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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