Oshkosh (OSK) 29 Jan 202020 Q1 Earnings call transcript

Company Profile

Participants

Patrick Davidson	SVP, IR
Wilson Jones	President and CEO
Dave Sagehorn	EVP and CFO
John Pfeifer	EVP and COO
Stephen Volkmann	Jefferies
Stanley Elliott	Stifel
Jamie Cook	Credit Suisse
David Raso	Evercore
Ann Duignan	JPMorgan
Chad Dillard	Deutsche Bank
Jerry Revich	Goldman Sachs
Tim Thein	Citigroup
Seth Weber	RBC
Mig Dobre	Robert W. Baird
Courtney Yakavonis	Morgan Stanley
Steven Fisher	UBS
Mike Shlisky	Dougherty & Company
Steve Barger	KeyBanc
Ross Gilardi	Bank of America Merrill Lynch

Call transcript

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Operator

Greetings, and welcome to the Oshkosh Corporation Fiscal 2020 First Quarter Results Conference Call. [Operator Instructions]

It is now my pleasure to introduce your host, Pat Davidson, Senior Vice President of Investor Relations for Oshkosh Corporation. Thank you sir, you may begin.

Patrick Davidson

Good morning, and thanks for joining us. our XXXX published we today, first results. quarter Earlier is our website copy of oshkoshcorp.com. on release the A at available Today's call GAAP presentation, this website. which measures is a we call includes by being that available a webcast and and is reconciliation on use of will to also financial is non-GAAP during accompanied our slide replay audio approximately will months. presentation XX on available The be slide and for our website now Slide X to presentation. refer Please that of

forward-looking SEC follow that including Form Act. we until answers to within otherwise. this call obligation These disclaim contain the questions of that morning all. on expressed include, this call be are These subject Reform that others, and with your fiscal other are believe to update could statements We have All Private to quarter a to statements. or be if may to to risks among or risks from remarks results we in materially statements statements Litigation those to stated meaning be year described by the filed implied these that forward-looking year, matters which our fiscal we Our SEC. our earnings or any references conference Securities with next statements, actual quarterly quarter not different X-K unless cause the the forward-looking at make a filings our forward-looking updated such

Executive John Officer. Sagehorn, presenters President President Executive Our Officer; Financial and Chief Chief Pfeifer, President Chief Vice Jones, Operating today include and Vice Wilson and Executive Officer; Dave and

I'll Wilson. turn to it and over Please turn you, Slide X, to

Wilson Jones

morning Good everyone. Pat. Thank you,

executive who I'm Mike will going leadership to joining Pack welcoming our by soon team. start be

stepping investor spring. and longstanding Dave aware, somebody calls on our Mike's into to have retiring We're this this As important caliber be earnings will position. you CFO my meetings, partner fortunate are Sagehorn, and

been Mike a Mike Emergency eight to operating Finance Dave major of has bigger has been share record Fire segment. role achieved. and the has the of & our to XXXX call. last and in later the assuming the years, success Oshkosh the for that Vice He friend with look since forward on has I'll this been President contributor in that, margins leadership my months. income segment some comments We all coming

We quarter announce the off year start a solid to are a XXXX. good pleased we and first as to kick

First quarter expectations our quarter. was our full-year line to and but compared earnings share per down of $X.XX supportive of with year's outlook, last in first

in light were moderation members tough on expected and focused commitments in segment comps and team of our our Our demand on delivering Equipment of Access segment. the Defense executing in

of I'm early and these in the confidence reaffirming in It's of proud all positive deliver still our in about culture in more people to of estimate per full-year earnings of range the our a efforts give few share there are that results. $X.XX a minutes. members in number but Oshkosh talk items $X.XX that year, will helping us team first detail Dave

expectations first This Some quarter stable start that year. the provides of in our to a I items include with line noted. the those were as results

with that. negotiations rental John more most talk of will concluded company Our successfully about their Access Equipment team key customers.

lowering appears seen of levels quarters. backlog U.S. happening a their we as stabilization recession signs visibility good it in into in $X And Three our many of the quarter macroeconomic that exited economists the segments of the odds in at finally, had least and data, providing XXXX. billion upcoming we've of are

with All the started Oshkosh continue consider what a year These good Oshkosh to we're believe global integrated and has for be pleased the examples how another the XXXX in, illustrate different to Corporation. be we will industrial. year

of begin I'll Defense. the to for discussion a our X segments. each Slide with business start to turn Please off

Defense next-generation our production JLTV led segment continued the these for as Defense by the of high-tech customer. ramp-up U.S. to highlights we vehicles government quarter Our deliver

track to both continue into as these Marine the We U.S. Corps the Army units produce to are and XXXX on X,XXX integrate in JLTVs forces. X,XXX to

of During Montenegro. includes is represents the the international quarter, number that we country for received first order orders in coming other There the JLTV we are various it will international received units This order of $XXX important be over a because quarters. for of for the that in small JLTVs. we a expect just JLTV potential of number stages progress the finalized million

successfully to program. FMTV AX exciting testing important demonstrating. very continues is a Government on the team, and are and improvements working for that program, we time the they It's execute vehicle pleased the JLTV with hard the this are

version so begin we AX. We the AXPX current are still to do before the transition the to next-generation the and expect producing into XXXX version,

benefit XXXX which These XXXX In and FY primarily our Both budget, funded defense fiscal and respectively, beyond. million favorable requests. Trump programs. December, levels were will signed $XXX funds, $XX in Oshkosh for than business FHTV additional funding the programs original included 'XX budget million defense FMTV the higher and President's approximately the President

Let's pass turn I'll it to our John segments. X. discuss non-defense Slide to to And

John Pfeifer

Thanks, Wilson, and good morning everyone.

quarter Access regions, lower team higher sales. in effectively level, line team Africa Our demand delivered great for did lower achieving results North but in America, Europe, operating and and were income Middle a year-over-year with margin. impressive operating job despite Equipment income lower the expectations. higher The East Sales the managing

Asia these continued this we'll orders continue provided in Europe, and product of China region. monitor quarter. than safety productivity a we catalyst growth led region by remains be again moderation with more to which spot seeing The is bright adoption, expected driven products. that improvements by strong in by are sales The Pacific We to originally China and

capacity production as our this our key concluded for expected most our support the growing negotiations and expanding annual of year. negotiations with completed customers to company went The the are requirements of vibrant year be during next market. with largely in in to the outlook We expect supportive rental quarter. we China, demand which We

$X segment's history quarter and exited billion. $X.X this than We third in more than of booked backlog highest with orders of this the the quarter, quarter slightly more billion order

backlog has orders year, decline. there down are of last from ending moderation While both and the in been rate QX

pattern Additionally, the we reverting large continue several the fiscal normal of more in after order years market a unusually year. early to believe is orders to

building The JLG move March of is not the instead for team compliance busy hopeful December the that remain is compliant, date new previously pushouts been standard, XX.XX although machines new of the safety planned now date XXXX. effective are and at several we that again. the ANSI the have will requirements There

once around key to new Las we other and we innovative you forward Another in show years seeing look this With every equipment host construction services be world. and customers We CONEXPO, trade in as introducing place will at Vegas. takes three show, event March. the visitors from products

If will to very special be plan and the travel you to event. show, worthwhile it a

of & the Emergency to Slide segment. turn a X Please discussion Fire for

Our team characterized supplier also by challenges dealt with quarter posted the they Emergency some order a Fire strong growth and a issue by but & backlog, an caused high quarter. solid during all-time

Pierce of team its to able this suppliers serve production department schedules. as sales not One was able as but to well to customers, The which lower-than-expected adjust fire Pierce's to was led commitments, production modify meet delivery production inefficiencies. to led its best our

behind expect it now challenges not us results. impact do we year full to supplier and this Fortunately,

backlog orders the end than billion in in order quarter. by and orders record were both against of context to a of very These just over leading when demand more impressive quarter. figures XX%, at were higher mentioned, backlog just I particularly slowed environment, sluggish strong where have As fire this Year-over-year, trade more even the taken current for trucks. the international countries U.S. are $X.X dynamics

as order out, get issues expect sorted trade rates international we these well. improved When

market Looking in to the to our remainder flattish growth of positive America XXXX, fire North maintain and slight to for long-term business. outlook the we continue truck the expect in

Please we'll turn to talk segment. about our Slide X, and Commercial

in continue simplification margins. off XXXX The launched journey to up as production from to front start and XXXX ramping pilot discharge is mixer a they mixer, Our new team concrete their income strengthen good Commercial S-series phase. is our flagship team in a operating X.X

new and The just team the have measurable serviceability, features. name in upcoming will maneuverability, builds with payload the been customers Las but Vegas. of Concrete CONEXPO rich shows World be the model strong, and brings vehicle to few Orders of the visibility, a the in legacy and improvements also the displaying product, of on to key

evidencing timing Concrete orders our construction that down, in continued mixer season strategy were this but attribute XXXX. in up were quarter, January as to several market. the a December and versus upcoming customers orders large fiscal orders RCV solid simplification RCV we for year the placed in

the slightly above concrete to We even similar average mixers concrete expect for long-term RCV long-term below to choppiness. continued RCVs the continue accompanied for the to or XXXX and by markets at in some XXXX be average with and levels mixer

detail. our and to first business segments. I'm going outlook it XXXX turn in for greater up to our wraps Dave it results quarter discuss This for over to

Dave Sagehorn

good and John, Thanks, morning everyone.

Slide to turn Please X.

our Wilson We last meaningfully line noted, last with results we first lower quarter be year. our on to earnings that in call first expected expectations. As than were quarter results commented

these however, in support results full outlook I'll per few our unchanged share discuss for a earnings that the year Importantly, minutes.

in from consolidated sales company primary slowing driver quarter. net Lower sales the America their Consolidated prior $X.X X% sales fleet customers the down the billion, down lower Equipment rental growth. were expenditures were North the for year Access Equipment reflected quarter sales. of capital for Access

partially sales. reflected Defense offset prior strong the segment the also sales in the the the sales EAME continued were lower package the region growth in prior by lower higher while JLTV mix in to by region. Fire FHTV of production experienced Pacific year. continued mixer than & from Sales sales Emergency quarter offset ramp, down year, Commercial lower, concrete a were Asia growth due sales. prior And segment favorable sales by year, driven slightly the in were sales partially timing sales, higher the

operational lower income higher X.X% and first Access delivered sales, million the points XX% year basis $XXX.X compared as product mix XXX income Consolidated efficiencies Favorable an favorable was million sales. of operating price/cost, for operating a decline the of they of improved higher Equipment standout to prior X.X% offset $XXX.X sales the than $X.X on negative was and from quarter. million in in sales. margin impact more or quarter earnings or income operating perspective the

doubling declined Defense income a of order, the recorded about of The a Upon significantly compared near received when order operating for JLTVs. reflect number to more receipt Defense units margin the the team year. catch-up Defense that to year of on contract. program the expected, very adjustment we cumulative decline the was last prior to As large

but quantity was again The Defense as impact large margin of of quarter as was not large. adjustment team this the year the and ordered last first not order as to units JLTV of cumulative the program in received the year, the the

life-to-date program doubling a to order by when of order For the comparison, ordered the of this ordered orders quantity XX% the slightly the year compared received of quantity than increased life-to-date - the last units was more year.

results for to quite full-year resolution higher higher mix outlook didn't this a to year-over-year lower year-over-year that changed. Defense this ramp compliance a as quarter, the new production, JLTVs this There segment program results drivers of has continues and development is keep year few the however, in our that contract for product include matters drivers change in but Additional year a of favorable repeat prior mind, spending. in were the thing not important this for segment of the

declined sales due were quarter volume, costs, issue. mix positive to Fire income discussed These lower adverse SG&A and to an partially supplier sales previously the pricing. related & inefficiencies with operating first to along the by year, Emergency higher last offset compared

favorable development an spend to product price/cost. quarter not that first higher did repeat, offset reserve income and segment warranty improved reflects mix, partially prior the by year Commercial adverse operating prior-year new compared a product adjustment

largely per Lower quarter lower XXXX. of earnings the JLTV sales adjusted to the the received the and in by earnings impact in per of per Earnings compared first the for of share $X.XX $X.XX prior driven year. was was quarter large order share the share

prior results completed $X.XX First in from by completing share - the share XX months. the quarter repurchases benefited per in

Please Slide for a for review updated X of expectations fiscal turn our XXXX. to

share are As earnings our range estimate noted earlier, we $X.XX. of full-year maintaining per to $X.XX

earnings expectations with full-year per estimate quarter results in that line the our range. unchanged support First share were

expecting. are Additionally, in in Access we with also orders quarter were line Equipment the what

However, of expectations. expected million $X.XX $XX the our range previous estimate estimate slightly sales the high end by - sales reducing Access we are to reflect in Equipment billion region EAME the to lower versus

believe XX.X% the At deliver lower we points XX support also increasing are for high the can of segment by We on to the the time, income operating overall. margin income our other the the full-year implied range the in our outlook end individual same estimate basis previous we segments as slightly and sales. believe operating segments backlogs

of rate the currently the XX.XX%, high rate reaffirming the XX.XX% near We're end tax the believe estimated range. to will although of be we

Our estimated capital expenditures as of unchanged the do $XXX flow million remain of $XXX million. cash free estimate

return in that opportunistic the a of our the repurchased we in small expect flow and free dividends to continue this to form of shares repurchases. of cash shareholders will first quarter year amount We and share half

Turning should offset second expect we to sales. the outlook compared lower growth Equipment Defense for to flattish sales segment prior year quarter, the the sales as Access

We expect sales be mix and earnings sales. year, prior lower to higher compared the Equipment impact Defense of will modestly the lower Access reflecting

I'll to over now some turn Wilson back for comments. closing it

Wilson Jones

Dave. Thanks

Another quarter, year execution. solid our earnings XXXX, when will our by largest which the for driven expectations for in per We outlook demand be our includes teams' segment reaffirmed down. share solid in

are segment. to Access solid advantage believe in that and with the places the earnings when improve market. position and move sales we to investing lower believe businesses in Equipment the we conditions our manage Oshkosh strategy We best have right can despite to right we in performance And deliver the our demand take

thank Also, and of this our him. to we'll his opportunity challenges call. company quarterly with at it is and Oshkosh today. miss going industry partnered through will Dave. lead to the to leadership great he Company We're take last earnings Dave numerous Oshkosh our economic make all be This helped

and We many all the next his he appreciate he contributions of begins provide chapter. will even after his support

hard demonstrated and you, to task in Dave commitment our Thank We grateful to with Company. XX has the years are integrity Dave. dedication work, teamwork his for truly and the

the Pat Q&A turn back I'll to it get over to started.

Patrick Davidson

call. the [Operator Instructions] this question-and-answer of begin please Wilson. Operator, period Thanks,

Operator

from Volkmann, Our comes Stephen of first the Instructions] question with line Jefferies. proceed is Stephen your your Please with line question. live. Volkmann [Operator

Stephen Volkmann

hear mute. guys, I you can was that. you Are me? about Sorry on

Wilson Jones

morning, Yes. Good Steve.

Stephen Volkmann

Mike, Good welcome. morning. And And Dave, congrats. best. All the

Dave Sagehorn

Appreciate it. Thanks, Steve.

Stephen Volkmann

than go, was order because And an I Dave, something works accounting having this this kind margin assuming I guess obviously that quarter can out of explain how catch-up get but have your forward of sequentially. maybe I'm bumped you albeit to going sort last you figure before full-year to of Defense have would margin I kind Defense your guidance the above that me. that lower slightly you'd because guidance year, assumes increases

stable three So just no it how does and you. B, trying works, is I to from out A to next around over or assuming more that I'm it guess, quarters here Thank bounce figure continue the orders?

Dave Sagehorn

from recognition XXX Defense a been standard we've of about is, has seen guidance, we've previously, the when talked was segment that about volatility talking about and is going level as the whole Yes. past. Unfortunately, revenue standard very is us consistent in what be new the for there implemented introduced full-year we've that ASC segment new things think about the to quarter-to-quarter the into

the booked the little quarter, think quarters. still great surface this year. in may together. about the a - in the We've going you I likely make you're XX but bit, for see seen got your backlog; future on XX% everything You've just to year, head a and scratch we're context full of That holds

us. we got JLTV finalized first and did that typically additional in was wild the we the case. the later are The - orders, That's The in are when the budget in know JLTV first that quarter. we expecting 'XX President's So cards quarter, fiscal the we what's quarter. the timing coming the in still of orders release order note at

expect will orders So as we programs well. other from our additional

certainly the in year, resolution things prepared a favorable we NPD a know so I remarks, Some in talked we about of was contract higher the quarter, matter. had the last compliance that of the the drag.

about because a know the the going come be feel to the basis, year. we but be be lumpy of a are basis, feel - moving necessarily continue on the just - a a visibility in don't they look going know, remainder We orders from are quarter-to-quarter we second to is have, There the year there, we the quarter, we but as that of third to really It we number given pieces to at in. of good number full-year the is good. quarter, going

Stephen Volkmann

we all the an I guess, assuming that margin not an being again, order. equal, to relative getting order, And would up things bump get

Dave Sagehorn

was the think sales help at case, you Defense. going standpoint. is of spread equal, the you average, is forward, look us the being if to going year, just that standpoint, implied but say was if to first it would remainder margin equally above the guidance from sales the things for be that quarter the about the on in quarters up going another are Steve, from thing that quarter out where lowest that When for year you a XX% a All this about remaining

impact pronounced well. quarters. from then and in benefit those NPD margins probably the will saw the we improved And absorption on as in shouldn't quarter as quarters we the be first as So upcoming

Stephen Volkmann

QX, margin? anything should in So relative Defense to we in there is keep mind

Dave Sagehorn

we and control that look orders, those we coming of we not whether we're Well, or say the the they're in those quarter timing the when at of definitively What going orders. start the in again, third will during confident places is quarter. government can't year. to will get second We're

Operator

Our question of Stifel. Elliott proceed Please your question. Stanley line with comes next the from with

Stanley Elliott

Thank Mike, question. first, for And best welcome you taking wishes. the our Dave, aboard.

Dave Sagehorn

Thanks, Stanley.

Stanley Elliott

you've lot forward of would maybe nice margin if again detrimental much could over what could wondering here of of done framework? the to on us a go the a look years, favorable how a you kind was on way past the side current that within the Access like was you parse remind business. margin start then out of the I with kind there on Is under of guys the several restructuring sort steel. mix performance And versus basis

Dave Sagehorn

please Stanley, those just of some missed I remind if But Okay. me.

we lower price/cost, last year efficiencies, all us helped standpoint, we From called a time, first this the implemented. some in the still still we price/cost were quarter through the on So in prepared that when favorable performance operational the surcharges place the materials, working remainder price-protected that of at backlog impact of were the offset quarter out of sales. first mix, - as had

I thing We in forward of So a what platforms. was quarter. sticks aerial year-over-year of more that have the really change. think that from towards But is kind that obviously, It little mix. weighting quarters versus the last certainly a mix of all through the benefit that of was going us seen out we that for favorable couple big work a in tailwind bit won't will as worked we've

very in due and of that telehandlers we kind of last of If you after telehandlers recall recovery strong year, the had of part a movement prior were production year. in the was to made we

I that look at quarter nice the was really for something when out third contributor or one of the at versus that fourth us. 'XX, me kind fiscal of quarter So sticks a

terms seeing kind start of pretty part of the a impact is on. about XX% In detrimental I and which rule is that margins, what margin operational to look issues going When detrimental product, of upcoming say, mid going around I on remainder the that detrimental then from margins any the adjusted but mix, of we've I'm would we customer, year. forward, in in areas initiatives quarters, place the talked would working the other still the we're or good to is good and are sorry, been at that - low we've that that thumb of maybe you expect, a then of region depend to

really the see the be continue from continuing those business, managing team execute initiatives. of forward. the a to think standpoint, job on We're good going benefits overall they're lot those is I it from price/cost Access So of to to going Equipment a doing

this 'XX. the place lap of benefits in we from for fiscal some that fiscal operational operational initiatives will in We later year the put

in saw say, quite quarter as aren't going a good, look would So relative the to as they first QX. but good that's as I decrementals the look implied that's quite QX there's or through in why implied of scale reasons why one the healthy we won't detrimentals still, on

Stanley Elliott

along, I'm a congratulations but of I doubt. pass asked time, and in of in a it the there's I sure in the will people lot of there, guys. no best Yes, luck, so lot interest queue

Dave Sagehorn

Thanks.

Patrick Davidson

Stan. Thanks,

Operator

comes question question. the of Jamie Cook with Suisse. Credit line your next Our proceed with from Please

Jamie Cook

Can a terms Congratulations. you good Dave. thinking telling in thinking that And is commentary I potential are for America North question welcome, assume you they're But of how about. have Access broadly orders? be mean you Equipment wish terms all I of CapEx in on guys reflected your luck. a up, backlog you CONEXPO you, they, or guess pretty the are feel in in number event of - more my in best of side of? I particular year talked coming the favorable about XXXX for that The with sort particular the would in customers of you just Mike. I have about in talk sort guys how

saw that And the the sort noted in the associated sort then the you Europe, Emergency, you trends noted then you in you with Fire just talk supplier. Europe mean, & inefficiency just can order the to of in you on weakness I of last that quarter? had

provide any and do just that on how quarter second up If much impacted for the catch quarter? in we that the you could color

John Pfeifer

Pfeifer. This attempt that. is answer I John will to

it. I'll So to miss if back come I try to something,

very we just in So responsible let look outlook talked this Access. we Dave business. the about a the outlook through for QX, start QX me have and If at think favorable Access, decrementals we on

We customer largely over Let $X me our billion, about orders tell feel are in booked we $X.X - in billion negotiations our that. backlog, complete. good

that. give of underneath kind underlying what's you me the Let

feel economically, bit forecast have we economic all, that of indicators is little good. favor. shifted our a First Economic in pretty

has out. We construction residential saw the come really moved favorable. good stats non-residential construction for Forecast

has recently, Momentum Dodge Index The improved. Just

So all that's good.

Rental positive. a is From are very perspective, rental and healthy. customers. with have They customer our rate Utilization rates healthy. relationships strong are we

negotiations. but expected. surprise replacement probably us. not bit what around a with is a focus you CapEx, to had CapEx, year, that's CapEx talk So it annual pleased about we this then around the more little for growth When That's knew we're we CapEx is that,

a we the pricing participate And know used market we feel it. And that used We lot used then market now. another look is at pricing. right of that we fine in relatively, again thing

the we I So market. or a that a say, should strong believe underpins got we've Access for all why responsible outlook,

Now, we our end the by of down $XX - took our because guidance Europe. million top sales of

we great our comments very Just top us Europe, process, We end of capability a caused with a in some Europe, about forward of felt to forecasting [SIOP] bit. the little relationships a data rates a weakness have points. we customers. order is by down couple the take which got QX underpinned lot robust in on that going our And of the guidance

the see the You with what's customers happening Europe, causes uncertainty Brexit in for reasons probably our is uncertainty.

the little a weakness year. that's that in of bit I order for that's a challenges bit Sociopolitical And cause there region main little expected rest of in the causing the the factor rates uncertainty. of probably our think

about year bit. point a just mix is F&E just little final was around us our your F&E. QX, shift The doing had a to full caused think supplier fine. is I We in fine. issue which

be through. little normally less So expect. some we became inefficiencies. lower our expected have operational than a sales than worked because to been healthy It mix bit would our caused Those we

for us. year. full behind That's We are fine the

about So we business the market feel very, today. F&E very good

Operator

question Raso your question. Please Evercore. with next the of with David comes from line Our proceed

David Raso

a fiscal high had in question last of percent years. years, two two guide about XX backlog quarter. of revenue outside of as to abnormally you’ve - it’s first mean last your guide, sales the Access XX A the sort the have But highest after the the the those current backlog I was you years,

guide was thought. was Europe centric. top a little take it higher But you - still than just revenue the then would’ve to So down the bit end of it explained backlog I and

pushback? bit it due it a orders down. - the but to degree? pull also revenue there the Was the chose take a forward still trying of in maybe were the some guide, strength pulled ANSI in But to is forward orders understand little because to to backlog you Just

Wilson Jones

were expecting. what No, not from we

the little to, said with we prepared we it in probably played things be see, that to Europe largely quarter bit we did out heard there. the as played out largely remarks, as attributing might weaker If it’s anything, think said, us the expected. overall, still we’re a mentioned, But things early. in of and As some as Things out little orders. as John quarter a the pleased things no, some expected. led had We

David Raso

the Okay healthy it to is backlog the relative pretty just guide.

But access full issues, On to down margins, all less still the say, are stay mix full mentioned grow, for you still cost, for quarter I the that first correctly supposed the or telehandlers. the year, mix. Aerials the price, be year? will than Is should positive

Wilson Jones

a positive the as saw quarter. as first in positive, Yes, little not we

Dave Sagehorn

Right, right.

David Raso

be down versus down year the X again. XX positive? the be wide the for Yes won’t still it that slightly should But full it

Wilson Jones

Yes.

Operator

question with the next line from comes Please Our with question. proceed Ann Duignan your of JPMorgan.

Ann Duignan

on David’s up following Just question.

been a ago? would lead orders versus today what talk might’ve the in in year in year strong With times so And when to order to revenue orders quarter make the Access, about what your they guide? see you full can reaccelerate you a have little are your bit

John Pfeifer

is question. that take This I’ll John and

of say again which have weeks of lead to is months from come days, generally, So you few lead but highs times than it times was times, two today months, a could XX average probably ago. machines Most X their down lead to year XX have a better about ago. from

that So first had coming orders rates to we’ve the supports in, the really in these that recently normal gigantic pattern our versus more have of order a part year. returned when view very

time we lead bit, situation. because So little shifted the a has our timing partly think out of order

Ann Duignan

were the that it lead days is like you roughly? times Is year ago, And what it extreme? XX XX, more me tell can

John Pfeifer

It depends on the extreme. product category, Ann. that In it some cases, was yes,

Dave Sagehorn

which a our consolidated we quite production, times, normalized now. telehandler Ann, And If bit it pushed, shifted not telehandler you it. and had will is recall, all for lead us,

Ann Duignan

business quarter? a just the comments on the of in some Can secondly expand And side. your on just mix the that you in on follow-up commercial

Wilson Jones

sorry. I’m that, Can Ann? repeat you

Ann Duignan

bit out a quarter mix on the you in for called little Can you. of you Thank products that expand the commercial?

Wilson Jones

Sure.

sell we both much we what mix higher our well - chassis. call There mix. And a packaged bodies, largely adverse the third-party sales. on we bit our little our where chassis. not as third-party said, As so of a we money of And an we make saw was as a body, that’s on

that’s So concrete year-over-year. bit were timing. then were RCVs little largely due drag. of And down to up a mixers and a that’s year-over-year,

quarter have mixers in couple, the were pattern in couple good look off for to in that order quarter. for first in had the not since were you the here a come we’re with orders We customers start second conspicuously when a a orders January, their and in, They mixers. in there at

the So to - timing. we attribute a lot just of that

Dave Sagehorn

QX, is commercial which in the factor spending we new Ann, in had thing, a quarter. I think higher development positive another in product is

a discharge launching had which R&D product product. of quarter. new they’re ramp mixer an costs We be to line. because those X.X front - great the at higher we good that And think we It’ll CONEXPO. are that, a in going be costs the as investment We’re future is really S-series in

Operator

next proceed comes the Please with of Our your from question Bank. Dillard Chad with Deutsche line question.

Chad Dillard

season. wanted and just just talk just typically bit talk cash about the a and, the of normal about that? I So segments you more build little drivers than quarter-over-quarter what which the inventory for that on to Can came dig flow, in drove lighter the specifically, just

Dave Sagehorn

year-over-year and year on the be any going flow and couple at there. of absent typically are first large contracts look things quarter to quarter up the largely is weakest and Sure, year, fiscal so international different. you cash those, if no that’s this Access Defense of was cash with and flows the associated Defense in Inventories fiscal going year, our

coming amount Defense go to of feedback response in we that new customer or is in Access models into the because terms in our - we call the a interest what as terms yet. of One, of pre-ANSI inventory modest transition up they product to carrying know ANSI

thing there. production So can workforce are their imagine also labor the you their as they’re that’s environment There carefully today, along one given managing with levels. cadence

We are we’ve see that. segment. going We’ve talked in down known that about to that, production

good yet what’s shape come think So, we’re this fiscal there. we it’s overall really Defense, to more about year. in

the are at see response an If in about as we talked to to you increase, quarters, sales question. look earlier I upcoming going

quarters. coming expect sales So we levels that’s to largely inventory the just the that build support in

Chad Dillard

is of and the question on some quarter. just during takes second puts And the

there? will example JLG of quantify issues So in what actually tailwind Can revenue some push was some margin in XQ? amortization talked tailwind on extent that & Fire that and be the the of supplier outs, how then you about just much for Emergency, a to you And the impact. a Access

Dave Sagehorn

the amortization, John adverse small of benefit on So see the the JLG, & in in it Fire year. in first was each quarters larger a the remainder of mix. a benefit and Emergency, talked subsequent quarter. the And about We’ll

favorable a say to things is, it to to the mix us because going will be did going aren’t in We I’d quarter around first we quantify impact impact forward had the what quarter. the but in move

coming mix were an It bit being or efficiencies also versus we will with and to as of issue, adverse relative what the the just will mentioned, quarters. And John inefficiencies did us associated a a the up supplier tailwind end be, those first in little expecting. then be that quarter, behind

Operator

line proceed of with the question. from Please next your question Jerry comes Sachs. Revich with Our Goldman

Jerry Revich

quick I role, so the CFO? big you And on has think note your took of $X tenure was over team when the the just as or CFO congratulations to business earnings about the what less part a Dave, done

Dave Sagehorn

It takes village, Jerry. a

Jerry Revich

items, I was Do Access in heard think wouldn’t two you others if about you products this surprised bit you Equipment you bookings on looks good talk also gaining can the performance context we really expand more of share quarter, on the a Can mind? by you Jerr-Dan give out quarter. us as just from like like you the based on those looks pleasantly had call. disclosures Can you’re

Wilson Jones

I Dave. That been in as of Yes rock I mentoring mentioned, rock. another also coming of kind our going first for He’s miss Dave. good in, been we’re Mike. your we’ve to appreciate Dave’s years. got he’s about But said, comments Jerry, all several under And

been the and has I transition played So planned. think out well

us for And again, behind Dave’s and to going be But, still so, thanks well cheering too. Dave, us that comment. us deserved helping again, some retirement. for

the as we Jerry, I don’t into that. the performing we JLG market, as far What about you share team in is marketplace. get of tell way the would is, you know like the As details

You care the been control. that pricing - taking things very can they see of in really disciplined can and just all they’ve

we’re in lost to year back due little a with believe last consolidation in which to telehandlers telehandlers share good talked that made. We that we We we this ConExpo, that off and shape now, some one which and there. been you will come that introduce, us years. got new JLG out see of all way to hope the over has things I exciting We’ve share innovation has grown

price not all-in-all, get right to from don’t some deals position. but a cost get, that deals standpoint. the always There’s we So, shape we sometimes like our are deals those

And good story Jerr-Dan there. a is

And back good our now our that you one to That’s most They’re If was of five like back years units units. really was JLG. guided performing again operational of it’s other by inside track on struggling money. make part four, good business through been leadership, go that excellence JLG. of business

there. tough last but gained over some couple we good the years. they in So story do marketplace, They’re have a believe share

Jerry Revich

terms sales second XX% and any talk heading just levels. Can into to takes be in helpful? staying China and the from production normal in Access, you about situation quarter mind And compared in there, that’d quarter you the seeing and for specifically that you’re seasonality of first in your backlog to within the given seasonality your puts could here, normal the what the on we is be given about outlook for up business should unfortunate keep flows if comment

Patrick Davidson

we John I’ll would. uptick like see We start or to may as add And do in Jerry. normally a want be to well. seasonal Wilson expect

and hearing aware stronger gives past more not a to Wilson, might a if QX I’m I coronavirus? like QX, hear it that than think I any of QX seen almost years. little sounds bit again want may bit But we're you standpoint, the to we stronger John, few be if are few takes. normal don’t that’s about little we’ve it and than than anything starting be China actually but significant a or from things a know seasonality the overall, about add

John Pfeifer

are by hour day, hour. attention by maybe to even we we’re it on So day situation, China paying the

are people fine. our of All

Our manufacturing plants are fine. They’re planned to come back from Chinese New Year as scheduled.

probably people situation. Shanghai. with the until me some have we thoughts let They’re go So just they home in are working to dealing with at everybody. reopen back our Shanghai will But

continue the think let a love methods of to back great story a it adoption long-term to is China they’re me in construction to with product market. go but for us. our appropriately, trends big the actually towards rate China dealing get at We We height. and bigger. It’s It’s just old going working from away

this Short-term, long-term, been not situation. to in feel So But have time, impacted. great day-by-day we about it’s China. we point a

Wilson Jones

consolidated on insensitive there, less be total of X% not issue the our going is to but than And revenue.

So a does if the revenue scale, become significant just X% it’s so than it issue, our more today. less you have of

Operator

Thein from question the Tim Please of next comes proceed with with line Our question. your Citigroup.

Tim Thein

just Access that’s yes, based for a what on cost the first year question follow of you terms backlog full guidance, is on So, up margins today, the and have what for the expectation price assumed. back in

I memory that the pricing by was material think in fully costs. from offset FY XXXX

just full currently. what that curious is So year expectation

Wilson Jones

Overall, last all working probably the QX would and some bit so other of We’ve that this of alignment year, little look of the costs, a There’s a in are components got remainder and lot I of not that’s into steel. our benefit, standpoint cost labor from year, earlier the for holistically I tried are. at we where where about a price-protected just that. an say through price going, of of mentioned expectations costs to but backlog, there’s a between the did go we’ve

it’s are. responsible the we that that provided think to forecast year. with guidance that And for so I we the pricing, into responsible is baked we and outlook try I be think And

Tim Thein

terms but XXXX team and from the And of now? just few request good of guess to around I in budget. some the early in implications bit you Defense the earlier Any what is expecting budget XXXX be DoD released, a on gave longer maybe term, terms the color a of FY read weeks in

Wilson Jones

No. insight, we they to that that that I had but vest they wish until pretty onto close drop much hold the Congress.

targeted in think that’s for February. I sometime

Tim Thein

Yes.

Patrick Davidson

keep XXXX. I contract we that mind in FHTV think have just too into deliveries

JLTV contracted the deliveries And have contracted into We FMTV into then XXXX. XXXX.

positioned that know well we’re for But next is programs. information we to don’t until with point, our So Dave’s year. released

Operator

with next comes Please question RBC. your with of proceed Our Weber Seth the question. from line

Seth Weber

on the Defense So maybe just business.

not trying that than this, likely to You know you do But to maybe have Wilson, something addition order Thanks. the if not the got handicap handicap you yet. in Can you How your you’ll you’re to the you? JLTV are XX were for think guiding just, XXXX XXXX more it’s XX? additional level awards that internationally? internationally. see some could confidence JLTVs I

Wilson Jones

Seth. Yes,

process some but are. orders both actually more. FMS year, takes to That We know they the Slovenia later are expect we time, through international We this Lithuania and process. have working some some know

the UK they’re have we for approved about MOD They before think I testing roughly talked right vehicles. X,XXX two now. that that’s

variant. We expect they point. to expect may adjustments in the some we make some to them But at come

XX ministries Probably just of over armored conference, team different doing news XX our had was even demonstrations better Defense, JLTV Defense, an trials JLTVs. all on of and at they Defense and is different ministries in London vehicle

in opportunities very we’re about the excited JLTV. Europe the obviously, So, and for Middle East the

and expect an question, international we orders to answer standpoint. yes, XXXX your XXXX in So from

Seth Weber

you the do Fire us called tailwind you you could maybe if big be How say Thanks. from Can policy international resolution? talked and out get a Could big tailwind affected you of international just the just such. XXXX? that portion on it by think business, could that then the FY And a guess, being about trade the some go, a that in of where I here? business? as significant is how remind And be we

John Pfeifer

John. Well, this is

to that, business internationally mind business our said our business So business, performance. Having its most let’s business. U.S. keep material most and of our in North that is a American of contributor is

business U.S. business the is we good feel keep a really - order that because and been in a able have backlog strong to We book the record strong. we’ve in been about our really so fact really,

now. up going business it’s international not year this an But to market when to of our we the pick be impacting U.S. it’s again, sure, see benefit. due level healthy whatsoever So right added

Wilson Jones

XX% been and Fire Just bit maybe spot revenue, Emergency little But he specific. a the the to be with in about But more roughly on said. revenue. past, John’s of F&E what it’s

you, helps Seth. that if So

XX% about use Just

Operator

Please Mig with of with line Robert the question. Dobre from W. your comes question next Our proceed Baird.

Mig Dobre

I of the orders do rest is I for I QX on bit I orders And different. But for orders is were what all orders way the your fair expect of the expected. to you want in looking So seasonality the to us agree in year, else, Access? a Access little And like and than that comment were it of everybody back better mentioned do growth seasonality that year-over-year given think, in go the comparisons the to Equipment.

Wilson Jones

for cumulative implied orders the that the at up year QX say you full year-over-year. be QX When look sales will through that would

orders run Last fiscal And go we did back think add and XX% to cumulative that out me us were that Let year. pointed moderate you through I XXXX, year if in QX little see and XXXX in to you to just to think somewhere numbers to to start XX% XXXX last that. context range. compared the in actually fiscal I around down QX a orders

experienced farther you fiscal we if to year guide in this in that for will even a the for So say that high-end full fiscal XXXX about is what target, we we XXXX this what little year it the yet imply orders XXXX, looking we’re than of back need would right hit and at, that sales higher which does always our less be need three-quarter high-end of but range were to year go fiscal cumulative we the over orders implied orders XXXX. that period

looked couple of at ways. it a different we’ve So

could you in the of On yes, achievable. but multiyear they makes believe and the surface, up, that, are a we say to be need they context to I view sense think it

Mig Dobre

is that we to were visibility now three having had that your going with level presuming that you fact you have months your negotiations that I’m given Right. be of was have a ago Because you’ve done customers, question discussion. my not when there that main might this the

that you issued have wouldn’t you Otherwise, in embedded given confident? pretty still. in presuming confident So outlook, outlook, that but that’s the the how are

Wilson Jones

Yes, you’re absolutely correct.

we better into have it points is that is of there it. go that and data feel We a good think we now lot and outlook our about and confidence responsible, very

Mig Dobre

$X.X recognizing replacement comment for replacement looking guess low-end if of the fleet is more me billion the how question demand? demand, billion would guidance, $X.X growth of that at I’m your Last less you is and the much seeing that you’re

Wilson Jones

pin in we to a Mig and hard get That’s from customer. order an down

order. growth a Here’s

Here’s order. a replacement

back going pull this on year. we’ve think our been that are believe pretty CapEx growth their consistent to I customers we

we certainly it’s a be us for So that that but replacement, portion meaningful that any really will expect hard. to get more of specific than

Operator

line the from of Courtney Stanley. Yakavonis Please comes your question Morgan next with Our proceed with question.

Courtney Yakavonis

versus Not fully wanted understood what to make just sure guided belabor I the but you’d change guidance to Access quarter. to previously last

XX% you would think down be to would that that suggested XX% double be I North Europe and down digits. America

So of to better think you is and with most are of expected? you down wanted safe this relative decline only being to what coming and of order it your then should XX% your from say magnitude down how trending had is previously Europe, about that about North I towards America bit low-end expectations a we year-over-year, just to trending that, little than the or even Europe the

David Sagehorn

to too feel us fine for on market. We the the change expectation U.S. where early really we about our U.S. it’s are Yes, market. with

offset be little like a orders that and expected EMEA, wouldn’t bit which it we we expect returning the just I that it’s like we we say down why North We feel felt too say weakness than all. would say at low-end. more in is by America. I stronger in took So million, $XX to to not to feel we had early by

that’s what So is. it really

Courtney Yakavonis

of you’d I expectation still small think all? APAC that that sales. China and in a appreciate But the be shifted APAC has is up percentage comments that Okay. digits is double your And of or also some would I about as the suggested how

David Sagehorn

several And we XX% double expected Yes, digits up to we not strong come. years market is expectation. It be and the growth by still we’re that’s talking or that when a say for strong, it’s XX%. to

Courtney Yakavonis

this similar was And over I it said you XX% It’s last think up quarter? quarter.

David Sagehorn

Yes.

Courtney Yakavonis

comment year. just on shape a Is point the year were suggested think a well? as also that those in levels, you then inventory that in at safe this I the exiting relatively good And

David Sagehorn

Yes.

Courtney Yakavonis

And… Okay.

David Sagehorn

I’m ahead. sorry. Go

Courtney Yakavonis

ahead. Go no, No, no.

David Sagehorn

a levels. about get We did question earlier on inventory call the

up very are reasons. the for up bit, and valid are we they but a right the a why are they reasons bit think So little little

Courtney Yakavonis

just well And remaining mentioned roll price this three people for earlier, wanted backlog? but to this on it just just positive obviously positive in the as to lastly you you think but a - then even I quarter, cost expect quarters, surcharge couple be I the cost, from the the understand off still price said was with

David Sagehorn

as QX. at is we as look price in QX not fairly saw be going I Overall, QX. when say in through favorable would It’s cost our alignment to we

Courtney Yakavonis

offsetting be the But won’t positively? negative remainder of it the year, for

David Sagehorn

We to year a to it do on basis be No. not full expected be negative.

Operator

from of comes your with Steven UBS. line question next Please Our Fisher with question. the proceed

Steven Fisher

is going year other the on overall just the off margins, Just going some you coming full on X%? to to of know be orders? that something case starting more the Steve I margin margin the up Volkmann’s the timing base lumpy, to weighted reason but like guide be margin there said Defense follow is of than was why Or might is QX back be it back-end the questions. other

Patrick Davidson

control there, of we are Timing the those Steven. don’t evasive of driver It’s just here. trying orders are going be big the timing to when be released. to Not

some QX certainly continued talked is sales see to quarter so benefits. in As through the we’re of improvement we a margins year, go as expect we the we to Again, going sit year. today, about, absorption see I the here lowest we think as

as the go get upon dependent orders we timing the those from fiscal that receipt the and is is all side, will year. the going spend be volatility we’re to of with we Everything of just that of that the quarter-to-quarter alignment year. supporting through higher side the from really production NCD the It’s in confident that margins in

Steven Fisher

Access, that what’s be complete. fully yet? how unusual this customers this resolved about it wording, my are on mentioned order largely for finalized unique not just at key And discussions then picky really Maybe those is the on point. with being all you’ve just too customers but that And to your the maybe is haven’t

John Pfeifer

done. some we come say wrap in, This orders negotiations in and at is its XX% XX% still really say all. let’s John to largely it’s I QX have up negotiations. to some not to those from it’s complete, it’s But because unusual When

Operator

Our of next Company. question comes proceed with question. from Mike Dougherty Shlisky line the & Please your with

Mike Shlisky

still due So thus this XXX% a good made about feel guys, in it little better not you Aerials? of call, on XXXX clear color ongoing maybe mix And and look for been just you the At might year feel give more kind a through has to replacement? telehandlers being any this possibly do Equipment. the year us between than can how Access far point, it there,

Wilson Jones

it’s I’ll of January most customers. jump on quarter Dave XXXX, of mix. the our of And in let the I’ll just getting talk question, we’re XXXX into first Mike. then and But

I think on an you year. know October-through-September we’re

today, replacement So large there work add up fairly there XXXX, if what hard we working say year. which normal and would mix were we some on know is in think XXXX should the year into forecast the what in place. a come get years XXXX to you platform, would about about always the or But big be replacements Aerial XXXX, really back that we

We’ve heard with oil commentary from thinking. the this of companies that’s consistent some

So from XXXX customers’ fiscal know a in up getting we us, as you going at XXXX call year know to but coming as we’re just our look started XXXX. good we’re not we what

Dave Sagehorn

Mike, Wilson’s this is Dave. I would echo comments.

ideally a well. that’s – years and pickup and them. That that’s be sweet kind historically replaced, should at when start ages back when of when you look equipment to you good seven be sweet convenience spot cost used see fleet they the seems they the of You nine looking spot, a to indicator replacing be pretty need you the values as see to

That’s In sequencing customers that early is be to to of seeing still terms the yeah what way timing each replacing want what about for look XXXX, too of it’s on about mix and be how largely like. used dependent think of or might to thinking those that going they equipment.

Mike Shlisky

secondly from that about about. Perhaps in, the that to and Air I’m want this came ordering at on large the been Defense this December, ask written order much orders the and past added talking the past you’ve in and which the the too here an Marines, your looking the comments but order has also Force. in and order Army been in been has call the your this of for in Navy always government I

they this Is included they of branches? course as time branches orders more opportunity around for they but point, Now folks well. those do four buy those out those definitely airplanes, fly over an there have at all or both, your people drive of two already

Wilson Jones

No, they Mike. haven’t and there there, are opportunities

and as the So international work our is I they’re team too. on busy domestically we’re to front JLTV continuing earlier, that busy very mentioned

Dave Sagehorn

press And we release Mike, in, a if there the that branches that yet we’ll and what come for. better look, once those this make we in orders you expected get are go of idea fiscal to service comment additional of those did volumes back JLTV incremental year a

Mike Shlisky

So order, of clarify, what two branches just then point – for just all other four? only all were you to and your until kind this for not orders this at

Wilson Jones

in the there a been Air and Force have Navy. may there smattering for Largely, the

Dave Sagehorn

the Mike, Navy there and users, though. saying the some Air Army the – are Force are guys these Marines and prime are Army requirements the

Operator

question. line of the your from Please comes proceed question Steve next with Our Barger KeyBanc. with

Steve Barger

fishing Thanks sure excited [Charlie congratulations, a is I’m to Szews] new have buddy. Dave.

Dave Sagehorn

Thanks, Steve.

Steve Barger

modest calls. in to Are should your shape, great it trying you in more free to or be flow revenue This years, five good screen year. source sheet decline be to using pretty pitches? deals the first the to is look have time a get looks probably and it obviously but going a aggressive this is You’ll at or balance cash four about

Dave Sagehorn

about talked on our us list. for always we’ve Steve, theme The is always opportunistic.

cash good generate We’ll cash. We’re this year. more generating

a do that we that if the make do say move, we make So right is, makes sense. to want it’s move a move, would you oh, what sure

not to buy just we’re go So going it. to something buy

has been look well displayed up we this at point I So company. but our think from that, allocation capital to

in balance past. looking – review repurchase there raising market companies The so potential we’ll on continue going lot opportunity, sheet, partnerships, it’s could some deal, the the more possible conversation to a mentioned, a together in there’s the And good just than dividend. you the shape of share JVs, be with as working then not is and today in

So, could everything out just grow our at we’re help shareholders. to that us value there and possibly certainly add looking eyes about wide and open

Operator

Thank you.

Merrill Our Lynch. Ross Please Gilardi the will final of of question with question. your line Bank from America proceed come with

Ross Gilardi

thanks in. the Oh for great me all Dave, And as guys, best. well squeezing congrats

Wilson Jones

Ross. Thanks,

Ross Gilardi

I like orders XX% right up understand the Class we questions. is the to all can’t XX. and thing about up seven orders was your the only I’m If get think or trying are truck I your truck like get Possibly fire math doing are the that think and the I’m other I that that commercial curious of squarely Emergency implied orders. any year-on-year and was still & Fire six down. X orders in and of context we that commercial

really, or end timing whole trying the still market Are that growing? are the in these growth of there and issues any order Are markets are I’m that? that share sustainability just like only few influencing unique your issues just implied understand to the

Dave Sagehorn

vocational guys. And and of – truck vocational the commentary seeing as their the know of X remain that all truck and remain what I for markets of at been vocational but I and consistent have than little builders looked It’s one quite pretty hearing comparing to markets Ross, fairly continue think from consistent continue I some we’re healthy, their here. that OEMs I if quite what the different they’ve to is to truck outlook. outlook you’re Class their over at we’re We healthy. a bit think looking the think road we’re the out that, kind we’ve thing

Wilson Jones

got markets replacement. well. to that big fire held spending of and it’s think need that municipal are municipal in I pretty there, the some move And the you’re just collection vehicles refuse two and you’ve add that, to spending, pretty – old fleets seeing

and the So fire pickup of that’s where refuse. seeing some in you’re

John Pfeifer

Yeah, even market us our and and In getting line. the Aerials new also product of products F&E parts a they’re really Ross. add in that, I’ll been got have to that helping lot And good better. We’ve really, we other dealers. have

environment we’re markets gaining in those all the yeah. share F&E So

Ross Gilardi

the truck over And numbers, but included I road Class upbeat. order OEMs be bit even a Yes, have to you��re not down. numbers vocational the the I realize agree in thanks, more straight guys. that been X seem the

so So it does is much. that Thanks which great. outperforming really in seem like you guys are respect,

Wilson Jones

Thanks, Ross.

Dave Sagehorn

Ross Thanks,

Operator

closing like turn now Thank the you. I comments. would to to management floor back for over

Wilson Jones

just Dave, our we going Well, torch company honestly, Sagehorn XX thank to work we years would of start And us that Mike again us get thought and to he’s I’m off forward for Dave ever get quite I honestly, and will here going, helping us. great challenging keep to. in for carry don’t and that, to think levels

to thank on to interest your call. want speaking the conference for look at earnings day, a on a certainly with forward Oshkosh Have good I We call everyone everyone. Corporation. the you today in next our

Operator

gentlemen, and teleconference. conclude does today’s this Ladies

for have Thank may your disconnect wonderful your you and time. day. lines participation, You a at this

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