Oshkosh Corp
Q1 2024 Earnings
Market Reaction
S&P 500 over the same 30 days: +5.23%.
Did OSK Beat Earnings? Q1 2024 Results
Oshkosh Corporation opened fiscal 2024 with a standout first quarter, posting adjusted earnings of $2.89 per share and handily beating the $2.25 consensus estimate by 28.44%, while revenue of $2.54 billion topped expectations by 2.41% and climbed 12.2% year over year. The results were fueled in large part by a near-doubling of consolidated operating income to $259.70 million, as improved price-cost dynamics, favorable product mix, and the contribution of $176.10 million from the recently acquired AeroTech business helped push operating margins to 10.2% from 5.8% a year earlier. The Access segment remained the largest profit engine, while the Vocational segment delivered especially sharp growth on the back of the AeroTech integration and stronger pricing. Looking ahead, Oshkosh raised its full-year 2024 outlook, now targeting net sales of approximately $10.70 billion and adjusted EPS of approximately $11.25, citing healthy backlogs of $16.35 billion, the ramp-up of the USPS Next Generation Delivery Vehicle program, and ongoing capacity expansions as key drivers of confidence.
- Improved price/cost dynamics across Access and Vocational segments
- AeroTech acquisition contributing $176.1 million in Vocational segment sales
- Higher organic sales volume in North America
- Favorable product and customer mix
- Absence of prior-year loss on sale of rear-discharge concrete mixer business
“We're off to a strong start in 2024, as we grew revenues by 12 percent and adjusted operating income by over 80 percent leading to adjusted earnings per share of $2.89 in the first quarter. Our results were driven by outstanding execution as well as healthy demand and strategic acquisitions. Our Access and Vocational segments both delivered strong year-over-year earnings growth during the quarter and have solid visibility for the remainder of the year.”
Oshkosh CEO, on the earnings call
Forward Guidance & Outlook
Oshkosh raised its full-year 2024 outlook: diluted EPS expected at approximately $10.55 (up from $9.45), adjusted EPS at approximately $11.25 (up from $10.25), and net sales of approximately $10.7 billion (up from $10.4 billion). The company cited strong first quarter results, solid demand, operational execution, healthy backlogs, ramp-up of new programs (including USPS NGDV and Volterra ZSL), and capacity expansions as drivers of the improved outlook.
OSK YoY Financials
OSK Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.