle support and services includes

C4I and systems integration, fleet
maintenance, diagnostics and repairs,
training, spare and repair parts
support, and fleet refurbishment and
modernization services

C omprehensive offering of tactical

wheeled vehicles, technologies,
components, and sustainment services

S equestration and declining U.S.

defense budgets continue to put
pressure on domestic new vehicle
programs

B road product portfolio; MRAP, light,

medium and heavy tactical wheeled
vehicles

 rowth opportunities in several light

G
tactical vehicle programs such as JLTV
and HMMWV Modernization

Increased global demand for vehicles

with higher levels of off-road mobility
and survivability

 ngoing demand for high performance

O
vehicles for special forces

R efurbishment and recapitalization

opportunities due to extended vehicle
use in harsh terrain and climates as
4000
well as battle damage

C ontinuing support required for U.S.

Army Reserve and National
Guard
3000

 rowing global demand for survivability

G
and efficiency driving new technologies
2000
and services that provide:
Autonomous operability
Improved safety
C4I and systems 1000
integration
Integrated crew protection
Mission-based modularity
Fuel efficiency 0
Operational energy
Onboard system controls and
diagnostics and
Total life cycle cost management

P rograms of record for the U.S. Armys

FHTV and FMTV
T he leading provider of high-mobility
MRAP vehicles (M-ATV) to militaries
around the globe

Contender for the U.S. Joint Light

Tactical Vehicle (JLTV) contract

F lexible, cost-effective manufacturing,

supply chain and quality management
capability and capacity

T otal life cycle vehicle and component

support delivered worldwide, including
service in theater

T echnical innovation leadership

includes the energy saving ProPulse
hybrid diesel-electric and ProPulse
diesel-electric on-board vehicle
power, TAK-4 family of independent
suspension systems, TerraMax
unmanned ground vehicle and
Command Zone integrated control
and diagnostic system

5000

Brands

NET SALES
($ in millions)

$3,049.7

F amily of Heavy Tactical Vehicles

(FHTV):
Heavy Expanded Mobility Tactical
Truck (HEMTT),
Heavy Equipment Transporter (HET),
Palletized Load System (PLS)

Industry Outlook

$3,950.5

Competitive Advantages

$4,365.2

Products and Services

11

12

13

Defense segment sales decreased

22.8% in fiscal 2013.

FIRE & EMERGENCY

LEADING GLOBAL PROVIDER OF SPECIALTY VEHICLES THAT SERVE, PROTECT AND SAVE LIVES

R escue, law enforcement and

Homeland Security apparatus

 ircraft rescue and fire fighting (ARFF)

A
vehicles

 irport snow blower, broom and plow

A
trucks

Broadcast and command vehicles

Simulator shelters

Product financing

Aftermarket service

Training

Innovation leader and manufacturer of

North Americas top fire truck brand,
Pierce

L eading global position for ARFF and

airport snow-removal vehicles

L argest distribution and service

networks

F irst to introduce side roll protection,

front air bags and electronic stability
control in custom fire apparatus

S trong acceptance of Pierce Ultimate

Configuration (PUC) design technology

 ver 30 years building market leading

O
custom chassis, including the game
changing Dash CF

Improving cost structure for complex

vehicles

C omprehensive product lines for fire

and Homeland Security applications

 arket leadership in broadcast and

M
command vehicles

 omestic fire market drivers stabilizing,

D
modest municipal recovery underway

Continued lower federal demand in 2014

 ging North American fleets driving

A
demand for fire apparatus

 irport upgrades and new airports,

A
especially in emerging markets, driving
strong global demand for ARFF vehicles

Increasing demand for more advanced

technologies in emerging markets

 eneral emergencies driving demand

G
800
for multi-purpose vehicles
with added
storage space and integration of
700
communications systems

C ontinuing emphasis
600 on safety and
risk management

Brands

NET SALES
($ in millions)

500

400

300

200

100

$792.4

Custom and commercial fire apparatus

Industry Outlook

$768.6

Competitive Advantages

$754.1

Products and Services

11

12

13

Fire & Emergency segment sales

increased 3.1% in fiscal 2013.

COMMERCIAL

INDUSTRY LEADING VEHICLES AND PARTS & SERVICE OFFERINGS IN THE AMERICAS

Refuse: Refuse collection vehicles:

rear loaders, front loaders, side loaders;
container-handling equipment; CNG
fueling systems and installation
services; air compressors; bin lifters;
all-makes parts; aftermarket service;
training and product financing
 echanics trucks; tire service trucks;
M
lubrication trucks; telescopic and
articulating truck-mounted cranes;
catch basin cleaners; hydraulic loaders;
aftermarket service; training and
product financing

L eading North American manufacturer

of refuse collection vehicles

T op manufacturer of concrete mixers

and batch plants for the Americas

B roadest concrete mixer product

lineup in industry

E nergy efficient leader with

CNG-powered vehicles

L eader in service vehicle and truckmounted crane markets

B est in class aftermarket service

and support

 irect distribution facilitates strong

D
customer service and relationships

L everaging lift technologies,

distribution networks and
manufacturing resources with defense
and access equipment segments

 orth American concrete mixer, batch

N
plant and wallboard crane markets
improving with housing recovery

 orth American refuse market

N
expected to grow slowly in FY14
following modest decline in FY13

P opulation growth and stronger

municipal spending environment
helping drive demand for refuse
collection

 rowing demand for energy-efficient

G
and low emissions vehicles

Brands

NET SALES
($ in millions)

800

 rowth in commercial construction

G
driving demand in Central
America,
700
South America and the Middle East
600

500

400

Scalable and flexible manufacturing

300

200

100

$766.9

Concrete: Rear-discharge mixers;

front-discharge mixers; CNG fueling
systems and installation services;
concrete batch plants; all-makes parts;
aftermarket service; training and
product financing

Industry Outlook

$697.0

Competitive Advantages

$564.9

Products and Services

11

12

13

Commercial segment sales

increased 10.0% in fiscal 2013.