Oshkosh Corp
Q4 2024 Earnings
Market Reaction
S&P 500 over the same 30 days: −4.66%.
Did OSK Beat Earnings? Q4 2024 Results
Oshkosh Corporation closed out fiscal 2024 on a strong note, posting Q4 earnings per share of $2.58 against a consensus estimate of $2.18, an 18.35% beat, while revenue of $2.62 billion cleared Wall Street's $2.41 billion forecast by 8.70% and advanced 6.3% year-over-year. The headline driver was a dramatic turnaround in the Vocational segment, where operating income surged 149.8% to $110.90 million as favorable pricing, higher volumes across municipal fire apparatus, airport products, and refuse vehicles lifted margins to 12.6% from just 6.0% a year earlier. The Defense segment, meanwhile, added a new revenue layer as Oshkosh commenced production of Next Generation Delivery Vehicles for the U.S. Postal Service, a program that contributed $35.00 million in the quarter with a full-rate production ramp targeted for 2025. A recent $214.80 million U.S. Army order for tactical vehicles underscores the segment's continued role in military modernization. Looking ahead, management guided fiscal 2025 adjusted EPS to approximately $11.00 on net sales of roughly $10.60 billion, with Access segment softness expected to ease in the second half as infrastructure and data center demand recovers.
- Vocational segment revenue growth of nearly 20% driven by improved pricing and volume
- Favorable price/cost dynamics across the enterprise
- AUSA acquisition contributing $32.5 million in Access segment sales
- NGDV production commencement adding $35 million in Defense delivery vehicle revenue
- Lower corporate new product development spending
“We delivered another strong quarter as our team grew fourth quarter adjusted earnings per share to $2.58, leading to full year 2024 adjusted earnings per share of $11.74, an increase of 17.6 percent over the prior year. Our impressive fourth quarter performance was driven in particular by revenue growth of nearly 20 percent in our Vocational segment. For the full year, we grew revenue in all three of our segments and delivered solid double-digit operating income and adjusted operating income margins in our Access and Vocational segments.”
Oshkosh CEO, on the earnings call
Forward Guidance & Outlook
For fiscal 2025, Oshkosh expects net sales of approximately $10.6 billion, GAAP diluted EPS of approximately $10.30, and adjusted diluted EPS of approximately $11.00. The company anticipates short-term market softness in the Access segment during the first half of 2025, followed by improved demand in the second half driven by infrastructure buildout, mega projects, and data center construction. Growth is expected in both the Vocational and Defense segments, with the NGDV program ramping to full-rate production during 2025.
OSK YoY Financials
OSK Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.