Q4 2024 Oshkosh Corp Earnings Call Transcript
Key Points
- Oshkosh Corp (OSK) reported strong full-year 2024 results with revenue of $10.8 billion and adjusted earnings per share of $11.74.
- The company achieved an adjusted operating income margin of 10.5%, a 110-basis-point increase over 2023.
- The Vocational segment showed robust growth with a nearly 20% increase in revenue in the fourth quarter and a strong adjusted operating income margin of 14%.
- Oshkosh Corp (OSK) was named to the Dow Jones Sustainability World Index for the sixth consecutive year, reflecting its commitment to sustainable business practices.
- The company announced its 11th consecutive double-digit percent increase in its dividend, raising the quarterly dividend by $0.05 to $0.51 per share.
- The Access segment is experiencing softer near-term market conditions, with expectations of lower sales in 2025, particularly in the first half of the year.
- Defense results continue to be impacted by legacy fixed-price contracts, affecting margins.
- Full-year free cash flow was lower than expected at about $270 million, due in part to timing delays on unit deliveries in Defense.
- The company anticipates a decline in Access sales by approximately 15% for 2025, influenced by market conditions and changes in agreements.
- Higher interest expenses impacted adjusted earnings per share, which remained roughly flat compared to the prior year despite higher operating income.
Greetings, and welcome to the Oshkosh Corporation fiscal 2024 fourth-quarter and full-year 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, Investor Relations for Oshkosh Corporation. Thank you, sir. You may begin.
Good morning, and thanks for joining us. Earlier today, we published our fourth-quarter and full-year 2024 results. A copy of that release is available on our website 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 it's 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
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