Company Overview

Oshkosh Corporation is a global leader in providing purpose-built vehicles and equipment, serving critical markets worldwide. Founded in 1917 and headquartered in Oshkosh, Wisconsin, the company has built a strong reputation for manufacturing mission-critical equipment for defense, construction, and municipal sectors. Employing over 18,000 team members globally, Oshkosh is dedicated to making a difference through its innovative products, which are recognized under renowned brands such as JLG®, Pierce®, MAXIMETAL, Oshkosh® S-Series™, McNeilus®, IMT®, Jerr-Dan®, Frontline™ Communications, Oshkosh® Airport Products, Oshkosh AeroTech™, Oshkosh® Defense, and Pratt Miller. These products are distributed and utilized in over 150 countries.

Financial Performance and Market Position

Oshkosh Corporation has demonstrated robust financial performance. For the full year 2024, the company reported net sales of $10.76 billion and a net income of $681.4 million, equating to $10.35 per diluted share. The company also achieved strong adjusted earnings per share of $11.74 for the full year 2024, alongside an adjusted operating income margin of 10.5%, reflecting a significant 110-basis-point increase over 2023. The market capitalization stood at $6.91 billion as of October 25, 2024.

The company's strategic focus and operational efficiency have led to consistent financial strength, supported by a diversified business model that caters to essential industries. Oshkosh also prioritizes shareholder returns, evidenced by its commitment to dividend growth, announcing its 11th consecutive double-digit percentage increase in its dividend, raising the quarterly payout to $0.51 per share.

Key Financial Metrics

- Full Year 2024 Results:

- Net Sales: $10.76 billion

- Net Income: $681.4 million ($10.35 per diluted share)

- Adjusted Earnings Per Share (EPS): $11.74

- Adjusted Operating Income Margin: 10.5% (+110 bps YoY)

- Q4 2024 Performance:

- Consolidated Sales: $2.62 billion (+6.3% YoY)

- Net Income: $153.1 million ($2.33 per diluted share)

- Quarterly Breakdown Highlights:

- Q3 2024 Net Income: $180.3 million ($2.75 per diluted share)

- Q2 2024 Sales: $2.85 billion (+18% YoY)

- Q2 2024 Adjusted EPS: $3.34

- Market Capitalization: $6.91B (as of October 25, 2024)

- Dividend Growth: 11th consecutive double-digit increase; quarterly dividend raised to $0.51 per share.

Business Operations and Segments

Oshkosh Corporation operates through three distinct business segments, each serving specialized global markets:

Access Segment

This segment designs and manufactures aerial work platforms and telehandlers, crucial for construction, industrial, and maintenance applications. It also offers towing and recovery equipment, including carriers, wreckers, and rotators, alongside comprehensive financing and leasing solutions such as rental fleet loans, leases, and floor plan and retail financing.

Defense Segment

The Defense segment is focused on the manufacture and sale of heavy, medium, and light tactical wheeled vehicles, along with related services for defense customers worldwide.

Vocational Segment

This segment provides custom and commercial firefighting equipment, fire apparatus, and emergency vehicles, including pumpers, aerial platforms, ladder and tiller trucks, and tankers. It also produces light, medium, and heavy-duty rescue vehicles, aircraft rescue and firefighting vehicles, refuse and recycling collection vehicles and components, IMT-branded field service vehicles and truck-mounted cranes, Frontline Communications-branded simulators, command and communication vehicles, and front-discharge concrete mixer vehicles.

Future Outlook and Strategic Initiatives

Looking ahead to 2025, Oshkosh Corporation has provided initial guidance expecting adjusted earnings of approximately $11.00 per share on projected sales of $10.6 billion. This outlook underscores the company's continued focus on operational excellence and strategic growth.

Oshkosh Corporation's commitment to sustainability and ethical business practices is also a key strategic pillar. The company has been recognized for its efforts, being named to the Dow Jones Sustainability World Index for the sixth consecutive year and honored by Ethisphere as one of the 2025 World's Most Ethical Companies®, marking its 10th consecutive recognition.

Oshkosh Corporation continues to demonstrate strong operational performance across its diversified business segments, with particular strength in its Vocational segment. The company's focus on innovation, serving everyday heroes, and maintaining ethical and sustainable practices positions it well for continued growth and leadership in the specialty vehicle and equipment manufacturing industry.