oshkosh 29D00BB2-1207-4948-8F93-2B2BCE9FE340_Q109_Slides

Earnings Conference Call
First Quarter Fiscal 2009
January 29, 2009

Robert G. Bohn
Chairman and Chief Executive Officer

Charles L. Szews
President and Chief Operating Officer

David M. Sagehorn
Executive Vice President and Chief Financial
Officer

Patrick N. Davidson
Vice President of Investor Relations

Forward Looking Statements
Our remarks that follow, including answers to your questions and these slides, include statements that we
believe are “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 presentation, 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 consequences of financial leverage associated with the JLG acquisition, especially given
turmoil in the credit markets, the level of the Company’s borrowing costs and the Company’s ability to
successfully amend its credit agreement to provide financial covenant relief; the cyclical nature of the
Company’s access equipment, commercial and fire & emergency markets, especially during a global
recession and credit crisis; the Company’s ability to obtain cost reductions on steel and other raw materials
following sharp cost increases in 2008, obtain other cost decreases or achieve product selling price
increases; the duration of the global recession and its adverse impact on the Company’s share price, which
could lead to impairment charges related to many of the Company’s intangible assets; the expected level and
timing of U.S. Department of Defense procurement of products and services and funding thereof; risks related
to reductions in government expenditures and the uncertainty of government contracts; risks associated with
international operations and sales, including foreign currency fluctuations; the Company’s ability to turn
around its Geesink business; risks related to the collectibility of receivables during a recession, especially
access equipment receivables; and the potential for increased costs relating to compliance with changes in
laws and regulations. Additional information concerning these and other factors and assumptions is
contained in our filings with the SEC, including our Form 8-K filed January 29, 2009. Except as set forth in
such Form 8-K, we disclaim any obligation to update such forward-looking statements.

2 January 29, 2009

Oshkosh Fiscal Q1 2009 Results

■ Sales decreased 7.6% to $1.39 billion
■ Net loss of $20.6 million
■ Strong free cash flow
– $260.8 million cash on hand at quarter
end
– $81.5 million of debt reduction
■ Inventory reduced by $61 million over
prior year
■ Compliant with financial covenants

3 January 29, 2009

Current Business Conditions

■ A few core businesses remain
strong:
– Defense: Strong backlog,
multiple new business
opportunities ■ While all other businesses remained
weak or deteriorated further in Q1:
– Fire apparatus/airport products:
Significant market share gains;
– Access equipment, concrete mixer
full backlog for fiscal 2009
and towing equipment orders fell
– Domestic refuse vehicles: Strong more sharply than expected in Q1
backlog and Q1 orders
– Lack of available credit, volatile
currencies and general economic
uncertainty are limiting demand
and visibility

■ Impact of volatile currencies and
commodity prices increasing margin
volatility

4 January 29, 2009

Oshkosh Response to Softer and
Uncertain Market Conditions
■ Further cost reduction actions
– Reducing fiscal 2009 overhead and operating expenses by $50 million,
cumulative reduction of more than $150 million since summer 2008
– Workforce reduction of 7%, cumulative reduction of 17%
■ Reducing production to better match lower demand
■ Seeking credit agreement amendment in fiscal Q2
– In discussions with lead banks
– Expect to execute amendment in late February or March
– Expect upfront fees and higher interest expense
– Expect lower debt reduction in fiscal 2009
■ Suspending earnings estimates

5 January 29, 2009

Access Equipment
■ Demand weakness has spread across
the globe
– European demand particularly soft
■ Utilization and rental rates down
marginally
– Credit availability and uncertainty
limiting order intake for now
– U.S. stimulus plan could benefit
second half of calendar year 2009
■ Award-winning LiftPod® generating
interest
■ Groundbreaking for factory in China

6 January 29, 2009

Defense

■ Announcements illustrate continuing
leadership for heavy-payload vehicles
– Awarded $1.6 billion in recent contracts for
FHTV, LVSR and MTVR programs

■ Significant armoring activity drove
parts & service performance
■ MRAP suspension opportunity
■ Competing for M-ATV program
■ JLTV protest decision expected in Q2

7 January 29, 2009

Fire & Emergency

■ Weak municipal spending
throughout U.S., but…
■ Strong Pierce and airport
products orders
■ Continued weak towing &
recovery and mobile medical
■ Snow removal and ARFF units
operating in China
■ 2010-compliant engine
agreement with Detroit Diesel

8 January 29, 2009

Commercial
■ U.S. concrete placement markets weaker
than fiscal 2008
■ Solid activity for domestic refuse collection
vehicles
– But customers feeling effects of widespread
recession

■ CNG-powered vehicle market providing
opportunity
– Green alternative with fuel savings
– Seattle refuse collection deliveries

■ European refuse collection vehicle demand
weakening

9 January 29, 2009

Consolidated Results
(Dollars in millions, except per share amounts)

First Quarter Comments
2009 2008 ■ Significantly lower access
Net Sales $1,386.1 $1,499.9 equipment and concrete placement
sales
% Change (7.6)% 49.0%
■ Higher defense, fire apparatus and
domestic refuse product sales
partially offset declines in other
Operating Income $17.1 $109.9
areas
% Margin 1.2% 7.3%
■ Margins impacted by:
% Change (84.5)% 31.5% – Volume
– Adverse sales mix
– Unrecovered material costs
– Provisions for bad debts
Earnings Per Share $(0.28) $0.50 – Severance / restructuring charges

% Change (156.0)% (9.1)% ■ $81.5 million of debt reduction;
$260.8 million cash and investments

10 January 29, 2009

Access Equipment
(Dollars in millions)

2009 2008 Lower AWP and
telehandler sales in North
Net Sales $368.4 $610.5
America and Europe
% Change (39.7)% NM

Margin decline due to:
Operating Income $(47.0) $61.1 – Lower volume
– Adverse product mix
% Margin (12.8)% 10.0% – Unrecovered material costs
% Change (177.0)% NM – Provisions for bad debts

Backlog down 84.9% vs.
prior year

11 January 29, 2009

Defense

2009 2008 Continued increases in
truck and parts & service
Net Sales $543.8 $398.3
sales
% Change 36.5% 27.8%

Margin reflects higher
Operating Income $73.7 $63.9 percentage of sales from
lower margin contracts
% Margin 13.6% 16.0%
% Change 15.4% 16.9%
Backlog up 62.0%
vs. prior year due largely to
timing of FHTV3 contract
award

12 January 29, 2009

Fire & Emergency

Fire apparatus sales growth
2009 2008
offset by weaker results in other
Net Sales $271.1 $272.6 businesses
% Change (0.6)% 2.5% – Record market share for
Pierce fire trucks

Margins impacted by:
Operating Income $18.1 $22.2
– Towing & recovery volume
% Margin 6.7% 8.2% – Unrecovered material costs
% Change (18.5)% (9.3)% – Weaker product mix

Backlog up 21.8% vs. prior year

13 January 29, 2009

Commercial

Comments
First Quarter
Severe decline in concrete
2009 2008
placement products demand
Net Sales $232.2 $230.4 continues
% Change 0.8% (27.8)%
Strong domestic RCV sales
and backlog
Operating Loss $(6.8) $(10.2)
% Margin (2.9)% (4.4)%
Margins impacted by:
% Change 33.6% (149.1)% – Geesink severance charges
and inefficiencies

Backlog down 34.5%
compared with prior year

14 January 29, 2009

Oshkosh Credit Agreement Update

■ In compliance with financial covenants at Dec. 31, 2008
– $81.5 million debt reduction in Q1
– $260.8 million of cash and investments

■ Launching credit agreement amendment in Q2
– Expect to complete late February or March

■ On-going
– Tightly managing spending
– Continuing actions to reduce working capital
– Limiting capital expenditures

15 January 29, 2009

Oshkosh Summary

■ Oshkosh is moving forward with:
– Powerful leading brands
– Strong defense, fire and domestic refuse vehicle backlogs
– Reduced cost structure
– Lower production volumes
– Plans to obtain financial covenant relief

■ The Oshkosh team is Built Strong and …
…committed to Building for the Future

16 January 29, 2009

oshkosh 29D00BB2-1207-4948-8F93-2B2BCE9FE340_Q109_Slides

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