Financial Data and Key Metrics Changes - The company reported revenue of $2.3 billion for the first quarter, a decrease of $231 million or 9% from the same quarter last year, primarily due to softer market conditions for access equipment in North America [19] - Adjusted operating income was $192 million, representing 8.3% of sales, down from the prior year due to lower sales volume and higher operating expenses [19] - Adjusted EPS was $1.92, in line with expectations of approximately $2 per share [19][20] - Free cash flow reflected a net use of cash of $435 million due to seasonal working capital needs [20] Business Line Data and Key Metrics Changes Access Segment - Adjusted operating margin was 11.3% despite lower sales, with a strong backlog of $1.8 billion [9] - The segment booked orders of $930 million with a book-to-bill ratio of 1.0, indicating stable demand [9] Vocational Segment - Achieved year-over-year revenue growth of 12% with a robust adjusted operating income margin of nearly 15% [11] - Backlog remains strong at $6.3 billion, providing excellent visibility for future revenue [12] Defense Segment - First quarter results reflected lower volume but progress on the production ramp-up for the NGDV program [15] - The company is on target to increase NGDV volume to full-rate production by year-end, which is expected to drive revenue growth in the latter half of 2025 [15] Market Data and Key Metrics Changes - The backlog for the Access segment remained stable at $1.8 billion, indicating healthy demand despite market challenges [9] - The vocational segment is benefiting from strong demand in refuse and recycling vehicle sales, supported by technological advancements [12][71] Company Strategy and Development Direction - The company is focused on mitigating tariff impacts through a broad U.S. production footprint and proactive supply chain management [6][7] - Continued investment in technology and innovation is emphasized, particularly in the vocational segment with advancements in electric fire trucks and telematics solutions [13][70] - The company maintains a strong balance sheet and is open to M&A opportunities, particularly in growth segments [60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying trajectory of operational performance across all segments, despite near-term volatility due to tariffs [6][22] - The company anticipates that the direct impact of tariffs could be about $1 per share, with efforts to mitigate this through cost actions [20][22] - Customer sentiment remains balanced, with healthy demand in various end markets, particularly in infrastructure projects [50][67] Other Important Information - The company is planning an Investor Day on June 5, 2025, to share future plans and insights from key leaders [4] - The defense business is undergoing a leadership transition, with a new segment leader expected to be announced later this year [18] Q&A Session Summary Question: How is the company addressing tariffs? - Management aims to minimize the impact of tariffs on customers, leveraging pricing power while focusing on targeted mitigation strategies [28][30] Question: What are the cost headwinds related to tariffs? - The most significant impacts are expected in the Access segment, with mitigation efforts being broad-based across the company [38][44] Question: How is the defense segment expected to perform? - The defense segment is projected to ramp up production, with expectations of strong revenue growth in the latter half of 2025 [40][41] Question: What is the outlook for the vocational segment? - The vocational segment is expected to maintain strong margins and continue benefiting from technological advancements and a robust backlog [69][70] Question: How is customer sentiment regarding tariffs? - Customers maintain a balanced view, with healthy demand reflected in the strong backlog for the Access segment [50][68]

Core Viewpoint - Oshkosh (OSK) reported quarterly earnings of $1.92 per share, missing the Zacks Consensus Estimate of $2.02 per share, and down from $2.89 per share a year ago [1][2] Financial Performance - The earnings surprise for the quarter was -4.95%, with previous expectations of $2.18 per share, while actual earnings were $2.58, resulting in a positive surprise of 18.35% in the prior quarter [2] - Revenues for the quarter were $2.31 billion, missing the Zacks Consensus Estimate by 4.17%, and down from $2.54 billion year-over-year [3] - Over the last four quarters, the company has surpassed consensus EPS estimates three times and topped revenue estimates three times [2][3] Stock Performance - Oshkosh shares have declined approximately 7.2% since the beginning of the year, compared to a decline of 5.5% for the S&P 500 [4] - The current Zacks Rank for Oshkosh is 4 (Sell), indicating expected underperformance in the near future [7] Future Outlook - The consensus EPS estimate for the upcoming quarter is $3.05 on revenues of $2.71 billion, and for the current fiscal year, it is $10.48 on revenues of $10.38 billion [8] - The estimate revisions trend for Oshkosh is currently unfavorable, which may change following the recent earnings report [7] Industry Context - The Automotive - Original Equipment industry, to which Oshkosh belongs, is currently ranked in the bottom 36% of over 250 Zacks industries, suggesting potential challenges ahead [9]

Oshkosh Corporation First Quarter 2025 April 30, 2025 JOHN PFEIFER - PRESIDENT AND CHIEF EXECUTIVE OFFICER MATTHEW FIELD – EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER PATRICK DAVIDSON – SENIOR VICE PRESIDENT, INVESTOR RELATIONS 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, witho ...

Core Viewpoint - Analysts forecast a significant decline in Oshkosh's quarterly earnings and revenues, indicating potential challenges for the company in the upcoming earnings report [1]. Earnings Estimates - Oshkosh is expected to report earnings of $2.02 per share, reflecting a year-over-year decline of 30.1% [1]. - The consensus EPS estimate has been adjusted downward by 0.8% over the past 30 days, indicating a reassessment by analysts [2]. - Revisions to earnings estimates are crucial indicators for predicting investor actions regarding the stock [3]. Revenue Projections - Total revenues are anticipated to be $2.41 billion, showing a decline of 5.1% compared to the same quarter last year [1]. - Analysts project 'Net sales- Vocational- Total' to reach $873.40 million, representing a year-over-year increase of 13.1% [5]. - 'Net Sales- Access- Total' is expected to be $992.50 million, indicating a decline of 19.8% year over year [5]. - The consensus estimate for 'Net Sales- Defense' is $519.18 million, suggesting a decrease of 3.3% from the previous year [5]. Segment Performance - 'Net Sales- Access- Telehandlers' is estimated at $298.36 million, reflecting a year-over-year decline of 20.1% [6]. - 'Net Sales- Access- Aerial work platforms' is projected to be $470.40 million, indicating a decrease of 20.4% from the prior year [6]. - 'Net Sales- Vocational- Fire apparatus' is expected to reach $371.55 million, with a year-over-year increase of 13.6% [7]. Operating Income Estimates - 'Operating income (loss)- Vocational' is projected at $114.65 million, compared to $80.10 million in the same quarter last year [7]. - 'Operating income (loss)- Access' is expected to be $113.64 million, down from $208.10 million reported in the same quarter last year [8]. - 'Operating income (loss)- Defense' is forecasted to reach $14.12 million, compared to $11.30 million in the same quarter last year [8]. Stock Performance - Oshkosh shares have declined by 5.9% over the past month, underperforming the Zacks S&P 500 composite, which moved down by 4.3% [8].

Core Viewpoint - The article emphasizes the importance of value investing and highlights Oshkosh (OSK) as a strong value stock opportunity based on its financial metrics and Zacks Rank system [2][4][6]. Company Analysis - Oshkosh (OSK) currently holds a Zacks Rank of 2 (Buy) and an A for Value, indicating strong potential for investors [4]. - The stock is trading at a P/E ratio of 8.73, significantly lower than the industry average P/E of 18.67, suggesting it may be undervalued [4]. - OSK's Forward P/E has fluctuated between 8.25 and 12.12 over the past year, with a median of 9.35, indicating stable valuation metrics [4]. - The company has a P/B ratio of 1.55, which is favorable compared to the industry average P/B of 3.05, further supporting its value proposition [5]. - Over the past year, OSK's P/B has ranged from 1.40 to 2.20, with a median of 1.73, reflecting consistent valuation levels [5]. - The combination of these metrics suggests that OSK is likely being undervalued, making it an attractive investment opportunity [6].

Core Viewpoint - Oshkosh (OSK) shares have increased by 7.3% in the past four weeks, closing at $102.65, with a mean price target of $128.43 indicating a potential upside of 25.1% [1] Price Targets and Analyst Estimates - The mean estimate consists of 14 short-term price targets with a standard deviation of $17.67, where the lowest estimate of $110 suggests a 7.2% increase, and the highest estimate predicts a 74.4% surge to $179 [2] - A low standard deviation among price targets indicates a high degree of agreement among analysts regarding the stock's price movement direction [7] Earnings Estimates and Analyst Optimism - Analysts are optimistic about OSK's earnings prospects, as indicated by a strong consensus in revising EPS estimates higher, which correlates with potential stock price increases [9] - Over the last 30 days, six earnings estimates for OSK have increased, leading to a 5.8% rise in the Zacks Consensus Estimate [10] Zacks Rank and Investment Potential - OSK holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors, suggesting a strong potential upside [11] - While consensus price targets may not reliably indicate the extent of potential gains, they can provide a useful guide for price movement direction [12]

Core Insights - The article emphasizes the importance of value investing and highlights specific stocks that are currently undervalued based on various financial metrics [2][8]. Company Analysis - Oshkosh (OSK) has a Zacks Rank of 2 (Buy) and an A grade for Value, with a Forward P/E ratio of 9.78, significantly lower than the industry average of 23.07 [4]. - OSK's P/B ratio stands at 1.71, compared to the industry's average of 3.90, indicating a solid valuation [5]. - Strattec Security (STRT) has a Zacks Rank of 1 (Strong Buy) and a Value grade of A, with a forward earnings multiple of 13.63, also lower than the industry P/E of 23.07 [6]. - STRT's P/B ratio is 0.94, well below the industry's average of 3.90, suggesting it is undervalued [7]. Valuation Metrics - OSK's Forward P/E has fluctuated between 8.25 and 12.12 over the past year, with a median of 9.56 [4]. - STRT's price-to-earnings ratio has ranged from 12.04 to 26.50, with a median of 16.43 [7]. - The PEG ratio for STRT is 1.36, compared to the industry's PEG of 1.18, indicating potential for growth relative to its earnings [6]. Investment Outlook - Both Oshkosh and Strattec Security are identified as strong value stocks based on their earnings outlook and current valuation metrics, making them attractive options for value investors [8].

Core Insights - Oshkosh Corporation (OSK) reported fourth-quarter 2024 adjusted earnings of $2.58 per share, exceeding the Zacks Consensus Estimate of $2.18, and slightly up from $2.56 in the same period last year [1] - Consolidated net sales increased by 6.3% year over year to $2.62 billion, surpassing the Zacks Consensus Estimate of $2.42 billion [1] Segmental Performance - **Access Segment**: Net sales remained flat at $1.16 billion, with lower international sales offsetting acquisition-related sales. Operating income fell 11.9% to $142.9 million, accounting for 12.4% of sales, but exceeded the Zacks Consensus Estimate of $141 million [2] - **Defense Segment**: Net revenues were relatively flat at $559.1 million, with operating income dropping 75.8% to $15 million due to cumulative catch-up adjustments and unfavorable product mix, although it surpassed the Zacks Consensus Estimate of $11.16 million [3] - **Vocational Segment**: Net sales rose 19.8% to $880.6 million, driven by improved sales volume and pricing. Operating income surged 149.8% to $110.9 million, accounting for 12.6% of sales, and exceeded the Zacks Consensus Estimate of $103 million [4] Financial Overview - As of December 31, 2024, Oshkosh had cash and cash equivalents of $204.9 million, up from $125.4 million a year earlier. Long-term debt increased slightly to $599.5 million from $597.5 million [5] - The company announced an 11% increase in its quarterly cash dividend to 51 cents per share, payable on March 3, 2025 [5] Future Guidance - For full-year 2025, Oshkosh anticipates sales of approximately $10.6 billion, a decrease from $10.76 billion in 2024. Adjusted earnings per share are expected to be $11, down from $11.74 in 2024 [6] Market Position - Oshkosh currently holds a Zacks Rank 4 (Sell). In comparison, Geely Automobile Holdings Limited (GELYY) has a Zacks Rank 1 (Strong Buy), while Yamaha Motor Co., Ltd. (YMHAY) and Allison Transmission Holdings, Inc. (ALSN) both hold a Zacks Rank 2 (Buy) [7]

Oshkosh Corporation Fourth Quarter 2024 January 30, 2025 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 obje ...

Financial Performance - For the quarter ended December 2024, Oshkosh reported revenue of $2.62 billion, an increase of 6.4% year-over-year, and EPS of $2.58, compared to $2.56 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $2.43 billion by 8.16%, while the EPS surpassed the consensus estimate of $2.18 by 18.35% [1] Key Metrics - Net sales in the Vocational segment totaled $880.60 million, exceeding the four-analyst average estimate of $814.67 million, representing a year-over-year change of +19.8% [4] - Net sales in the Access segment reached $1.16 billion, slightly above the estimated $1.09 billion, with a year-over-year change of +0.6% [4] - Net sales in the Defense segment were $559.10 million, surpassing the average estimate of $487.70 million, but reflecting a year-over-year decline of -4.7% [4] - Adjusted Access segment operating income was $151.60 million, exceeding the average estimate of $141.91 million [4] - Adjusted Vocational segment operating income was $122.90 million, above the estimated $107.36 million [4] Stock Performance - Shares of Oshkosh have returned +0.6% over the past month, compared to the Zacks S&P 500 composite's +1.2% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]