Q3 2024 Oshkosh Corp Earnings Call Transcript
Key Points
- Oshkosh Corp (OSK) reported a solid quarter with a 9% revenue growth and an adjusted operating margin of 10.3%.
- The company achieved a significant milestone with the U.S. Postal Service beginning to use their next-generation delivery vehicles, which are receiving positive feedback.
- Oshkosh Corp (OSK) completed the acquisition of a leading European manufacturer, expanding their market presence and product offerings.
- The vocational segment showed strong year-over-year revenue growth of 17.6%, with a solid adjusted operating margin of 13.7%.
- The defense segment saw a 14% sales increase due to higher tactical wheeled vehicle deliveries and aftermarket parts sales.
- The Access segment is experiencing softer market conditions in North America, impacting revenue expectations.
- Oshkosh Corp (OSK) lowered its full-year 2024 adjusted EPS outlook from $11.75 to $11.35 per share.
- The company is facing pressure from slowing nonresidential construction activity and higher interest rates.
- There have been some order cancellations and delays in the Access segment, affecting revenue projections.
- The defense segment is winding down domestic JLTV production, which may impact future revenue streams.
Greetings, and welcome to the Oshkosh Corporation Third Quarter 2024 earnings conference call.
At this time, all participants are in a listen only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded.
It's now my pleasure to introduce your host, Patrick Davidson, Senior Vice President of Investor Relations for Oshkosh. Thank you. You may begin.
Good morning and thanks for joining us.
Earlier today, we published our third quarter 2024 results.
A copy of that release is available on our website at Oshkosh corp.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 is also available on our website.
The audio replay and slide presentation will be
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