The following is a summary of the Oshkosh Corporation (OSK) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Oshkosh Corporation reported a substantial increase in Q1 2024 revenue and earnings, with an 80% increase in adjusted operating income and adjusted EPS of $2.89.

• Full-year outlook was raised with the expected adjusted EPS at $11.25 per share.

• Consolidated sales for Q1 were $2.54 billion, up 12.2% over the prior year quarter, due to increased volume across all segments and improved pricing.

• Adjusted operating income increased by $124 million over the previous year's quarter to $275 million or 10.8% of sales, a 410 basis point improvement.

• The company's estimated 2024 sales and adjusted operating income will be around $10.7 billion and $1.075 billion, respectively.

Business Progress:

• Oshkosh is ramping up the production of several innovative products, like Next Generation Delivery Vehicles, and has benefited from strategic acquisitions such as AeroTech.

• The company has started the production of the Next Generation Delivery Vehicle (NGDV) for the U.S. Postal Services and expects an increase in vehicle production through 2024 and 2025.

• The Defense segment is developing the Robotic Combat Vehicle program which showcases capabilities in autonomy, connected vehicle systems, and mobility.

• The Vocational segment reported strong year-over-year revenue growth in the first quarter of 37%, including $176 million of sales at AeroTech.

• The company is investing in new products like the AmpCart mobile charging station for sustainable operations at airports.

• The company is anticipating more than $700 million in domestic JLTV revenue this year, expecting NGDV revenue to outpace this next year.

• Oshkosh won several smaller combat vehicle programs and is competing for more, which could improve the outlook for the defense side of the business.

More details: Oshkosh IR

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