Q2 2024 Oshkosh Corp Earnings Call Transcript
Key Points
- Oshkosh Corp (OSK) reported a strong quarter with an 18% year-over-year revenue growth and a 36% increase in adjusted operating income.
- The company achieved an adjusted operating margin of 11.5% and an adjusted EPS of $3.34.
- Oshkosh Corp (OSK) began delivering next-generation delivery vehicles (NGDVs) to the United States Postal Service, marking a significant milestone.
- The company raised its full-year outlook for adjusted EPS to $11.75 per share.
- The vocational segment achieved strong year-over-year organic revenue growth of 11%, with an impressive adjusted operating margin of 14.1%.
- Orders in the access segment were lower than last year, as expected, due to being largely booked for new equipment for the year.
- The company recognized intangible asset impairments of $51.6 million during the quarter due to market conditions at Pratt Miller.
- The defense segment is winding down domestic JLTV production, which will impact revenue in early 2025.
- The company expects higher working capital at year-end, leading to a reduction in the free cash flow estimate by $50 million to $375 million.
- There are anticipated higher material costs, higher new product development investments, and plant start-up costs expected in the third quarter.
Greetings, and welcome to the Oshkosh Corporation second-quarter 2024 results conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Pat Davidson, Senior Vice President of Investor Relations. Thank you, sir. You may begin.
Good morning, and thanks for joining us. Earlier today, we published our second-quarter 2024 results. A copy of that release is available on our website at oshkoshcorp.com. Today's call is being webcast and is accompanied by a slide presentation, which includes a reconciliation of GAAP to non-GAAP financial measures that we will use during this call and is also available on our website. The audio replay and slide presentation will be available on our website for approximately 12 months.
Please refer now to slide 2 of that presentation. Our remarks that follow, including answers to your questions, contain statements that we believe to be forward-looking statements within the
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