Exhibit 99.1

 

O S H K O S H  C O R P O R A T I O N

 

 

For more information, contact:

Financial:

Patrick Davidson

 

Senior Vice President, Investor Relations

 

920.502.3266

 

 

Media:

Bryan Brandt

 

Senior Vice President, Chief Marketing Officer

 

920.502.3670

 

 

OSHKOSH CORPORATION REPORTS FISCAL 2020

FOURTH QUARTER AND FULL YEAR RESULTS

Strong Execution in the Midst of Global Pandemic

Announces 10 Percent Increase in Quarterly Cash Dividend to $0.33 Per Share

OSHKOSH, WI - (October 29, 2020)

- Oshkosh Corporation (NYSE: OSK), a leading innovator of mission-critical vehicles and essential equipment, today reported fiscal 2020 fourth quarter net income of $100.0 million, or $1.46 per diluted share, compared to $150.0 million, or $2.17 per diluted share, in the fourth quarter of fiscal 2019. Results for the fourth quarter of fiscal 2020 included a $14.2 million after-tax gain on a business interruption insurance settlement associated with the weather-related event at the Commercial segment in February 2019, after-tax charges of $9.5 million related to restructuring actions, a $3.2 million after-tax gain related to a favorable arbitration settlement in the Defense segment and a $2.8 million after-tax gain on the sale of a business. Excluding these items, fiscal 2020 fourth quarter adjusted1 net income was $89.3 million, or $1.30 per diluted share. Comparisons in this news release are to the corresponding period of the prior year, unless otherwise noted.

Consolidated net sales in the fourth quarter of fiscal 2020 decreased 18.7 percent to $1.78 billion largely as a result of a 39 percent decrease in sales in the Access Equipment segment as the COVID-19 pandemic continued to impact demand in this segment.

Consolidated operating income in the fourth quarter of fiscal 2020 decreased 37.3 percent to $127.4 million, or 7.1 percent of sales, compared to $203.1 million, or 9.2 percent of sales, in the fourth quarter of fiscal 2019.

 

1 

This news release refers to GAAP (U.S. generally accepted accounting principles) and non-GAAP financial measures. Oshkosh Corporation believes that the non-GAAP measures provide investors a useful comparison of the Company’s performance to prior period results. These non-GAAP measures may not be comparable to similarly-titled measures disclosed by other companies. A reconciliation of the Company’s presented non-GAAP measures to the most directly comparable GAAP measures can be found under the caption “Non-GAAP Financial Measures” in this news release.

 


The following information was filed by Oshkosh Corp (OSK) on Thursday, October 29, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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