Oshkosh (NYSE:OSK) Conference Summary Company Overview - **Company**: Oshkosh Corporation - **Date**: December 02, 2025 - **Key Focus**: Discussing the company's performance, challenges, and future outlook Key Points Industry and Market Dynamics - **End Markets**: Oshkosh serves various end markets including construction, firefighting, last-mile delivery, and refuse and recycling [3][4] - **Technological Innovation**: The company emphasizes the importance of technology in improving productivity and safety for customers in these end markets [3][4] Financial Guidance and Performance - **Revenue Growth**: Oshkosh expects revenue to grow to $13-$14 billion by 2028, with operating margins increasing by 200-400 basis points to 12%-14% [2] - **Earnings Per Share (EPS)**: Projected to nearly double to $18-$22 by 2028 [2] - **Cash Flow**: Anticipated strong cash flow generation supporting growth targets [2] Challenges Faced - **Tariff and Geopolitical Climate**: The company has faced challenges due to tariffs and geopolitical issues, necessitating adjustments in supply chains and manufacturing [4][5] - **Material Costs**: Section 232 tariffs have led to increased raw material costs, complicating pricing strategies [22][23] Strategic Focus and Portfolio Management - **Portfolio Strategy**: Oshkosh aims to invest in businesses that value innovation and technology, particularly in the airport and vocational segments [6][8] - **M&A Opportunities**: The company is actively looking for acquisition opportunities that align with its technological capabilities [29][30] Segment Insights - **Vocational Segment**: The company has a significant backlog in vocational products, with some backlogs extending to three and a half years, driven by inflationary impacts and technological advancements [17][25] - **Access Equipment**: The access segment is expected to see growth driven by data centers and power generation, despite current market downturns [44] - **Defense Segment**: The defense business is undergoing a margin transformation, with new contracts expected to improve margins by 2026 [38][39] Future Outlook - **2028 Targets**: Confidence in achieving 2028 targets is based on strong backlogs, technological innovations, and market dynamics [16][20] - **AI Integration**: The company is investing in AI to enhance operational efficiency and product offerings, with a focus on breaking down data silos for better insights [48][50] Conclusion - **Growth Through Innovation**: Oshkosh is committed to driving growth through innovation, with a strong focus on technology to deliver value to customers and achieve financial targets [52]