Oshkosh (OSK) 15th Annual Global Materials & Industrials Conference summary

Opening remarks and business overview

• Reported strong Q1 2024 results with adjusted EPS of $2.89, revenue growth of 12.2%, and adjusted operating margin of 10.8%. Raised 2024 adjusted EPS guidance to $11.25.

• Emphasized resilient business performance across market cycles, with technology integrated throughout operations.

• Announced agreement to acquire AUSA, a European compact equipment manufacturer, expected to close in August 2024, expanding global reach and product offerings.

• Continued integration of AeroTech acquisition, contributing $176 million in Q1 sales and strengthening the vocational segment.

• Ongoing focus on manufacturing execution, innovation, and expanding production capacity to support growth.

Leadership changes and segment focus

• CFO Mike Pack is transitioning to lead the Vocational segment, leveraging his operational and margin improvement track record.

• Search for a new CFO is underway, with a preference for the best candidate, internal or external.

• Margin improvement opportunities identified in Vocational, supported by strong backlog and pricing.

Access segment and market dynamics

• Access segment saw healthy Q1 orders of $940M, with majority of 2025 orders anticipated in the second half of 2024; Tennessee facility ramp-up on track for 2025.

• Demand remains strong, though normalizing from previous peaks; 2024 orders are largely in backlog, with 2025 outlook too early to call but not expected to be extreme.

• Seasonal order patterns are returning, with lower orders expected in June and September quarters.

• Industry capacity is expanding, but strong brands and demand support utilization of new and repurposed facilities.

• No concerns about filling capacity after Caterpillar contract expiration; JLG and SkyTrak brands can absorb production.

• Both national and independent rental companies show robust demand, with some seasonal shipment shifts.

• European access market remains soft, but recent acquisitions offer growth potential via U.S. distribution channels.

• China market stable, with no significant changes in access sales.