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Oshkosh Corporation Reports Results for Fiscal 2010 Third Quarter

08/02/2010

Fourth Quarter EPS of $1.28 Compared to Prior Year EPS of $0.55
Fiscal 2010 EPS of $8.72
Fiscal 2010 Debt Reduction of $736 Million

OSHKOSH, Wis., Oct 28, 2010 (BUSINESS WIRE) -- Oshkosh Corporation (NYSE: OSK), a leading manufacturer of specialty vehicles and vehicle bodies, today reported fiscal 2010 fourth quarter net sales of $2.11 billion and income from continuing operations of $116.6 million, or $1.28 per share. This compares with net sales of $1.47 billion and income from continuing operations of $45.7 million, or $0.55 per share, in the prior year fourth quarter. Results from continuing operations for the fourth quarter of fiscal 2010 include per share charges, net of income tax benefits, related to the write-off of debt issuance costs of $0.08, restructuring costs of $0.07 and an impairment charge of $0.02, offset in part by LIFO inventory benefits1 of $0.03. Similar adjustments in the prior year quarter resulted in a $0.13 per share benefit. In addition, earnings per share in the prior year fourth quarter included a $0.10 benefit related to a worthless stock income tax deduction.

"We completed a record fiscal year on a high note with strong fourth quarter results," said Robert G. Bohn, Oshkosh Corporation chairman and chief executive officer. "The strength of the Oshkosh franchise was evident as we delivered all-time records in fiscal 2010 for revenues, operating income and net income. This performance, coupled with our improved balance sheet as a result of our substantial debt repayment during fiscal 2010, puts us in a strong position as we prepare for the gradual economic recovery.

"As we enter fiscal 2011, we have a solid foundation with our defense business supported by a strong backlog. We also continue to see signs that lead us to believe that our non-defense businesses will generally deliver improved results in fiscal 2011," commented Bohn.

The Company reported that consolidated net sales in the fourth quarter of fiscal 2010 increased 43.0 percent compared with the prior year fourth quarter largely due to an increase in sales under the MRAP All Terrain Vehicle (M-ATV) contract of $566.7 million and an increase in third-party sales in the Company's access equipment business2. Access equipment sales to external customers increased $141.3 million, or 57.8 percent, from depressed sales levels in the prior year quarter.

Operating income increased to $233.6 million, or 11.1 percent of sales, for the fourth quarter of fiscal 2010 compared with operating income of $118.2 million, or 8.0 percent of sales, in the prior year fourth quarter. Higher defense segment sales, combined with significantly improved access equipment segment performance, led to the increase in operating income.

Factors affecting fourth quarter results for the Company's business segments included:

Defense - Defense segment sales increased 55.6 percent, to $1.33 billion, for the fourth quarter of fiscal 2010 compared with the prior year fourth quarter due to sales under the Company's contracts to provide M-ATVs and related aftermarket parts & service offset in part by lower shipments of aftermarket armor. Combined vehicle and parts & service sales related to the M-ATV program totaled $670.8 million in the fourth quarter of fiscal 2010, an increase of $566.7 million as compared with the fourth quarter of the prior year.

Defense segment operating income in the fourth quarter increased 38.5 percent to $224.1 million, or 16.8 percent of sales, compared with prior year fourth quarter operating income of $161.7 million, or 18.9 percent of sales. The decrease in operating income as a percent of sales was due in part to the absence of LIFO inventory benefits, higher new product development spending in the fourth quarter of fiscal 2010 and costs to transition from M-ATV to Family of Medium Tactical Vehicles (FMTV) production. In the fourth quarter of fiscal 2009, defense recorded a $12.0 million LIFO inventory benefit as compared with a LIFO inventory charge of $0.5 million in the current year fourth quarter.

Access Equipment - Access equipment segment sales to external customers increased 57.8 percent to $385.8 million for the fourth quarter of fiscal 2010 compared with the prior year fourth quarter. Sales of new access equipment in both North America and Latin America each experienced triple-digit percentage sales growth in the fourth quarter of fiscal 2010 as compared with the prior year. While North American sales remain significantly lower than historical levels due to weak construction markets and tight credit, sales have begun to recover from historic lows. Fourth quarter fiscal 2010 access equipment segment sales also included $151.1 million of M-ATV-related intersegment sales to the defense segment, an increase of $64.4 million as compared to the prior year fourth quarter. In total, segment sales increased 62.1 percent to $536.8 million for the fourth quarter of fiscal 2010 compared with the prior year quarter.

The access equipment segment reported operating income of $7.3 million, or 1.4 percent of sales, for the fourth quarter of fiscal 2010 compared with an operating loss of $49.1 million, or 14.8 percent of sales, in the prior year quarter. Operating results benefited from higher volume of sales to external customers, improved product mix and lower material costs. Operating income in the fourth quarter of fiscal 2010 included $6.7 million of plant rationalization costs related to the integration of JerrDan manufacturing into JLG facilities.

Fire & Emergency - Fire & emergency segment sales for the fourth quarter of fiscal 2010 decreased 5.6 percent to $254.7 million compared with the prior year quarter. The decrease in sales primarily reflected lower shipments of fire fighting apparatus due to softer demand in the U.S. as a result of declining municipal budgets.

Operating income decreased 37.3 percent in the fourth quarter of fiscal 2010 to $22.0 million, or 8.6 percent of sales, compared with the prior year quarter operating income of $35.1 million, or 13.0 percent of sales. The decrease in operating income during the fourth quarter was primarily the result of the lower volume and a $3.7 million charge for the impairment of property, plant and equipment as a result of plant rationalizations.

Commercial - Commercial segment sales increased 24.8 percent to $162.8 million in the fourth quarter of fiscal 2010 compared with the prior year quarter. The increase in sales was due to a 75 percent increase in concrete placement products sales, off of a low base, due to sales growth internationally as well as an almost 15 percent increase in refuse collection vehicle sales as a result of an improved mix and higher unit volumes.

Operating income increased to $7.9 million in the fourth quarter of fiscal 2010, or 4.9 percent of sales, compared with operating income of $3.8 million, or 2.9 percent of sales, in the prior year quarter. The increase in operating income primarily resulted from higher sales and the related absorption benefit, offset in part by a non-cash intangible asset impairment charge of $2.3 million. In addition, the fourth quarter of fiscal 2010 included a $4.5 million LIFO inventory benefit as a result of lower inventory levels compared to a benefit of $8.5 million in the prior year fourth quarter.

Corporate - Corporate operating expenses decreased $3.9 million to $27.5 million for the fourth quarter of fiscal 2010 compared to the prior year quarter. The decrease was primarily as a result of lower share-based compensation expense.

Interest Expense Net of Interest Income - Interest expense net of interest income decreased $13.4 million to $47.5 million in the fourth quarter of fiscal 2010 compared to the prior year quarter. The decrease was largely due to the effects of lower borrowings as average debt outstanding decreased from $2.3 billion during the fourth quarter of fiscal 2009 to $1.4 billion during the fourth quarter of fiscal 2010 as a result of strong cash flow generation during the past 12 months, offset in part by the write-off of deferred financing fees of $12.0 million due to the refinancing of long-term debt during the fourth quarter of fiscal 2010. This strong cash flow generation allowed the Company to reduce its debt by $736 million during fiscal 2010.

Provision for Income Taxes - The Company recorded income tax expense of $66.3 million in the fourth quarter of fiscal 2010, or 35.4 percent of pre-tax income from continuing operations, compared to 24.3 percent of pre-tax income from continuing operations in the prior year quarter. Prior year quarter results reflect the benefits of certain tax strategies related to investments in foreign operations.

Full-Year Results

Excluding non-cash intangible asset impairment charges3, for the fiscal year ended September 30, 2010, the Company reported income from continuing operations of $813.1 million, or $8.94 per share, on sales of $9.84 billion compared with income from continuing operations for fiscal 2009 of $21,000, or $0.00 per share, on sales of $5.25 billion. The improved results were primarily due to sales of M-ATV units and related aftermarket parts & service. Combined vehicle and parts & service sales under the M-ATV program, which had initial shipments in the fourth quarter of fiscal 2009, totaled approximately $4.48 billion in fiscal 2010 compared to $0.11 billion in fiscal 2009. Operating income in fiscal 2010 also benefited from improved access equipment results on sales to external customers and lower provisions for credit losses. Including impairment charges, the Company reported earnings from continuing operations of $8.72 per share on income from continuing operations of $792.9 million for fiscal 2010 compared to a loss from continuing operations of $1.17 billion, or $15.26 per share, for fiscal 2009.

1 LIFO inventory benefits represent both the effects of deflationary prices and LIFO decrement benefits. A significant portion of the Company's inventory is valued using the last-in, first-out (LIFO) method. With this method, the cost of inventory is comprised of "layers" at cost levels for years when inventory increases occurred. A LIFO decrement occurs when inventory decreases, depleting layers added in earlier, generally lower cost, years. A LIFO decrement benefit represents the impact on profit of charging cost of goods sold with prior year cost levels rather than current period costs.

2 During fiscal 2010, in conjunction with the appointment of a new segment president, the Company transferred operational responsibility of JerrDan, the Company's towing and recovery business unit, from the fire & emergency segment to the access equipment segment. As a result, JerrDan has been included with the access equipment reporting segment for financial reporting purposes. Historical information has been reclassified to include JerrDan in the access equipment segment for all periods presented (see exhibit attached to this press release).

3 Further information regarding operating results including impairment charges and related reconciliations of these non-GAAP financial measures to the most comparable GAAP measures can be found under the caption "Non-GAAP Financial Measures" in this press release, which should be thoroughly reviewed.

Conference Call

The Company will comment on fourth quarter earnings during a conference call at 9:00 a.m. EDT this morning. Viewer-controlled slides for the call will be available on the Company's website beginning at 8:00 a.m. EDT this morning. The call will be webcast simultaneously over the Internet. To access the webcast, listeners can go to http://www.oshkoshcorporation.com at least 15 minutes prior to the event and follow instructions for listening to the broadcast. An audio replay of the call and related question and answer session will be available for 12 months at this website.

About Oshkosh Corporation

Oshkosh Corporation is a leading designer, manufacturer and marketer of a broad range of specialty access equipment, commercial, fire & emergency and military vehicles and vehicle bodies. Oshkosh Corporation manufactures, distributes and services products under the brands of Oshkosh®, JLG®, Pierce®,McNeilus®, Medtec®, Jerr-Dan®, Oshkosh Specialty Vehicles, Frontline(TM), SMIT(TM), CON-E-CO®, London® and IMT®. Oshkosh products are valued worldwide in businesses where high quality, superior performance, rugged reliability and long-term value are paramount. For more information, log on to http://www.oshkoshcorporation.com.

®, TM All brand names referred to in this news release are trademarks of Oshkosh Corporation or its subsidiary companies.

Non-GAAP Financial Measures

The Company reports its financial results in accordance with generally accepted accounting principles (GAAP) in the United States of America. The Company is presenting various operating results, such as operating income (loss), income (loss) from continuing operations and earnings (loss) per share from continuing operations both on a reported basis and on a basis excluding impairment charges that affect comparability of operating results. When the Company uses operating results, such as operating income (loss), income (loss) from continuing operations and earnings (loss) per share from continuing operations, excluding impairment charges, they are considered non-GAAP financial measures. The Company believes excluding the impact of non-cash intangible asset impairment charges is useful to investors to allow a more accurate comparison of the Company's operating performance. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's results prepared in accordance with GAAP. The table below presents a reconciliation of the Company's presented non-GAAP measures to the most directly comparable GAAP measures for the year ended September 30 (in millions, except per share amounts):

Reports Third Quarter EPS of $2.31 Compared to Prior Year Loss of $0.28

Revenue Increases 100.8 Percent to $2.44 Billion

Reduced Long-Term Debt by $175 Million

OSHKOSH, Wis., Aug 02, 2010 (BUSINESS WIRE) -- Oshkosh Corporation (NYSE: OSK), a leading manufacturer of specialty vehicles and vehicle bodies, today reported fiscal 2010 third quarter net sales of $2.44 billion and net income of $211.2 million, or $2.31 per share. This compares with net sales of $1.22 billion and a loss from continuing operations of $21.2 million, or $0.28 per share, in the prior year third quarter.

"Our dedicated and committed employees worked hard to deliver third quarter records for revenue, operating income and EPS, led once again by strong performance in our defense segment," said Robert G. Bohn, Oshkosh Corporation chairman and chief executive officer. "We further improved our balance sheet during the quarter with debt reduction of $175 million. Over the past two years we have retired $1.5 billion of debt as a result of strong free cash flow and $358 million of proceeds from a stock offering. Debt reduction will remain the primary use for free cash flow by Oshkosh for the near term.

"This quarter, we commenced low rate production of access equipment in our newly constructed Tianjin, China facility. We expect to gradually ramp up production in this facility over the next 12 months to serve Asian markets as access equipment becomes accepted as a productivity and safety tool for construction and industrial markets in this region.

"As we enter the fourth quarter of fiscal 2010, we expect another strong quarterly performance to close what we expect will be a stellar year for Oshkosh in terms of sales and earnings. Looking forward to fiscal 2011, we expect that our defense segment performance will provide a solid foundation to what we anticipate will be a gradual economic recovery, although we will not attain defense segment revenue levels that approach our fiscal 2010 defense performance because we will have completed the bulk of our M-ATV shipments in fiscal 2010. We believe that our non-defense businesses will generally achieve higher revenues in fiscal 2011, as the economy improves. Fiscal 2011 will also be a year in which we continue our focus on improving both our operations and our customers' experiences with our Company," commented Bohn.

The Company reported that consolidated net sales in the third quarter of fiscal 2010 doubled compared with the prior year third quarter largely due to $1.08 billion of sales under the M-ATV contract, including related aftermarket parts & service sales. In addition, the Company's access equipment segment sales to external customers increased $162.7 million, or 77.0 percent, from very low sales levels in the prior year quarter.

Operating income increased to $340.5 million, or 14.0 percent of sales, for the third quarter of fiscal 2010 compared with operating income of $39.3 million, or 3.2 percent of sales, in the prior year third quarter. Significantly improved defense segment performance, combined with improved access equipment segment performance, led to the increase in operating income. Both the defense and access equipment segments benefited from significant M-ATV production during the quarter. In addition, the access equipment segment achieved a small operating profit on sales to external customers in the third quarter of fiscal 2010 as compared with a $71.2 million loss in the prior year quarter.

Factors affecting third quarter results for the Company's business segments included:

Defense - Defense segment sales increased $1.1 billion, or 180.9 percent, to $1.7 billion for the third quarter of fiscal 2010 compared with the prior year third quarter. The increase in sales compared to the prior year quarter was due to the sale of 1,574 M-ATVs and related aftermarket parts & service under a contract that began in the fourth quarter of fiscal 2009. Combined vehicle and parts & service sales related to the M-ATV program totaled approximately $1.08 billion in the third quarter of fiscal 2010.

Operating income in the third quarter for the defense segment more than tripled to $304.1 million, or 17.9 percent of sales, compared with prior year third quarter operating income of $92.9 million, or 15.3 percent of sales. The increase in operating income as a percent of sales reflected a combination of high M-ATV related volume and relatively fixed engineering and administrative expenses compared to higher sales.

Access Equipment - Access equipment segment sales to external customers increased 77.0 percent to $373.9 million for the third quarter of fiscal 2010 compared with the prior year third quarter. The access equipment segment experienced increases in sales in all major markets, with the largest dollar increases in North America and Latin America. While North American sales remain significantly lower than historical levels due to weak construction markets and tight credit, sales have begun to recover from historic lows. Third quarter fiscal 2010 access equipment segment sales also included $316.0 million of intersegment M-ATV related sales to the defense segment as the Company continued to leverage underutilized facilities in the access equipment segment to meet defense production requirements. In total, segment sales increased 226.6 percent to $689.9 million for the third quarter of fiscal 2010 compared with the prior year quarter.

The access equipment segment reported operating income of $31.6 million, or 4.6 percent of sales, for the third quarter of fiscal 2010 compared with an operating loss of $71.2 million, or 33.7 percent of sales, in the prior year quarter. Operating results benefited from lower allowances for credit losses, intersegment M-ATV sales at high single-digit margins, higher volume of sales to external customers and lower material costs.

Fire & Emergency - Fire & emergency segment sales for the third quarter of fiscal 2010 decreased 15.6 percent to $243.3 million compared with the prior year quarter. The decrease in sales reflected lower shipments for most businesses in the segment due to softer demand attributed to declining municipal budgets in the U.S. and overall economic weakness combined with the timing of shipments in airport products.

Operating income decreased 46.6 percent in the third quarter of fiscal 2010 to $17.5 million, or 7.2 percent of sales, compared with the prior year quarter operating income of $32.7 million, or 11.4 percent of sales. The decrease in operating income during the third quarter was primarily the result of the lower volume and an adverse product mix.

Commercial - Commercial segment sales increased 14.4 percent to $158.3 million in the third quarter of fiscal 2010 compared with the prior year quarter. The increase in sales was due to a 45.8 percent increase in concrete placement products sales, off a low base, due to sales growth internationally and a slight increase in domestic demand as well as increased intersegment production of heavy tactical vehicle components for the defense segment.

Operating income increased to $7.0 million in the third quarter of fiscal 2010, or 4.4 percent of sales, compared with operating income of $2.1 million, or 1.5 percent of sales, in the prior year quarter. The increase in operating income primarily resulted from the profit on intersegment manufacturing activities.

Corporate - Corporate operating expenses increased $6.3 million to $23.3 million for the third quarter of fiscal 2010 compared with the prior year quarter. The increase was the result of higher incentive compensation, including higher share-based compensation expense.

Intersegment Eliminations - Income from the reversal of intersegment profit eliminations on sales between segments (largely M-ATV related sales between access equipment and defense) was $3.6 million in the third quarter of fiscal 2010. The eliminated profit is recognized as income once the related inventory is sold to an external customer.

Interest Expense Net of Interest Income - Interest expense net of interest income decreased $21.9 million to $41.0 million in the third quarter of fiscal 2010 compared with the prior year quarter largely due to the effects of lower borrowings as average debt outstanding decreased from $2.5 billion during the third quarter of fiscal 2009 to $1.5 billion during the third quarter of fiscal 2010. In addition to debt reduction as a result of strong cash flow generation during the past 12 months, the Company completed a common stock offering early in the fourth quarter of fiscal 2009, which provided $358 million of net cash proceeds that the Company applied to reduce outstanding debt.

Provision for Income Taxes - The Company recorded income tax expense of $87.4 million in the third quarter of fiscal 2010, or 29.3 percent of pre-tax income from continuing operations. The current year quarter effective tax rate benefited from a $15.3 million, or 513 basis points, favorable income tax audit settlement.

Discontinued Operations

In July 2009, the Company sold its ownership in Geesink Group B.V., Geesink Norba Limited and Norba A. B. (collectively, the Geesink Norba Group). The Geesink Norba Group, the Company's former European refuse collection vehicle manufacturer, was included in the Company's commercial segment. In October 2009, the Company sold its 75 percent ownership in BAI Brescia Antincendi International S.r.l. (BAI). BAI, the Company's former European fire apparatus manufacturer, was included in the Company's fire & emergency segment. The historical results of operations of these businesses have been presented as discontinued operations, net of tax, in the Condensed Consolidated Statements of Operations for all periods.

Nine-month Results

Excluding impairment charges1, the Company reported earnings from continuing operations of $7.65 per share for the first nine months of fiscal 2010 on sales of $7.74 billion and income from continuing operations of $695.0 million, compared with a loss of $0.64 per share for the first nine months of fiscal 2009 on sales of $3.78 billion and a loss from continuing operations of $47.4 million. Including impairment charges, the Company reported earnings from continuing operations of $7.44 per share on income from continuing operations of $676.3 million for the first nine months of fiscal 2010 as compared to a loss from continuing operations of $1.21 billion, or $16.30 per share, for the first nine months of the prior year. The increase in sales and income from continuing operations was primarily due to sales of M-ATV units and related aftermarket parts & service. Combined vehicle and parts & service sales under the M-ATV program, which had initial shipments in the fourth quarter of fiscal 2009, totaled approximately $3.81 billion in the first nine months of fiscal 2010.

1 Further information regarding operating results including impairment charges and related reconciliations of these non-GAAP financial measures to the most comparable GAAP measures can be found under the caption "Non-GAAP Financial Measures" in this press release, which should be thoroughly reviewed.

Conference Call

The Company will comment on third quarter earnings during a conference call at 11:00 a.m. EDT this morning. Viewer-controlled slides for the call will be available on the Company's website beginning at 10:00 a.m. EDT this morning. The call will be webcast simultaneously over the Internet. To access the webcast, listeners can go to http://www.oshkoshcorporation.com at least 15 minutes prior to the event and follow instructions for listening to the broadcast. An audio replay of the call and related question and answer session will be available for 12 months at this website.

About Oshkosh Corporation

Oshkosh Corporation is a leading designer, manufacturer and marketer of a broad range of specialty access equipment, commercial, fire & emergency and military vehicles and vehicle bodies. Oshkosh Corporation manufactures, distributes and services products under the brands of Oshkosh(R), JLG(R), Pierce(R),McNeilus(R), Medtec(R), Jerr-Dan(R), Oshkosh Specialty Vehicles, Frontline(TM), SMIT(TM), CON-E-CO(R), London(R) and IMT(R). Oshkosh products are valued worldwide in businesses where high quality, superior performance, rugged reliability and long-term value are paramount. For more information, log on to http://www.oshkoshcorporation.com.

(R), TM All brand names referred to in this news release are trademarks of Oshkosh Corporation or its subsidiary companies.

Non-GAAP Financial Measures

The Company reports its financial results in accordance with generally accepted accounting principles (GAAP) in the United States of America. The Company is presenting various operating results, such as operating income (loss), income (loss) from continuing operations and earnings (loss) per share from continuing operations on both a reported basis and on a basis excluding impairment charges that affect comparability of operating results. When the Company uses operating results, such as operating income (loss), income (loss) from continuing operations and earnings (loss) per share from continuing operations, excluding impairment charges, they are considered non-GAAP financial measures. The Company believes excluding the impact of non-cash intangible asset impairment charges is useful to investors to allow a more accurate comparison of the Company's operating performance. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's results prepared in accordance with GAAP. The table below presents a reconciliation of the Company's presented non-GAAP measures to the most directly comparable GAAP measures for the nine months ended June 30 (in millions, except per share amounts):













Nine Months Ended




June 30,




2010

2009








Non-GAAP operating income


$ 1,183.8


$ 90.5
Intangible asset impairment charges



(23.3 )


(1,188.2 )
GAAP operating income (loss)


$ 1,160.5


$ (1,097.7 )








Non-GAAP income (loss) from continuing operations, net of tax


$ 695.0


$ (47.4 )
Intangible asset impairment charges



(23.3 )


(1,188.2 )
Income tax benefit associated with intangible asset impairment charges



4.6



23.0
GAAP income (loss) from continuing operations, net of tax


$ 676.3


$ (1,212.6 )








Non-GAAP income (loss) per share from continuing operations


$ 7.65


$ (0.64 )
Intangible asset impairment charges per share, net of tax



(0.21 )


(15.66 )
GAAP income (loss) per share from continuing operations


$ 7.44


$ (16.30 )








Forward-Looking Statements

This press release contains statements that the Company believes to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including, without limitation, statements regarding the Company's future financial position, business strategy, targets, projected sales, costs, earnings, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations, are forward-looking statements. When used in this press release, words such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "should," "project" or "plan" or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond the Company's control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the impact on revenues and margins of the projected decrease in M-ATV production rates; the cost of any warranty campaigns related to the Company's products; the cyclical nature of the Company's access equipment, commercial and fire & emergency markets, especially during periods of global economic weakness and tight credit markets; the duration of the ongoing global economic weakness, which could lead to additional impairment charges related to many of the Company's intangible assets and/or a slower recovery in the Company's cyclical businesses than equity market expectations; the expected level and timing of U.S. Department of Defense ("DoD") procurement of products and services and funding thereof; risks related to reductions in government expenditures in light of U.S. defense budget pressures and an uncertain DoD tactical wheeled vehicle strategy; the potential for the U.S. government to competitively bid the Company's Army and Marine Corps contracts; the Company's ability to start production under the Family of Medium Tactical Vehicles contract at targeted margins; the consequences of financial leverage associated with the JLG acquisition, which could limit the Company's ability to pursue various opportunities; risks related to the collectability of receivables, particularly for those businesses with exposure to construction markets; risks related to production delays as a result of the economy's impact on the Company's suppliers; the potential for commodity costs to rise sharply, particularly in a future economic recovery; risks related to costs and charges as a result of facilities consolidation and alignment; risks associated with international operations and sales, including foreign currency fluctuations and compliance with the Foreign Corrupt Practices Act; risks related to disruptions in the Company's distribution networks; and the potential for increased costs relating to compliance with changes in laws and regulations. Additional information concerning these and other factors is contained in the Company's filings with the Securities and Exchange Commission, including the Form 8-K filed today. All forward-looking statements speak only as of the date of this press release. The Company assumes no obligation, and disclaims any obligation, to update information contained in this press release. Investors should be aware that the Company may not update such information until the Company's next quarterly earnings conference call, if at all.

OSHKOSH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in millions)











Three Months Ended
Nine Months Ended


June 30,
June 30,


2010
2009
2010
2009









Net sales
$ 2,439.0

$ 1,215.0

$ 7,737.3

$ 3,781.0
Cost of sales

1,957.4


1,039.1


6,148.7


3,318.5
Gross income

481.6


175.9


1,588.6


462.5









Operating expenses:







Selling, general and administrative

126.2


121.6


359.3


325.2
Amortization of purchased intangibles

14.9


15.0


45.5


46.8
Intangible asset impairment charges

-


-


23.3


1,188.2
Total operating expenses

141.1


136.6


428.1


1,560.2
Operating income (loss)

340.5


39.3


1,160.5


(1,097.7 )









Other income (expense):







Interest expense

(41.8 )

(63.6 )

(138.3 )

(149.0 )
Interest income

0.8


0.7


2.2


2.4
Miscellaneous, net

(1.3 )

4.2


(0.1 )

4.3



(42.3 )

(58.7 )

(136.2 )

(142.3 )
Income (loss) from continuing operations







before income taxes and equity in earnings of







unconsolidated affiliates

298.2


(19.4 )

1,024.3


(1,240.0 )
Provision for (benefit from) income taxes

87.4


0.9


348.0


(27.8 )
Income (loss) from continuing operations before







equity in earnings of unconsolidated affiliates

210.8


(20.3 )

676.3


(1,212.2 )
Equity in earnings (losses) of unconsolidated







affiliates, net of tax

0.4


(0.9 )

-


(0.4 )
Income (loss) from continuing operations, net of tax

211.2


(21.2 )

676.3


(1,212.6 )
Discontinued operations, net of tax

-


(5.6 )

(2.9 )

(27.2 )
Net income (loss)

211.2


(26.8 )

673.4


(1,239.8 )
Net loss attributable to the noncontrolling interest

-


0.2


-


0.7
Net income (loss) attributable to Oshkosh Corporation
$ 211.2

$ (26.6 )
$ 673.4

$ (1,239.1 )



















































OSHKOSH CORPORATION
EARNINGS (LOSS) PER SHARE
(Unaudited)











Three Months Ended
Nine Months Ended


June 30,
June 30,


2010
2009
2010
2009









Earnings (loss) per share attributable to Oshkosh







Corporation common shareholders-basic









Income (loss) from continuing operations
$ 2.34
$ (0.28 )
$ 7.53

$ (16.30 )
Discontinued operations

-

(0.08 )

(0.03 )

(0.35 )
Net income (loss)
$ 2.34
$ (0.36 )
$ 7.50

$ (16.65 )









Earnings (loss) per share attributable to Oshkosh







Corporation common shareholders-diluted







Income (loss) from continuing operations
$ 2.31
$ (0.28 )
$ 7.44

$ (16.30 )
Discontinued operations

-

(0.08 )

(0.03 )

(0.35 )
Net income (loss)
$ 2.31
$ (0.36 )
$ 7.41

$ (16.65 )


















Basic weighted average shares outstanding

90,174,086

74,424,605


89,750,291


74,403,238
Effect of dilutive stock options and







incentive compensation awards

1,098,520

-


1,169,022


-
Diluted weighted average shares outstanding

91,272,606

74,424,605


90,919,313


74,403,238









Amounts attributable to Oshkosh Corporation







common shareholders (in millions):







Income (loss) from continuing operations,







net of tax
$ 211.2
$ (21.2 )
$ 676.3

$ (1,212.6 )
Discontinued operations, net of tax

-

(5.4 )

(2.9 )

(26.5 )
Net income (loss)
$ 211.2
$ (26.6 )
$ 673.4

$ (1,239.1 )


































OSHKOSH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions)







June 30,
September 30,


2010
2009
ASSETS



Current assets:



Cash and cash equivalents
$ 424.5

$ 530.4
Receivables, net

830.4


563.8
Inventories, net

862.6


789.7
Deferred income taxes

88.2


75.5
Other current assets

56.1


183.8
Total current assets

2,261.8


2,143.2
Investment in unconsolidated affiliates

33.9


37.3
Property, plant and equipment:



Property, plant and equipment

788.7


763.4
Accumulated depreciation

(397.4 )

(353.2 )
Property, plant and equipment, net

391.3


410.2
Goodwill

1,022.5


1,077.3
Purchased intangible assets, net

904.9


967.8
Other long-term assets

125.7


132.2
Total assets
$ 4,740.1

$ 4,768.0





LIABILITIES AND EQUITY



Current liabilities:



Revolving credit facility and current maturities of long-term debt
$ 0.8

$ 15.0
Accounts payable

728.2


555.8
Customer advances

426.8


731.9
Payroll-related obligations

111.2


74.5
Income taxes payable

4.8


3.1
Accrued warranty

92.7


72.8
Other current liabilities

264.2


205.5
Total current liabilities

1,628.7


1,658.6
Long-term debt, less current maturities

1,440.3


2,023.2
Deferred income taxes

225.0


239.6
Other long-term liabilities

287.0


330.3
Commitments and contingencies



Equity:



Oshkosh Corporation shareholders' equity

1,159.1


514.1
Noncontrolling interest

-


2.2
Total equity

1,159.1


516.3

Total liabilities and equity


$ 4,740.1

$ 4,768.0



























OSHKOSH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)















Nine Months Ended






June 30,






2010
2009
Operating activities:




Net income (loss)
$ 673.4

$ (1,239.8 )

Non-cash asset impairment charges

23.3


1,197.8

Loss on sale of discontinued operations, net of tax

2.9


-

Depreciation and amortization

118.7


112.9

Other non-cash adjustments

(11.3 )

(21.0 )

Changes in operating assets and liabilities

(276.3 )

394.1


Net cash provided by operating activities

530.7


444.0









Investing activities:




Additions to property, plant and equipment

(59.3 )

(18.3 )

Additions to equipment held for rental

(4.8 )

(11.2 )

Proceeds from sale of property, plant and equipment

0.6


3.9

Proceeds from sale of equipment held for rental

8.4


5.1

Other investing activities

2.1


(1.3 )


Net cash used by investing activities

(53.0 )

(21.8 )









Financing activities:




Repayment of long-term debt

(1,082.2 )

(263.9 )

Proceeds from issuance of long-term debt

500.0


-

Net repayments under revolving credit facility

-


(54.2 )

Debt issuance/amendment costs

(11.2 )

(20.0 )

Dividends paid

-


(14.9 )

Proceeds from exercise of stock options

18.5


0.1

Excess tax benefits from stock-based compensation

5.7


-

Other financing activities

-


(0.1 )


Net cash used by financing activities

(569.2 )

(353.0 )









Effect of exchange rate changes on cash

(14.4 )

1.9
Increase (decrease) in cash and cash equivalents

(105.9 )

71.1
Cash and cash equivalents at beginning of period

530.4


88.2
Cash and cash equivalents at end of period
$ 424.5

$ 159.3



























OSHKOSH CORPORATION
SEGMENT INFORMATION
(Unaudited; in millions)















Three Months Ended
Nine Months Ended




June 30,
June 30,




2010
2009
2010
2009
Net sales:








Defense
$ 1,700.7

$ 605.4

$ 5,830.6

$ 1,739.4

Access equipment

689.9


211.2


2,408.0


828.8

Fire & emergency

243.3


288.4


728.4


836.5

Commercial

158.3


138.4


459.3


459.6

Intersegment eliminations

(353.2 )

(28.4 )

(1,689.0 )

(83.3 )


Consolidated
$ 2,439.0

$ 1,215.0

$ 7,737.3

$ 3,781.0











Operating income (loss):








Defense
$ 304.1

$ 92.9

$ 1,096.6

$ 241.6

Access equipment

31.6


(71.2 )

91.2


(1,059.8 )

Fire & emergency

17.5


32.7


34.3


(34.0 )

Commercial

7.0


2.1


11.5


(187.5 )

Corporate

(23.3 )

(17.0 )

(71.5 )

(58.3 )

Intersegment eliminations

3.6


(0.2 )

(1.6 )

0.3


Consolidated
$ 340.5

$ 39.3

$ 1,160.5

$ (1,097.7 )


























June 30,







2010
2009



Period-end backlog:








Defense
$ 4,462.0

$ 3,268.9





Access equipment

186.5


115.4





Fire & emergency

474.4


577.6

(a)


Commercial

81.3


75.2






Consolidated
$ 5,204.2

$ 4,037.1















(a) Includes $52.0 million of backlog related to a discontinued operation.

SOURCE: Oshkosh Corporation

Oshkosh Corporation
Financial:
Patrick Davidson
Vice President, Investor Relations
920.966.5939
or
Media:
John Daggett
Director of Communications
920.233.9247





2010

2009










Non-GAAP operating income

$ 1,419.7


$ 210.7
Intangible asset impairment charges


(25.6 )


(1,190.2 ) GAAP operating income (loss)

$ 1,394.1


$ (979.5 )










Non-GAAP income from continuing operations, net of tax

$ 813.1


$ -
Intangible asset impairment charges


(25.6 )


(1,190.2 ) Income tax benefit associated with intangible asset impairment charges

5.4



23.2
GAAP income (loss) from continuing operations, net of tax

$ 792.9


$ (1,167.0 )










Non-GAAP income per share from continuing operations

$ 8.94


$ -
Intangible asset impairment charges per share, net of tax


(0.22 )


(15.26 ) GAAP income (loss) per share from continuing operations

$ 8.72


$ (15.26 )

Forward-Looking Statements

This press release contains statements that the Company believes to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including, without limitation, statements regarding the Company's future financial position, business strategy, targets, projected sales, costs, earnings, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations, are forward-looking statements. When used in this press release, words such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "should," "project" or "plan" or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond the Company's control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the impact on revenues and margins of the projected decrease in M-ATV production rates; the cyclical nature of the Company's access equipment, commercial and fire & emergency markets, especially during periods of global economic weakness and tight credit markets; the Company's ability to produce vehicles under the FMTV contract at targeted margins; the duration of the ongoing global economic weakness, which could lead to additional impairment charges related to many of the Company's intangible assets and/or a slower recovery in the Company's cyclical businesses than equity market expectations; the expected level and timing of U.S. Department of Defense (DoD) procurement of products and services and funding thereof; risks related to reductions in government expenditures in light of U.S. defense budget pressures and an uncertain DoD tactical wheeled vehicle strategy; the potential for the U.S. government to competitively bid the Company's Army and Marine Corps contracts; the consequences of financial leverage associated with the JLG acquisition, which could limit the Company's ability to pursue various opportunities; the potential for commodity and other raw material costs to rise sharply, particularly in a future economic recovery; risks related to the collectability of receivables, particularly for those businesses with exposure to construction markets; the cost of any warranty campaigns related to the Company's products; risks related to costs and charges as a result of facilities consolidation and alignment; risks related to production delays arising from supplier quality or production issues; risks associated with international operations and sales, including foreign currency fluctuations and compliance with the Foreign Corrupt Practices Act; risks related to work stoppages and other labor matters; the potential for disruptions or cost overruns in the Company's global enterprise system implementation; the potential for increased costs relating to compliance with changes in laws and regulations; and risks related to disruptions in the Company's distribution networks. Additional information concerning these and other factors is contained in the Company's filings with the Securities and Exchange Commission, including the Form 8-K filed today. All forward-looking statements speak only as of the date of this press release. The Company assumes no obligation, and disclaims any obligation, to update information contained in this press release. Investors should be aware that the Company may not update such information until the Company's next quarterly earnings conference call, if at all.

OSHKOSH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in millions)















Three Months Ended

Year Ended



September 30,

September 30,



2010
2009

2010
2009












Net sales

$ 2,105.1

$ 1,472.1


$ 9,842.4

$ 5,253.1

Cost of sales


1,723.7


1,231.3



7,872.4


4,549.8

Gross income


381.4


240.8



1,970.0


703.3













Operating expenses:










Selling, general and administrative


130.5


105.1



489.8


430.3

Amortization of purchased intangibles


15.0


15.5



60.5


62.3

Intangible asset impairment charges


2.3


2.0



25.6


1,190.2

Total operating expenses


147.8


122.6



575.9


1,682.8

Operating income (loss)


233.6


118.2



1,394.1


(979.5 )












Other income (expense):










Interest expense


(48.8 )

(62.4 )


(187.1 )

(211.4 )
Interest income


1.3


1.5



3.5


3.9

Miscellaneous, net


1.1


4.5



1.0


8.8





(46.4 )

(56.4 )


(182.6 )

(198.7 )
Income (loss) from continuing operations










before income taxes and equity in losses of










unconsolidated affiliates


187.2


61.8



1,211.5


(1,178.2 )
Provision for (benefit from) income taxes


66.3


15.1



414.3


(12.6 )
Income (loss) from continuing operations before










equity in losses of unconsolidated affiliates


120.9


46.7



797.2


(1,165.6 )
Equity in losses of unconsolidated










affiliates, net of tax


(4.3 )

(1.0 )


(4.3 )

(1.4 )
Income (loss) from continuing operations, net of tax


116.6


45.7



792.9


(1,167.0 )
Discontinued operations, net of tax


-


94.4



(2.9 )

67.3

Net income (loss)


116.6


140.1



790.0


(1,099.7 )
Net loss attributable to noncontrolling interests


-


0.2



-


0.9

Net income (loss) attributable to Oshkosh Corporation

$ 116.6

$ 140.3


$ 790.0

$ (1,098.8 )




















OSHKOSH CORPORATION
EARNINGS (LOSS) PER SHARE
(Unaudited)













Three Months Ended

Year Ended


September 30,

September 30,


2010
2009

2010
2009






















Earnings (loss) per share attributable to Oshkosh









Corporation common shareholders-basic:









Income (loss) from continuing operations
$ 1.29
$ 0.55

$ 8.81

$ (15.26 )
Discontinued operations

-

1.15


(0.03 )

0.89



$ 1.29
$ 1.70

$ 8.78

$ (14.37 )






















Earnings (loss) per share attributable to Oshkosh









Corporation common shareholders-diluted:









Income (loss) from continuing operations
$ 1.28
$ 0.55

$ 8.72

$ (15.26 )
Discontinued operations

-

1.13


(0.03 )

0.89



$ 1.28
$ 1.68

$ 8.69

$ (14.37 )






















Basic weighted average shares outstanding

90,534,175

82,584,964


89,947,873


76,473,930

Effect of dilutive stock options and









equity-based compensation awards

738,378

950,763


1,006,868


-

Diluted weighted average shares outstanding

91,272,553

83,535,727


90,954,741


76,473,930























Amounts attributable to Oshkosh Corporation









common shareholders, net of tax (in millions):









Income (loss) from continuing operations
$ 116.6
$ 45.7

$ 792.9

$ (1,167.0 )
Discontinued operations

-

94.6


(2.9 )

68.2



$ 116.6
$ 140.3

$ 790.0

$ (1,098.8 )











OSHKOSH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions)







September 30,


2010
2009
ASSETS



Current assets:



Cash and cash equivalents
$ 339.0

$ 530.4
Receivables, net

889.5


563.8
Inventories, net

848.6


789.7
Deferred income taxes

86.7


75.5
Other current assets

52.1


183.8
Total current assets

2,215.9


2,143.2
Investment in unconsolidated affiliates

30.4


37.3
Property, plant and equipment:



Property, plant and equipment

821.0


763.4
Accumulated depreciation

(417.4 )

(353.2 )
Property, plant and equipment, net

403.6


410.2
Goodwill

1,049.6


1,077.3
Purchased intangible assets, net

896.3


967.8
Other long-term assets

112.8


132.2
Total assets
$ 4,708.6

$ 4,768.0





LIABILITIES AND EQUITY



Current liabilities:



Revolving credit facility and current



maturities of long-term debt
$ 215.9

$ 15.0
Accounts payable

717.7


555.8
Customer advances

373.2


731.9
Payroll-related obligations

127.5


74.5
Income taxes payable

1.3


3.1
Accrued warranty

90.5


72.8
Other current liabilities

285.9


205.5
Total current liabilities

1,812.0


1,658.6
Long-term debt, less current maturities

1,086.4


2,023.2
Deferred income taxes

189.6


239.6
Other long-term liabilities

293.8


330.3
Commitments and contingencies



Equity:



Oshkosh Corporation shareholders' equity

1,326.6


514.1
Noncontrolling interest

0.2


2.2
Total equity

1,326.8


516.3
Total liabilities and equity
$ 4,708.6

$ 4,768.0









OSHKOSH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)







Year Ended


September 30,


2010
2009
Operating activities:



Net income (loss)
$ 790.0

$ (1,099.7 )
Non-cash asset impairment charges

25.6


1,199.8
Loss (gain) on sale of discontinued operations, net of tax

2.9


(33.8 )
Depreciation and amortization

172.9


152.0
Other non-cash adjustments

(41.1 )

(39.5 )
Changes in operating assets and liabilities

(330.6 )

720.1
Net cash provided by operating activities

619.7


898.9





Investing activities:



Additions to property, plant and equipment

(83.2 )

(46.2 )
Additions to equipment held for rental

(6.3 )

(15.4 )
Proceeds from sale of property, plant and equipment

0.8


3.9
Proceeds from sale of equipment held for rental

10.3


6.1
Other investing activities

(5.5 )

(4.5 )
Net cash used by investing activities

(83.9 )

(56.1 )





Financing activities:



Repayment of long-term debt

(2,020.9 )

(682.2 )
Proceeds from issuance of long-term debt

1,150.0


-
Proceeds from Common Stock offering

-


358.1
Net borrowings (repayments) under revolving credit facilities

150.0


(49.4 )
Debt issuance/amendment costs

(26.3 )

(20.1 )
Proceeds from exercise of stock options

19.0


0.6
Excess tax benefits from stock-based compensation

5.8


-
Dividends paid

-


(14.9 )
Other financing activities

(0.1 )

(0.2 )
Net cash used by financing activities

(722.5 )

(408.1 )





Effect of exchange rate changes on cash

(4.7 )

7.5
Increase (decrease) in cash and cash equivalents

(191.4 )

442.2
Cash and cash equivalents at beginning of period

530.4


88.2
Cash and cash equivalents at end of period
$ 339.0

$ 530.4





OSHKOSH CORPORATION
SEGMENT INFORMATION
(Unaudited; in millions)


















Three Months Ended
Year Ended





September 30,
September 30,





2010
2009
2010
2009
Net sales:











Defense


$ 1,331.1

$ 855.4

$ 7,161.7

$ 2,594.8


Access equipment

536.8


331.2


3,011.9


1,225.5


Fire & emergency

254.7


269.8


916.0


1,042.3


Commercial


162.8


130.4


622.1


590.0


Intersegment eliminations

(180.3 )

(114.7 )

(1,869.3 )

(199.5 )

Consolidated
$ 2,105.1

$ 1,472.1

$ 9,842.4

$ 5,253.1














Operating income (loss):









Defense


$ 224.1

$ 161.7

$ 1,320.7

$ 403.3


Access equipment

7.3


(49.1 )

97.3


(1,159.1 )

Fire & emergency

22.0


35.1


57.6


51.2


Commercial


7.9


3.8


19.4


(183.7 )

Corporate



(27.5 )

(31.4 )

(99.0 )

(89.6 )

Intersegment eliminations

(0.2 )

(1.9 )

(1.9 )

(1.6 )

Consolidated
$ 233.6

$ 118.2

$ 1,394.1

$ (979.5 )


















September 30,









2010
2009




Period-end backlog:










Defense (a)

$ 4,726.2

$ 4,883.8






Access equipment

197.1


108.3






Fire & emergency (b)

419.4


548.7






Commercial


58.7


74.6






Consolidated
$ 5,401.4

$ 5,615.4


















(a) Defense backlog at September 30, 2010 included $1.2 billion of backlog which is not expected to be shipped in fiscal 2011.













(b) Fire & emergency backlog at September 30, 2009 included $49.7 million of backlog related to a discontinued operation, which was sold in the first quarter of fiscal 2010.



EXHIBIT
OSHKOSH CORPORATION
SEGMENT INFORMATION RECLASSIFIED FOR CHANGE IN REPORTING SEGMENTS
(Unaudited; in millions)


























Three Months Ended


Fiscal
September 30,
June 30,
March 31,
December 31,


2010
2010
2010
2010
2009
Net sales:









Defense
$ 7,161.7

$ 1,331.1

$ 1,700.7

$ 2,270.2

$ 1,859.7
Access equipment

3,011.9


536.8


711.2


1,010.2


753.7
Fire & emergency

916.0


254.7


222.0


214.1


225.2
Commercial

622.1


162.8


158.3


145.9


155.1
Intersegment eliminations

(1,869.3 )

(180.3 )

(353.2 )

(776.2 )

(559.6 )
Consolidated
$ 9,842.4

$ 2,105.1

$ 2,439.0

$ 2,864.2

$ 2,434.1











Operating income (loss):









Defense
$ 1,320.7

$ 224.1

$ 304.1

$ 452.8

$ 339.7
Access equipment

97.3


7.3


30.9


45.8


13.3
Fire & emergency

57.6


22.0


18.3


19.3


(2.0 )
Commercial

19.4


7.9


7.0


1.4


3.1
Corporate

(99.0 )

(27.5 )

(23.3 )

(23.8 )

(24.4 )
Intersegment eliminations

(1.9 )

(0.2 )

3.5


(1.2 )

(4.0 )
Consolidated
$ 1,394.1

$ 233.6

$ 340.5

$ 494.3

$ 325.7















Three Months Ended


Fiscal
September 30,
June 30,
March 31,
December 31,


2009 *
2009
2009
2009
2008
Net sales:









Defense
$ 2,594.8

$ 855.4

$ 605.4

$ 590.2

$ 543.8
Access equipment

1,225.5


331.2


230.9


272.2


391.2
Fire & emergency

1,042.3


269.8


268.7


260.1


243.9
Commercial

590.0


130.4


138.4


140.7


180.4
Intersegment eliminations

(199.5 )

(114.7 )

(28.4 )

(25.9 )

(30.6 )
Consolidated
$ 5,253.1

$ 1,472.1

$ 1,215.0

$ 1,237.3

$ 1,328.7











Operating income (loss):









Defense
$ 403.3

$ 161.7

$ 92.9

$ 75.0

$ 73.7
Access equipment

(1,159.1 )

(49.1 )

(71.3 )

(990.4 )

(48.3 )
Fire & emergency

51.2


35.1


32.8


(37.3 )

20.5
Commercial

(183.7 )

3.8


2.1


(190.2 )

0.6
Corporate

(89.6 )

(31.4 )

(17.0 )

(19.9 )

(21.3 )
Intersegment eliminations

(1.6 )

(1.9 )

(0.2 )

0.2


0.4
Consolidated
$ (979.5 )
$ 118.2

$ 39.3

$ (1,162.6 )
$ 25.6















Three Months Ended


Fiscal
September 30,
June 30,
March 31,
December 31,


2008 *
2008
2008
2008
2007
Net sales:









Defense
$ 1,891.9

$ 553.4

$ 489.5

$ 450.7

$ 398.3
Access equipment

3,212.6


773.7


951.4


844.6


642.9
Fire & emergency

1,009.4


296.0


243.3


233.2


236.8
Commercial

835.1


218.8


245.3


198.4


172.7
Intersegment eliminations

(71.3 )

(28.2 )

(16.5 )

(14.6 )

(12.0 )
Consolidated
$ 6,877.7

$ 1,813.7

$ 1,913.0

$ 1,712.3

$ 1,438.7











Operating income (loss):









Defense
$ 265.2

$ 75.1

$ 66.5

$ 59.7

$ 63.9
Access equipment

363.1


50.1


125.5


125.2


62.3
Fire & emergency

93.4


30.9


19.2


20.4


22.8
Commercial

4.7


3.3


5.6


2.3


(6.5 )
Corporate

(108.5 )

(29.2 )

(22.3 )

(29.7 )

(27.2 )
Intersegment eliminations

(0.5 )

(0.3 )

0.1


(0.4 )

0.1
Consolidated
$ 617.4

$ 129.9

$ 194.6

$ 177.5

$ 115.4











*Annual figures may not equal the sum of the four quarters due to rounding.

SOURCE: Oshkosh Corporation

Oshkosh Corporation
Financial: Patrick Davidson
Vice President, Investor Relations
920.966.5939
Media: John Daggett
Director of Communications
920.233.9247