OSK - Earnings call transcript Q3 2020

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Operator

Greetings. Welcome to Oshkosh Corporation Reports Fiscal 2020 Third Quarter Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note, this conference is being recorded. the President to Oshkosh of turn Davidson, host, Corporation. now Vice Senior Investor will conference your over Pat I Relations for Thank you, Mr. begin. may you Davidson,

Pat Davidson

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

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

to Officer; Wilson include turn Executive Mike Pack, Financial three Operating it over Wilson. President and Jones, John and today you, Chief to Officer. turn presenters and Chief Please Chief slide I'll President Vice Officer; and Pfeifer, Executive Our

Wilson Jones

we Oshkosh to want strength we how through morning, of demonstrated, you, work I been everyone. talk better we am how a our challenging hard has Thank exhibiting through as start times. members underlying to about we success, I the navigate quarter. people-first often the results environment. proud are our sharing together, as our these today Good we derive from key The Pat. We team execution have by that pandemic-induced disciplined and our current culture manage enabler this are and with

sales prior nearly of we our of For per our to the year, billion, outside the share of while and nearly adjusted responding delivered we X% $X.XX, versus controlled as third challenges up quickly control. is backlog quarter, earnings control, what we $X.X consolidated can

even Also has Oshkosh most are are our remain reductions global the competitors believe remained discuss strong, with including present customer John Board sections. quarter our both team to recent to and testament as pronounced strong culture. a those a reductions economy Given mention to John dedication manage It's our pandemic wanted payment approved Recently, his Mike U.S. I supply evident, in of the us to $X.XX I a impressive, promotion share, new duration quarterly dividend on at in more And take moment we last working continuing results, with cost believe I some segments. responded to another should of it a our work and as this ongoing also times John, announced as the but and John's strengths represents quarter. permanent will of a to the and demand, on third these. our also discussed will implemented areas of significantly last and President. pandemic. the result variety look great in the to solid team world, want only their benefit him, our congratulate The of consistent through We the turn resiliency we business not impacted chain before related over by people-first we I lead members actions to to uncertainty. changes forward but this in cost as and changing slide and and Those among in leadership industrial John in discuss around the customer our like Please actions conditions each four of others. the we markets as turn impact a our we different, to demand here disruptions, we liquidity the quarter. our performance. integrated dividend been in of We versus Oshkosh. temporary values that sheet uncertain, per balance challenges, and impacts protocols to

John Pfeifer

everyone. Thanks morning, good Wilson. Thanks, the and for comments,

Before operations, of including update our brief offices I'd the throughout are focused and Across the company, preventing with our virus, maintaining safety chains. an I the the provide on provide update our on people and social of our members and in spread our facilities. on both the of like increased a manufacturing each supply segments, team we to distancing,

the While this remained disciplined strict make these proud maintaining work have completing way protocols. we strong our maintained team efficiencies. challenging, I in can more of am has

induced our true to through continue our the chain partners. quarter strong navigated team, integrated major without supplier and the This supplier our XXX supply stoppages. to over of testament efforts also supplier early focused any is We in capabilities line successfully production shutdowns a

extend supplier our in While operations supply we diligent the and and in we've remain rates will our infection actions. stabilized largely chains, and risks, U.S. elevated of parts production

facilities return they it office work they cleaning appropriate carried and work Additionally, Oshkosh but to I members. do place. our details, our when work-from-home protocols return implemented to go need each with that all we in enable the into our and to for or team our the Essentially, physically in out they seamlessly. office changes team won't to social half day to work distancing actions about of need our enters we've members when facilities and can for workforce

Access kick to Now move segment I'll Equipment. with our updates off it and

Equipment and temporary impacts we Access closures the experienced more more performance manufacturing quarter. our in of adjusted segment with any at our has solid, second costs, other quarter. quickly factories our markets challenges, the in our of negative than decremental segment segment current production parts impressive in other This income just margin and to business world. X.X%. third North Despite declines adjusted than in the down these and revenues timing On intensively in reduced the reduce of we XX% recovery addition office XX% our access workforce rallied both margins team taken the our the and and with our will of of We the shutdowns still August of during year-over-year We segment. with the an Europe to the the in landscape the able is XX company lower given we in significant resulting over reduce with July, closure and serve the steps Our America, under operating two-week discussed And quarter to in plants call, equipment the market end facility uncertain, France in shutdown for the this efficiently months. Wilson staffing facilities Romania existing that our segment reduction. the which will have will actions the have in footprint, and from we of in production June, costs, including also be mentioned particularly occur announced remain September. month to a more at EMEA permanent committed some U.K. we to market also modest to manufacturing it global next rationalization, Medias, aggressive

with logistics for levels. enabler robust important that deliver an operate customer margins service cycle, been as as our can has production framework so well ability the simplification and business throughout Our to relocate we improved

has markets flexible around managing in are we access business. our impacted COVID-XX approach equipment While world, the the nimble to and staying

we broader are but industry the provide do time. given time position outlook in back, We currently access Oshkosh not come that to frame. uncertainty or equipment not around have an will However, this we a a the at recovery, specific know economic

when will facilitate make returns. our success that We will we right decisions the and control we can what demand believe

will encouraged are fleets, future We quarters. in in by that of driver America, further access a demand we equipment be the particularly expect age North positive

last demand China and for positive back Finally, outlook market is we our online, discussed is quarter, in returning. as just our facility we this retain as

of Our sides and team on our and in in has China. remain Page China bullish very defense demand the plenty segment. of supply market, in Please to both discuss X, experience long-term our for the growth and I'll turn we prospects

backlog the well a performed quarter foundation segment ramp a up defense in for with visibility. as helps JLTV and the provide program, continues team multiyear which the the company Our solid large to

Department U.S. further that in an allies. for for leadership During the of our the vehicles trailers quarter, received tactical order Defense we solidifies wheeled our and JLTV

have opportunities. We in And quarters. governments with that number opportunities strong not any international of a today, and additional discussing foreign JLTV while are expect will we continue be we successes pipeline a future making of we work to on announcements

year defense limited remains visibility, XX% especially across pandemic $X.X provides the Our visibility prior where billion, solid which environment backlog the the up many at from good over given nearly current industries. has

vehicles we Saudi venture Arabia. During manufacture announced tactical wheeled quarter, to in a the joint

important life with an Ally of vehicles with for our milestone the finalize key This our This U.S. international partner, integrated activities. the longer-term be is agreement. partner We been working services. plan strategic cycle for defense part an have to to two Al-Tadrea, years and is our defense his past for

to as wrap members XXXX. production that and our for our together example up and September in agreeing great member through agreement solutions and congratulate is I segment, the our which well coverage team of on of I the in continuous defense security for for want my provides peace as UAW our Before collective mind reaching benefits leaders to This a team both comments company. bargaining working provide Oshkosh business continuity of new a our

the operating Slide paved of impacted our to discussion Fire great headwinds a and recent us, Let's focused Fire a This sales. travel, for but quarter for COVID-XX we through income and X during segment delivered on experienced strong the turn quarter. the given that challenges which and a experience the with a implemented is the travel was & adjusted delivered development March, issue a sales segment. the for quarter our quarter. in both Last way year-over-year cases midway team, eased despite fourth a supplier for may Emergency behind operations quarantines some supplier the states results issue reinstating in team Emergency increase restrictions Customer & quarter, shipping margins. XX.X% as with margin. temporary the impressive This positive schedule third lower

orders strong orders, expected impacted the case. we'll was sequentially continues talk that are our fire and the visibility impact by quarter well to customer to we down budgets clear be earnings orders impact a pandemics off future. and into to backlog Even pause refuse discussed we due segment. and concrete be to X, collection spending to monitor the quarter for the that there Remember, to in third the we all-time and with robust, orders a in will demand which we The continue be XXXX. expected Slide mixers and on turn the on could As It's on providing was call, for Please an vehicles we that record been year-to-date last municipal about pandemic. year-over-year commercial coming trucks both has pandemic.

to attributed impact more in and various the collections has orders be shutdown we've X and in some and RCVs This the with collection slow. months, began for throughout also ago this Those demand have across commercial been couple of sales and really had tends business. that limited North we culture the quarter. cases, was seen work expected we've seen RCV journey elevated concrete that are during mixer for a permeates simplification years and Oshkosh construction us quick you to the a through strong even we Despite passionate to environment. refuse challenges, segment. America past past be case. stopped actions has That but solid few that these and residential the in the at a to slow followed committed years we negative know over and demand on came throughout margin the locations As commercial remains nonresidential a current trash often stable can

become our As Dodge a in facilities facility concrete This Thus, Dodge of transferring week. Minnesota operation. value plant will from consolidate journey, America. our Center, transaction different business, we fit fit our production production in concrete part this are mixer a to reduce the business was our on over help regularly mixer us company. important in with North of The the appreciate We we last effectively costs within team RCV segment. in with and six for will We as that commercial next company. all other benefit parent this for focused journey. the occur review our position We forward all Also, the wish from mixer as think better a RCV this more months step the better strategic and the sold for both and businesses from the our at best success will future simplification transition Con-E-Co focused in Con-E-Co they'll facilities. in will our new Con-E-Co. We and move the focused determined batch recently resources them a closed they owner and contributions the Center

and for Series the segment, technologies. to and interest believe the a new of connectivity this in it discuss complete the this business the mixer quarter I'm future. We to and will redesign solid over for some mention our additional wanted pleased levels, pandemic. orders for comments industry-leading Watch We're I even This backdrop of up long-term customer segments. with conditions. business technologies S to Before mixer, front company. of ramp-up productivity driver with on I new this to the results be concrete discharge to our X.X against Mike third our leave it turn megatrend applied performance current the going wraps vehicle

Mike Pack

Slide Thanks, turn Please and good everyone. John, morning, to X.

last During challenging that it the expected third commented we to and earnings quarter be a our was. call, quarter we

growth the cost in combined to the in service sales FHTV sales aftermarket higher by prior a quarter a year reduction sales sales year COVID-XX and ramp decremental driving sales. low of the last quarter amortization a quarter, of by refuse primarily both of equipment the and restrictions by $X.X necessitated operating Defense of expense, quarter was offset quarter, caused incentive lower JLTV offset million impacted sales and year equipment the in lower production and as higher unfavorable offset by reductions, primary quarter. result quarter significant were the and, in as income prior costs. as year-over-year roof reductions, cost Commercial for in to mixers lower sales availability COVID-XX cancellations the by Fire the by commercial and $X.XX by the workforce the actions. lower favorable consolidated sales in deliver emergency & supply $XXX.X were price production emergency the an affected supplier XX.X% the sales Fire result sales us facility allowed U.S. than quarter, to quarter temporary quarter, negatively higher sales related equipment as cost a a levels benefit offset the part adjusted line third some caused compared partially Defense million volume margins strong much sales emergency of quarter as or commercial income & cost of warranty operating unfavorable activity throughout of site for However, collection of than order favorable year compensation teams, adjusted reflected income consolidated quality temporary and compared X.X% offset units rapid XXXX. quarter of intake disruptions of volumes. improved job segment were for prior quarter adjusted segment we of a for dynamic, shelter-in-place offset catch-up per part with and compensation by weather-related declined decreases fire declined year the largely catch-up prior to lower significant due net year pricing, year quarter. in the operating effectively income a world. the during the income of reduction continued result higher down cost lower decrease disruptions, of lower adverse defense a drivers temporary Consolidated expense. extent, to on sales business absorption related access of lesser of $XXX.X dynamics, implementation incentive third and price lower operating the third and by to well actions expense, and our demand operating earnings cumulative driven in part increased and COVID-XX. earnings production XX.X% by chain volume, of issue the XX.X% the in manage a were noted the solid a & execution benefit vehicles part of inefficiencies mix, cost sales, result combination partial sales. and in sales, as benefit prior by pushouts, customer decreased Access of offset rates Access quarter shutdowns a manufacturing rates were absence as more from for billion, or lower decrease prior part lower by increased in And sales result and the of by third lower Adjusted and by Consolidated collapse volume. prior on and parts adjusted the concrete the the in some adjustment, $X.XX compared per share sales was share of the

a by of on repurchases Please turn share for the Third discussion remainder $X.XX in completed share months. XX quarter from slide to benefited results the nine per prior XXXX. fiscal

quarter, the our result a of of as expectations second the financial withdrew evolving COVID-XX. impact During we

potential of parts cadence the of risk. in we and in supply uncertain. chain mixer rates U.S. operations, businesses remains demand our continue chain seen equipment in access stabilization customer and commercial increases the production drive our in and to have supply infection While Further, recent

in result, discretionary we're uncertainties provide As million quarter, position expectations the in spending. reduce not the cost cost to reduction actions $XX fiscal to by million for to year. decisive limiting reducing include announced reductions, Last a other salary actions $XXX the COVID-XX. and to updated we project travel a and plant response year These shutdowns, furloughs, for temporary caused by costs, pretax

focus expect of cost in we measures our these XXXX. exceed million teams, $XXX As fiscal temporary result to now the a outstanding reduction by

annualized have we cost our expected once equipment million $XX discussed, access segments, actions of in announced yield John permanent complete. As are restructuring savings commercial and which $XX to combined million also to

some expect by XXXX, these these the with of benefits begin actions full We to of impact in realizing actions XXXX.

with prudent. we the call, options pace, we shared pandemic. the As With permanent at cost a last were you on respond of actions to a established slower playbook recovery to trending

Our quarter available availability reevaluate $XXX clarity further approximately revolving of of under of the remain during at $XXX of repurchases strong sheet the liquidity line and our million approximately balance approximately the and gain million paused billion, of we we on markets. end of credit Share the consisting remains with $X.X cash end our them as quarter. recovery of will

quarter of equipment initiatives. the with access to target during the consolidated both we basis discussed within were disciplined our able those second targets and third mid-XX% execution for the the decremental quarter and earnings achieving segment our of adjusted call, help margins, reduction a on cost exceed year. On the We

for full mid-XX% a basis. over on the adjusted we Wilson reduction be as closing I'll lower targeted leading Nonetheless, the it quarter increased now fourth We activities expenses. year back of shelter-in-place the have restrictions expect to some comments. the margins, both expect eased, to quarter consolidated fourth turn the in the decremental and to benefit compared quarter to to achieve for third cost in

Wilson Jones

Thanks Mike.

strong strong a have Oshkosh. with at We leaders culture

challenges the performance. down our Our last we're the been revenues proud from were in but and we've facing, year, quarter of earnings given

a sheet liquidity. strong have ample We with balance

well XXXX fire to lower Our aggressive & and actions defense provide emergency and visibility during backlog costs. we took early into our pandemic the

the Additionally, call us we greater permanent will future. cost announced reductions position today's success on believe we that for we in discussed that

earnings believe chain these managed during over and right disruptions I'll and path started. am resourcefulness performance solid get effectively deliver we very back can sales and turn has times. has term. strength it and reassured supply over by the on and to I kept production to team Oshkosh long challenging Pat the our Our the Q&A

Pat Davidson

back to this a to we limit like I’d remind question-and-answer everybody, follow-up. please period in that please you’d the Wilson. plus like Operator, Thanks, begin ask questions After ask get you your of one the queue additional call. follow-up, to if questions.

Operator

Jerry Thank Our [Operator question Instructions] first with from Revich Please proceed. is Goldman you. Sachs.

Jerry Revich

hi, morning, Yes, everyone. good

Wilson Jones

Good morning, Jerry.

Jerry Revich

travel to quarter. drive more in double-digit the the the quarter double-digit performance a my this Really have you But in price are and What position commercial You segment? when business hitting come don't this costs about in where still to a least sustainability Can expansion think, the margins the middle some this just model nice really mentioned coming margins I quarter on stands year-over-year you going pandemic is of I in in within of costs getting historically. margin performance in quarters please? at bit any are expand you for back. quarter, can out talk this

John Pfeifer

Sure, excited a their believe a time. this It some Jerry, double-digit results take it's the – a jumped and got delivered line, nice they see from We Bottom quickly, on is actions from double-digit benefit onetime tailwind though, We near We're quarter. was us a by nice that price on in certainly, This business being term. journey. in don't I'll did business that. business simplification over great sustained we the the cost quarter. cost. items margin is we certainly commercial

we I going sustained nice I yet, as So our think a to journey. the again, simplification quarter. it be it's of continue think bit a for was, But double-digits, time

Wilson Jones

remarks, where those vehicle a standpoint, I and And to margins. from just that, our his to going standpoint get described focusing a Jerry. we're moves that's us we're that collection mixer factor focus think making factories to from add help our prepared in double-digit The John refuse

Jerry Revich

these European I'm the in all productivity the a of decisions. you can seasonality demand? that that you in about view decision while interesting, that is Or that's your realization And continued higher Romania what's got you facility, beyond JLG could about JLG, and with on Can normal around for telematics is July? into talk just margins expand whether on that? other I'm improvement the field function talk if wondering Well, the the a that And plants? you making and folks fact has you double-digit wondering the have

John Pfeifer

this Jerry, is Yes. John.

when we in that like on fixed in doing So business the with we're our in access make with or being moves seen you've costs, us line simplification in journey. commercial Romania do consolidated, always mixer

take we lot and continue and the focused for got got and and with California, So produce Texas And important be for publicly We a ability simplification, markets in even moves kind is Europe back Access, like market market in time. that conditions. our customers and our factories rates. we utilization utilization regard is improving, of that of out, us. an we a to in concern starting with that early They big, And utilization couple With we go Florida, saw more of end it at be we all serve the big to it's and some are see terms in weak at April with seeing. consolidate June to also on a going able the ended rates been efficiently know with to rates opportunity in our now we fixed about well, cost the of give indications execution it where way always market pause us what made. had we us, look to fairly rates other we've just towards were virus to of, the what really we We've at serve customers we're started June, opportunities, we'll and but to the to there. in they're then have as talking very we up Medias out an bottomed even confident we We markets infection improvements European talk market. to it than which simplification think utilization caused kind report our can a of upon what based differently Europe June least for of of rates for quarters,

still think rates rates when bottomed up pause that of levels. reinfection in out let's they going we're And a seeing. from pre-pandemic because I there's so market to utilization not frame, back they're of the on April say, all are but And little the time bit the in,

Jerry Revich

I Thank discussion. you. appreciate the

Wilson Jones

Jerry. Thanks,

Operator

next question Ann with Please Duignan JPMorgan. from is proceed. Our

Unidentified Analyst

[ph] for is McMahon Sean on This Ann.

one question. clarification Just

You said in you're Those going still F QX two-week your extending was? as temporary be shutdowns to month QX through each are shutdowns F Access.

John Pfeifer

clarify, to Same and shutdown week month. the two then just And entire it's so as July August So is September. in saw cadence we last quarter.

Unidentified Analyst

that of defense? I backlog bit update pretty compare Thanks. end QX. little at gears visibility segment appreciate it solid then F the to clarification a maybe there. shifting Can F&E in the And Great. and bit, your looks you a little on your

John Pfeifer

Yeah.

our strong. $X billion is defense is really backlog. F&E F&E and backlog at So over

year-to-date, a into XXXX It nicely rates goes weak into well of orders it bit QX up for Backlog defense are pandemic, is a And is at order Our even $X in order always little year-to-date. goes quarter. F&E kind was with great over But of F&E. strong. XXXX backlog. are and the billion weak.

through really Access are anchor those segments, good our we businesses us for So Commercial. climate very as and go other tough in two

Unidentified Analyst

you. color. on. it Thank I'll the Appreciate pass Great.

Operator

Please with proceed. Jamie next is Suisse. Our question Credit from Cook

Jamie Cook

obviously, some I quarter. that quarter, are question. you just Nice cadence about saw of seeing Can second job orders was you're control. companies throughout June morning. the question, any just that guess, just good on you're in trend continued. then seeing, And margins And then What better. trends I my that July, and cost the citing good guess talk first sales sort continued? that of if and Hi, that you

there Thanks. now As were any that structural, costs that you're we discretionary? just of you sort are like whereas, realizing before look thought they to XXXX, are

John Pfeifer

the with start me orders. let So

talked then in it a when included a you're we different month started last the June and we referring And started. call, probably June, of extent as in not month previous the a month we although quarter quarter, June. the outs, think and our access push where for the we're May of finished our we backlog. see in and I the talking go back to the to cancellations. business to And in place cancellations of orders. April saw unfolded, month, see about I'll the pandemic cancellations, very started into to on same came we to than as about of this the And then still lot we

with seeing as Now been levels utilization rates downturn, as environment market are quarter. levels I back early in that still the pre-pandemic yet. to I the pleased this in again, the what we back are up, not seeing especially what states we're uncertainty versus reinfection really we've primarily marketplace, we're that are think that think, And with they're uncertainty we back having is to And because not pre-pandemic in think going said in very to come those what I And -- the in into July, key earlier, important rates in June. business. considering our we're because our of I felt seeing operating look like we're orders

lot different different about segments lot on. really management really our at though, But positive very of responsible access. We a different really fleet -- are which mixed responsible little seeing, states There and example, a there's our is for leadership, some facilities a when talking marketplace across a in with is I bad, where other going opening customer in leadership. vertical conditions And with I'm of base bit and construction states. I markets yet There's really, activity. responsible say irrational from access oil think the is in different a levels with of are isn't usage

a is defleeting that's the defleeting There's of slight and no wide-scale rational defleeting. happened going level on. So

good think entire we're is to know perform the stabilizes really going a to that don't going very we market in that position happen. when very, that's We the So market just when well.

Mike Pack

just at can actions. I of half the the cost And take our back question, looking

this we we remarks, million. back as our said in year, cost $XXX costs Those in our So expect future. temporary the prepared exceed come actions generally to

years. to As future look you

that's XXXX, weeks as fiscal $XX about did we get What at that the million manage we're to business. to over that past XXXX. though, look of we rate going million. half continue full run $XX to were we say, However, We'll about talk by benefit the actions several can the to permanent announced

maintain playbooks. to a activity we management our call. continuing continue talked what approach. We're we'll into our get to monitor next those. lot certainly, have continue We we'll market as disciplined on in be last is about We to and And the year

Jamie Cook

appreciate I you. the Thank color.

John Pfeifer

Thanks Jamie.

Operator

Our Dobre next proceed. from Please Baird. is with question Mig

Mig Dobre

can QX, what about here. I'm then, nothing maybe if to updated fiscal with some very a us or given from temporary to cost XXXX. standpoint figure in these into XXXX, carried your fiscal thinking like that's savings. you of little really much I'm if Mike, detail QX changes through I presuming of And look going volume or morning, as this, these obviously, related and bit a of on demand savings how cost a standpoint, this I'm want much to as to last everyone. give cost and Thank you discussion savings stick to good point And wondering contributed temporary

you kind maybe parse would out, help of if think great. be So Thanks. could that these us I things

Mike Pack

Mig. Thanks,

standpoint, of cost talked north a million. action $XXX about from So we

of prepared business economic with mentioned at level is that's I first we kind QX that really off. You in have timing in benefit the the QX saw of as the cost the level of the the mid kicked do half and see somewhat an activity less low a be than those quarter, in such of was We going shelter-in-place remarks, restrictions. idea because to QX, that

a to to expect as be guess see next fourth we're we call action playbooks. quarter. going certainly do And spending those I not we going responsibly. somewhat to to the managing my But we're in to cadence, that back our demand in certainly Jumping business previous prudent take year. commentary, we're the So manage and position – higher a

Mig Dobre

weren't But, good of you look, XXXX Mike, QX these or mean, back QX portion in of actions XXXX. a I sorts implementing

expect enter I fiscal about sort components So of this This just the do comps Or savings. guess kind XXXX? a wondering, those structure how basis, these there when easy benefit we on can automatically isn't have relatively a where new programmatic you you these year-over-year still of guidance; fiscal about into is just I'm year? to reset are that we savings that are

Mike Pack

that structurally. little Things there's you actions travel incentive again, costs like so headwind. And we've taken Yes. come certain Certainly, taking there's some and things travel be compensation entertainment, that like place. can at that, back was a look

So going going it's point. we to we're this when continue to see I activity it's to year-over-year, hard that's and for what that think comparing really call And Again, what manage. things. those on types – of depend to you start it's at just it's

Wilson Jones

what to is and because is us those the cost really back will much hard then, if to Obviously, to prepared permanent we'll or the us. starts would yet. have some Mig. us, to year we then stays too the it's costs and it market to. be we'll point, manage we It's early playbooks it up, take that Obviously, haven't need know it's it's too read that restructuring But tick But going, keep uncertainty right and where if to a market market back just Yeah. We or much in of we use it and look up. down the to further product market playbook is, how goes help use at for available if called be now. the to going – – the Mike's through call

Mig Dobre

couple supply Then issues as here. quarters? to build the looking you, Understood. Thank other was going about some of we of chain forward-looking earlier, maybe should looking some what through versus think progression question, a how to you the at color for final about inventory guess, pieces? And your next I talked moving I'm little more that my inventory related

Mike Pack

what did you at as a guess end bit I'd you rates see say QX, inventory, back at the comments, inventory John's increase. more quarter. is, then to is the paused Related but elevated infection customers an start Sure. at quarter to looked up, of I the back picking level demand

playbooks, really out the demand customer fourth to manage response production to more our with in at in the that, again, we dynamic access So took quarter following our inventory levels.

have bit So the really call But cadence of -- it. of of -- just there's did is supply it buy a chain ahead demand. it, we we've the just taken X/X, disruption. more It's maybe extent the factor bigger a some protect certain to is, X/X, action, we little

to at inventory As bit as picks inventory. up. higher where again, when going of is aligns good a But look with have going be you you we see it the it. the the -- We're higher particularly forward, we backlog we position look demand have, as at It liquidation timing level. little not forced some of access, with it in a

And on so manage that to it again case next extend into continue we're could going to year. normalization depending and the it of

John Pfeifer

comments. our when positioning ability because to when back will that business on come So comes With to generate Mike's hey, exactly what that's need Mig, a which we it our back, work this it's is thing. ability in do shown always But because like to quickly. balance we to come and be. to back costs have we And ourselves With keep to, is to cyclical access, think earnings, John. uncertain I a we've we can back we reduce want back the it saying, really going and we add come carefully steep positive market a just timing downturn. pretty comes very to

inventory, in said, to us is, And meet help market. good is able inventory be Mike that the to is when it's market so there the as my turns point the partly that, and demand

Mig Dobre

Thank Got guys. you it.

John Pfeifer

Thanks Mig.

Operator

Citigroup. is Please proceed. Tim question from next with Our Thein

Tim Thein

of thoughts thinking also about levels that your how inventory given we think it obviously, maybe Thank about issue may pause an the across wherever you. comments some backlog just But not kind you order 'XX, on cushion in guidance or but or And inventory think may specifically, backlog were for than And actually, just of here. that as how end will your asking around 'XX? you parts managing sits and higher in kind the earlier about how year from year-ending just as perspective of it's market, are about you of give that potentially in you terms may not thinking. thinking about inform that comfort multiple toggling kind thinking I'm access what of you, your access, following on about or the

is, it's view of maybe how the comes just that So question into in provides down look next year? to what really the kind you – it as backlog

Mike Pack

to, of And say going about this meter just from have we inventory it's is literally be things we're to add that's that our daily general all -- going if the quarter, levels, production our -- on rates, watch looking again, talking talking course we're one. as to to John try going order calling the at Tim, daily Mike. conditions. certainly, is watch is that order what the cadence the Hey it's we to over those look rate basis. going we to And something future. at a continue that we're to not to going QX can We're we're we a customers, that, we've market that to watch, We're on. But conversation. something We're need can take can I'll into intake yet. and been to and

at -- and exact continue to tough be of the going to to we're that to call it end we dynamic manage to adjust. So, are the year, going what be it's but is going

Wilson Jones

it's It's right kind of JLG, again, year Tim, of watched inventory. to because, middle in I'll just of business. very John carry okay I'd we're have the say good just But you, that, been their product remind too, is you've you've in categories. we fairway the next all of our the pricing. And add segments the And if and of really that it disciplined heard some in into this,

said, in reason be there's inventory, that be to too. to We're as mode. going we're no not with -- force liquidation smart Mike So,

a market, have this just a for segment, now. lot outlook of for matter whole timing We this of positive it's right

production into production take through we is. mentioned, obviously, ways, add So, The next And If more it both this year, we're it. is what about has equipped we at John need stage, -- to segment we go need as production, our that. to elevated, and to very if do that's like working out, but team we well. that we're really positioned can position

Tim Thein

three Can backlog. thinking Obviously, in the of a defense the big then programs you just going of about thinking just large there, to level, high how update your maybe we're And funding little there back of some you've about? terms it. into the more bit terms in levels maybe three FY visibility got got how for a and XXXX. just programs us outlook Okay, we're

Wilson Jones

segments, shape what It'd But a on nice Yes. of that have. provide in that have that four visible the of good pleased us, wouldn't that we're shorter businesses fire & a we defense in be in to business emergency porch really that defense. that's all we I -- a versus we call porch mean we're some can kind have it? longer business

mentioned, you billion over $X a backlog. little As

the JLTV into we and FMTV about XXXX. take you XXXX. think can the program, the If AX, FHTV, heavies orders new the We XXXX programs, can goes into and deliveries accept early into

XX,XXX think, for the three the programs, for military XX,XXX, main hasn't really our for JLTV in It's good I Marine vehicle today the Army solid objective tactical U.S. So, acquisition tactical programs shape. still vehicle Corps. changed. The for and

that, we that So, objective acquisition like is holding.

in us little talk we to definitely we're bit later of the XXXX, you've about, are. Some And help could just starting into in some like as and is then little down -- get XXXX. internationally. timing That XXXX us bit. now But a where but we momentum really JLTV when slipping heard a draws

with So, on extensions good expect three would We FHTV. proven those of It's program. probably some programs. shape all a

So, that be would continue XXXX, but that's that, to expect past yet we determined. on certainly would

Tim Thein

Got it. Thanks for the time.

Wilson Jones

Thanks Tim.

Mike Pack

Thank you, Tim.

Operator

Our from is Please question with Jefferies. next Stephen proceed. Volkman

Stephen Volkmann

guys. morning good Hi,

Wilson Jones

Hey Steve.

Stephen Volkmann

A quick were in the to that It going fourth for the you you're access quarter. clarifications. of Is XX% as couple the down what about like shut of third quarter? basically in same sounds be

Mike Pack

Yeah, correct. Right. that's

Stephen Volkmann

fourth margins Anything for assume Okay, fourth I then, bounce great. quarter for fantastic defense? those in you in around keep to into but can us defense, visibility the or quarter have mind the know would I whatever. sometimes that And relative to

Mike Pack

that consistent just look can talked we've say, single-digit – digits territory. it at I what again, be single I from assume just high it's quarter. with past, think would I business. and It in about that and in to I high would But would vary a the would quarter

Stephen Volkmann

the GFC. on right how financial the just Pun you curious were post I meaningfully affairs then, the of fairly And I'm current of you're business ended And about state great. that, know fire I around Fire the one global Okay, longer-term one, know is of And in middle Or the world the as pressure next a in remarks know a curious, there called you relative to what we prepared saw GFC? similar you back some just years, you there look that over I'm your is could this saw two up side. out I But out there. do And crisis. kind be thinking that Emergency or & declining the of post in trajectory some to there. the circumstance? mitigating think we kind three intended, Wilson. what

Wilson Jones

the tax But tell had us housing different housing be is calling the that that I'd it's that there's you now so, back Steve, residential believe in not I those can in receipts versus We I is want that today, – starts. gives we keep – great, but to residential then. right? trajectory. And way. crisis, going Yeah. is hope And careful, what

helps with And confidence. we've that past months, this think and too, in we watch seen our I of us new just distribution is thing, facilities. nine channel, other the our six them invest

it's know, issue that fleet Emergency. & kind I at – the fire a doesn't age then fleet Fire emotional truck And still age, So work. is you city, look think you and elevated in the if in as of

And some so priorities. usually gets it

last are next a different if because, some that's of things again, with in, going they're order as their quarters you over to of always happen. I to think we're to more patterns outs last today. going and the want little couple learn be we But, know, to see careful So

COVID, believe not to on, debate going what's have but unrest of You that, are some going to because things that are with cities just social on, going too. just some

on today. come – we to So don't I but where more sit that,

got then. think it difference some we've and didn't back we have still I is the housing,

Stephen Volkmann

Fair enough. Good point.

Thank Okay. you.

Wilson Jones

Steve. Thanks

Operator

with Courtney from Stanley. is Please next Our question proceed. Morgan Yakavonis

Courtney Yakavonis

of bit any case been rates Are any U.S. and push-outs the your about to in in Maybe for between orders, seeing Europe most comment U.S.? June between on comments talked you there? of like Thanks more then you can those sounds little exit counts guys. related differences seeing Europe a conservative the cancellations the in Hi. just and U.S. the the and you're and It question, dynamics utilization discrepancies have the the you about that

John Pfeifer

or what similar. if I ago, quarter don't were a similar a in to think a very were what we be L-Shape that or the saying, seeing different to -- we going around V-shape We markets now reported European know an right to U.S., to Based think of -- know be quarter market macroeconomic China is is, U-shape we that we're and recovery but we're on it's in I'm more sorry, world much we did going than that is And the slower is been just because indicators say Europe, indeed, European the we V, we V. we the the in anything. see be going ago.

so and reported And to led we're to in to we the how us going of indeed in what of make is a journey some recovery simplification plan actions terms continue believe the European market it going seeing our we that serve -- slower that forward. be And what is Europe. fixed we're will we that's cost

Wilson Jones

is America market expectation I quicker North the going with think to than recover our Europe.

John Pfeifer

Yeah.

Wilson Jones

again, be But to determined.

John Pfeifer

Yeah. to determined. has be there. be To Well, the timing

Courtney Yakavonis

is reach can $XXX back in to terms either trajectory sales lot appreciate just taken. stop the any should into give certain actions about framework about then a Or there you're And the conversations that, temporary roll guys of how you shutdowns? -- when about recovery of that XXXX? you you. we're just got costs But us you think been when margin have of how those a help in doing this us year, more the than Okay, I anticipating when thinking million there's will you kind cost

John Pfeifer

on not that seeing Access demand that's position we the the see. a think in to we and to and really and and call what respond -- as earlier, I said XXXX, come signal to, volume it's ready in to we're markets we down have Again, Yeah. we're going based that Commercial --

see actions you'll our that demand. with align have think optionality. I So will And we

again, do further because they nature. we for some be we next actions. temporary again, these back in see have we and of opportunity are -- going But permanent to if come to year, Now structurally disciplined, softness, we're have continue manage we're those measures going the playbooks, to

Courtney Yakavonis

Thanks. great. Okay,

John Pfeifer

Courtney. Thanks

Wilson Jones

Thanks.

Operator

Nicole with next DeBlase Deutsche question Our from proceed. Bank. is Please

Nicole DeBlase

Good Yeah, guys. morning thanks.

Wilson Jones

Hi, Nicole.

Nicole DeBlase

to normal the I, incremental past on remind So same into respect different have of, the what in the a recovery, want me, us way. doing that kind just try with you question dig in feels you time, guess, guys to this what like follows. I Can seen always it Oshkosh to margins? to a margin you're And playbook based

don't be would have perspective they've different But that? I than on why been incrementals past so you And in any see cycles.

John Pfeifer

going playbook margins instance. can The going I place again, than Emergency manage we're in perspective. deliver responsible simplification we for to I to going based on Wilson can we deployed and very were guess, we're come we guess, success is Great will the Fire really but on back when going deliver different up. or that cost us some have and businesses manage that we're we're Access, certainly, we to temporary again, I headwinds that the the historical we're we've responsibly, our are today at start a up, decrementals they more the allowing will way -- & responsibly, at some in were Recession, And recession. believe responsible but the with than back seeing But when to add today manage to Great different great in

Wilson Jones

-- going a mean started weren't remember, struggled that's the been together. And on back I then can the really that. simplification. covering just culture you incremental/decremental But argue today. it's we Oshkosh lot back here a in first wouldn't and us. playbook, foundation And We I working And Yeah. with by have I not you I've is more that -- when jump that we you, similar, side we Nicole, XX more have years. color back I'll your on with met remember we've a can't I little enhanced didn't that but tell it, I we then. what

more you've about, have facility products, at rationalization. this well, people not And reductions and like participated running support integrated defense been the look matured, how that participated industrial. the strategy. different segments but reductions tell the simplification studying again, was marketplace. a still everybody our you, just constantly we've about, cost the can And creating us all our ago, that value, to and it's whether cost but We on way we've talking effective We're in X, efficient results. the a the our talk they nimble in -- with be how they but I I we global really can heard X, and that. process, in can embraced and years today, and it's again And this showing flexibility X about to have and They've we really people-first credit didn't worked teams have together. we're culture,

you wait met us, a we've foundations that. just are to say the before markets the decremental the XXs, lot, don't we're here, took maybe fast costs mid-XXs, to. move us -- but do playbooks, but I fast Mike the But And when how low how so added to enhanced and would probably and first move into are in recovering them where we how I going those a gives we to the that lot we incrementals if we managed in again, compared call, think our up, That's back And we I if the I hope where it go exceed go are talked you'd out. my you have think and last to teams confidence we big a today. move as the need get can to decrementals difference see past. have time, what but at expectations. from to. see to and we have somewhere came in I we see 'XX, we standpoint, hope

Mike Pack

This moving, connected heads are the and better up, some with faster better supply of our just supply chain operations, Those base. attributes. information, decisions, were

- Wilson Jones

were teams. we credit for chain and managing real kept That of showed lines our business supply That's to there. we going out a while in our a how XXX suppliers was

Nicole DeBlase

as quick you enough well? listen, commitment quarter. segment to already showed does it the maybe time. I've in guys then and decrementals the taken this clear very Yes. the in I mid-XXs just in also reflect mean, The that fourth follow-up for That's really access quarter, your me. very one decrementals

Mike Pack

Yes.

Nicole DeBlase

Thanks. I will pass on.

Mike Pack

Nicole. Thanks

Operator

Our is Colliers Mike next Shilsky from Securities. with question

Mike Shilsky

Good morning guys.

Mike Pack

Hey Mike.

Mike Shilsky

to want just just kind here. I of out follow-up So me hit access, on

increase the mix quarter? third the a shutdown some I months? improvements Or could schedule? flat schedule you far it when last the gotten. quarter So opening topline production any think if it's the chance any somewhat in your Is as over of it's see we do fourth operational same there as or the in changes, exact open your quarter. increased there when quarter-over-quarter will the you've in any and production fourth Are if couple fourth closing quarter in exact the you're and of changes guess, over be same

Mike Pack

-- to to staying It's Hey close our depend to Mike, it down demand really on we're really comes customers. that signal. going

out ability we're we're to bit. signal they down from seeing if demand the a QX. as that's fluidity call customers really push an a customers, Our continue And It's signal. to making or on pull that increased to seeing that orders it, bit, in it the manage through comes they're demand their the that have up why not they that

Mike Shilsky

it's I over It's And I secondly, U.S. Okay, about service the about then out asked I to Postal billion. $X great. think time it. about there. wanted ask contract

kind they us they've bidding. the but stay, the bit to at You're one other can bees bidders talked I've of the over to confirm least like weeks lid XXX,XXX of bids of on guess ago. that the allowing what a vehicles. about a it about -- there's kind are It's finalists. sounds -- I The they two of is USPS and were due but

tell you products the can you confirm please they what contract? bidding and four secondly, And can under the and segment be win like under outside will if then you first, produce would to that what you're in trucks I you So, these actually chassis, guess, deal? were but us you that how up-fit actually facility on will

John Pfeifer

give mentioned when you asked the for I reasons you you a to your you to just able can that Yes, question. like only of information, bit all but I'd give some be little

could That's might the sometime calendar find bit out yet little that as as calendar a We specific want XXXX. will Postal We not information. that's for But we I end from -- hear we formerly program. went you did don't Service. did submit to tell we tell I have early of the more about just to back proposal we believe It in can couple to USPS I of date allowed So, all year year. all going a tell as the in. But a find you know out the until really. you, ago. it you I'm a That we're weeks when

Wilson Jones

Yes.

you know we're think I on Mike. non-disclosure, a

Mike Shlisky

Okay.

I much offline. Okay, follow-up always that's fair. guys. so Thanks can

Wilson Jones

Thanks Mike.

Operator

question RBC Capital Weber Markets. Our with Seth Please is from next proceed.

Seth Weber

using Maybe keeping that see the Thanks morning. from fleet have bigger just guys. low? think you're access your Hey rental utilization smarter picture how you something tailwind stuff. question. an talked slide is the Good fleet little in companies because prepared fleet -- about hearing I remarks, a Wilson, tailwind, the bit gotten I the obviously and rental companies eventual age call going. fleet that the you they're for as Is about a guess. a

do mean, pretty that a is internal from kind Thanks. fleet that to age a cycle assumption? replacement hearing going rental just your cause of that -- companies you're cause the you So, or is is message that kind -- a of I

Wilson Jones

their as with of really good And inventory when to you rental a planning process. ages, look hit at peak good we all started customers. know, of XXXX our remember, Seth, us lot helps relationships XXXX, have into fleet lot you purchased when machines and really then. back a XXXX, and We and XXXX, information question. if with come operation that's And the market Yes, there shared back, you when that ourselves we good of

Now those. cycle those are of getting turn there's routine into the seven-year a and still year

replacement ways But much, If grow recover, cycle real You're -- is so the of that machines. could we utilized share timing you good of right, as the know, as there. that to market a lot being customer some. extend of our some It's they start believe new still aren't friends with it. that those that machines just markets is

doing It's think machines so as going are that's we some that can't there that of do to someday, of play. to timing replaced. that, be right lot now. And can't We And to in we have us again, need forward now. we still tells call but right older know, information a but that Seth, look the of the are that we you just,

John Pfeifer

Yes. little customers, it you seven that. residual and equation but terms And bit, in push add from We it Seth, our time years. data. comes just We the from eight opportune to comes if to real of pushed the data-driven. it's John. between falls specifically of most economic is A also out it's can I'll fleet off know but too be value the hear information much. replace a really out lot it

Seth Weber

Sure, sure.

Okay. I appreciate guys.

Wilson Jones

buying This fleet. friends sir, customer a is the rental you about the on point, time about usually getting hard where our give we

Seth Weber

a are great it, Have changing. of rest appreciate you. Times I Thank guys. the day.

Wilson Jones

Seth. you, Thank

Operator

Raso David with Our Please next proceed. is Evercore. question from

David Raso

thank Hi, I got off earlier. call apologize, my we you kicked the taking for call.

the So fourth don't July are I third already may have ship at same in of the customers have but down know little the on XX% an quarter. from been shutdowns, you. lot sequential take extended it's little expecting sales year. XX% you abnormal XQ bid seasonally. time, Should on a a normal Normally, out XX% to missed we is in to the quarter to this. your given or be inventory XQ And September volume to But of. push and August a upon XX% I the Access? also But to I wanted decline, Access harder

question So normal use seasonality. trying normal that's on is the to why than relevant more

Wilson Jones

these could David. something I use was wish days, the word we normal

David Raso

know. I

Mike Pack

the normal year. think look I a yeah, can't as bottom line you this is, at

again, comps when prior some early levels the lower applies. I of think dealing I it's of -- activity, with these think you're -- year

stakeholders. to talk our to we're think it's -- to going I continue So customers,

to We demands we're And just manage see are. have or have end the going what inventory needs their to prepared continue where but and to respond those to needs. up, they respond certainly to to to we're

David Raso

seasonality enough a XX%? low? implying the you you I'm -- have don't normal seasonality to should down Are baseline you're versus the was July. It be given at trying because with to already But you're so or above just XX% you're it better to XQ because below? and again, buying about comment done visibility least have

John Pfeifer

don't it Dave, back because been there We've and in. maybe especially if we restrictions our fast. you comment think us. some market and going. -- good So stayed so that be away some for inventory the know always or could starts don't the times, And of this well in less get stops know we're not you from we're position do quarter But states the some have, are that lift at now, more we as in know open that. of up, and of We some construction again, things of we control these that we

doing So And managing some in did job what what down quarter, you saw, as we decrementals. really good we're teams nice a costs and delivering is can. controlling the the

David Raso

project great. about aging demand? next where conversations is you fleet, I current of about think another do volumes you think demand? are guess you an your if to where customers, versus The believe margins think replacement Or year, volumes to it, your you on replacement versus with are from you want when where current way speak if and

Wilson Jones

negotiations, could and they that been year. when lot how do that know CapEx -- replacement. give But a buying of we they're for you fleet fleet I we of us don't pulled back know, as they're answer idea expansion, for that. buying much an much sit has the The how down this

Or are not from is it replacement? of point. for probably is as for we're our expansion There's a lot it vantage So on today not current buying, they expansion? what

lean from that replacement. it So to I standpoint. a percentage with to hesitate would that I'd But some try call of

Mike Pack

recommend it, thing Yes. I we very customers being managing in careful of a fleet a about good our our to and within that very go throughout fleet they're careful through a being the sale now add customer see CapEx are and managers is, would responsible they'll the severe to we and And very the very downturn. early the as entire analyzing their assets, complete being watch their size and in fashion. base,

And there's when move that, normal market change slight just know, timing the to and going the in conditions. think indicators fleet a sign. positive that's we back but a again, normal seasonality change sizes, significant in the side. there's to So fleet don't no overall We of are

David Raso

that's out. Yes. we're trying what figure I mean, to

to age I guys just if Of else were anymore. easy insight can we're right course, But below the not fleet a big replacement growth next the But, can to all curious, just not if aging. forecast they orders so getting in a year. some back you downturn, materially down it's for built-in bit. I year, year, going all look, their thus, this if are this up We XXXX looking next age on. now, stage. know there's equal, we're at And to was some today, replacement age cease already

So we're just trying to put some around parameters it.

So so the you Thank time. much. appreciate I

Wilson Jones

David. Thanks,

Mike Pack

Thanks.

Operator

final Markets. Barger our Please with Capital KeyBanc is And from question proceed. Steve

Steve Barger

call. for Thanks pushing the morning, guys. Good

Wilson Jones

Steve. Hi,

Steve Barger

for May You deferral and were requests said there in June still access.

$XXX tell backlog you what's us a XXXX? the scheduled XQ? there in in delivery to has of can million And ship date percentage So firm in what

Mike Pack

QX. Again, as quarter, what opportunity even activity, looking down previous hard the infection going relate -- be just -- There is It's schools at it's in take it's had. of just come that, I'll headwinds. creates next a Sure. in know. whether in defer happens, [ph], market to of that deliverable fall would to the Steve. people there's the are quarter economic that we what majority it rates what happens, to we'd of whether and think obviously, to general, to in just Generally, I this but expect we've kind saw back commentary that

continue So monitoring monitor to it's we're to -- just a it. And daily going on we're basis.

Steve Barger

it if a you decremental And right? comments, sequential reading based revenue that expect Am the Okay. on even decline up. just sequentially like sounds access I margin, were in

Mike Pack

the weighted they said more of in I cost were some is, heavily temporary guess, what those we've quarter. actions,

total, QX. could in versus a that headwind be be just So could

decent temporary that has a of on of measures, lot a So -- extent to chunk up those cost there QX. was our range that the bumped

Steve Barger

trying not commercial not comments in other for think double-digit staying and But And Yes. segments the about as guidance back. come here. costs to I about starting

for that XQ? variance be or I'm through it one comments, way working go As I the Am year. you wrong? the into seems based could other, the EPS peak you big like model your a expect as reading XQ on Do

Mike Pack

management We're we QX. one. a lot to going just in we're -- down -- It's is from level position stay cost come manage in it. a make call. a again, to that it depending to and going the we're to disciplined going a But activity standpoint on not Again, as activity what really of is volume to yes, through

Wilson Jones

It's really changed.

business. You've up, tightened followed customer us got and they've manage access literally, Normally, a that. basis. you can when quarterly delivery it Well, newly we things on And on go now, a then we changing basis. like decisions monthly days, daily orders, to things

why sure you because why it us what be. on… I'm our not all what And to so normally so for with it's And visibility understand that's hard is would gone near define QX really

Steve Barger

much. very Thanks

Wilson Jones

Thanks Steve.

Operator

We session. Q&A Wilson over call would reached to like I for turn the to back the remarks. closing Jones end of our

Wilson Jones

through care. we I forward virtual Thank certainly on on please with speaking you, together. safe these stay times today, and Thanks to for or just you as call. look earnings want Take next operator. a say, get to joining everyone. challenging conference We the healthy us

Operator

This concludes today's conference call.

thank your lines You time, and your for this participation. may you disconnect at

Oshkosh (OSK) 30 Jul 202020 Q3 Earnings call transcript