oshkosh OSK_Q4_2008_Earnings_Release_Slides

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

Built strong.
Building for the future.
Earnings Conference Call
Fourth Quarter Fiscal 2008
November 3, 2008

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 recent turmoil in the credit markets, the level of the Company’s borrowing costs and the
Company’s ability to maintain compliance with financial covenants in its credit agreement; the
cyclical nature of the Company’s access equipment, commercial and fire & emergency markets,
especially during a global economic downturn and credit crisis; the Company’s ability to offset
higher steel and raw material costs through other cost decreases or product selling price increases;
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 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
November 3, 2008. Except as set forth in such Form 8-K, we disclaim any obligation to update
such forward-looking statements.

Built strong.
OSK - Fiscal Q4 2008 Conference Call - Nov. 3, 2008
Building for the future. 2

Oshkosh Fiscal Q4 2008 Highlights
Sales increased 5.8%
OSK Q4 Performance
to $1.9 billion
(millions)
Operating income decreased
$300.0
$2,000
32% to $122 million
$1,800 $1,897

Operating Income
$250.0
$1,792
$1,600
EPS decreased 37% to $0.72, $1,400

Net Sales
$200.0
but exceeded previous estimates $1,200
$1,000 $150.0
$179.2
Inventory reduced by $800 $904
$100.0
$600 $122.1
$241 million $400
$50.0
$76.6
$200
$202 million of debt reduction $0 $0.0
2006 2007 2008

Net Sales Operating Income

Built strong.

Oshkosh Fiscal 2008 Highlights
Sales increased 13.2% to $7.1 billion
– International sales 30% of total, reaching $2.1 billion
– Market share gains and record orders at Pierce and domestic refuse

Operating income decreased 1.5% to $582 million*
EPS decreased 5.9% to $3.37*
$283 million of debt reduction
Decisive actions taken to raise prices, reduce costs and drive cash
flow in the face of:
– North American and European economic downturn, escalating steel and fuel costs
and credit crisis

Continued to improve talent across the Company
* Figures exclude non-cash charges to operating income for asset impairment of $175.2 million or $173.1 million net of tax

Built strong.

Current State Conditions
Market volatility and credit crisis make it very difficult to project fiscal 2009
Defense, fire and domestic refuse backlogs partially mitigate difficulties
Better positioned to address challenging conditions
– Improved cost structure; eliminated an expected $100 million of annual costs
– Lowered debt and inventories
– Actively sourcing in low-cost countries
– Re-energizing operations with Global Manufacturing Services executive

Moving forward with plan seeking to avoid or delay credit agreement
amendment in fiscal 2009
– Action plans to drive $500 million or more in debt reduction
– Will assess ability to achieve plan quarterly

Continuing to invest in limited global and new product development initiatives

Built strong.

Access Equipment
Strong results in emerging markets did not
offset weakness in North America and, to a
lesser extent, Western Europe
– Second highest fiscal Q4 sales for JLG

Timing of price increase limiting recovery of
costs
Responsible inventory reduction
Outlook for 2009
– North America
– Europe
– ROW

Built strong.

Defense
Continued truck and parts & service
growth during quarter
Recently announced FHTV contract
(HEMTT A4)
Additional MTVR reducible-height
armor kit award
UK LET 2 preferred bidder
notification

Built strong.

Fire & Emergency
Pierce continued to gain share
and strengthen backlog, even
with softer municipal spending
Continued strong international
airport products activity, primarily
in Asia
Recent uptick in broadcast
vehicle activity
Wilson Jones promoted to
segment president

Built strong.

Commercial
U.S. concrete markets remain
depressed
Domestic refuse collection vehicle
sales grew in slightly down market
CNG-powered market is growing
– 40+% savings versus diesel
– After credits, affordable upfront
cost
Geesink Norba exiting
restructuring phase
– Fiscal 2009 expected to benefit
from actions taken in fiscal 2008

Built strong.

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

Fourth Quarter Comments
2008 2007
Sales led by defense,
Net Sales $1,896.5 $1,792.4 fire & emergency and
domestic refuse
% Growth 5.8% 98.2%
businesses

Operating Income $122.1 $179.2 Margins impacted by:
– Volume
% Margin 6.4% 10.0%
– Adverse sales mix
% Growth (31.9)% 134.1%
– Unrecovered steel
and other costs
Earnings Per Share $0.72 $1.14
$202 million of debt
% Growth (36.8)% 72.7% reduction

Built strong.

Access Equipment
(Dollars in millions)

Comments
Fourth Quarter
2008 2007 Lower revenues in
North America and
Net Sales $742.1 $840.0
Western Europe
% Growth (11.7)% NA

Margin decline due to:
– Lower volume
Operating Income $50.2 $114.5
– Steel costs
% Margin 6.8% 13.6% – Adverse product mix
% Growth (56.2)% NA
Backlog down 61.4%
vs. prior year

Built strong.

Defense

Comments
Fourth Quarter
2008 2007 Increased truck and
parts & service sales
Net Sales $553.4 $422.5
% Growth 31.0% 28.6%
Margin impacted by
higher volume on lower
margin contracts
% Margin 13.6% 17.1%
Backlog down 22.9%
% Growth 3.8% 32.0%
vs. prior year due
largely to timing of
FHTV3 contract
negotiations

Built strong.

Fire & Emergency

Fourth Quarter Comments
2008 2007
Sales driven by:
Net Sales $366.5 $291.8 – Domestic fire apparatus
– Timing of international
% Growth 25.6% 8.7%
fire apparatus deliveries
– Airport products
Margins impacted by:
% Margin 9.1% 9.0%
– Volume
% Growth 26.2% 22.8%
– Higher costs

Backlog up 9.6% vs. prior
year

Built strong.

Commercial

Comments
Fourth Quarter
2008 2007 Concrete markets remain
weak in U.S.
Net Sales $261.2 $249.6
% Growth 4.7% (21.8)%
Continued gains with
domestic refuse orders
Operating Loss $(6.9) $(3.1)
Margins impacted by:
% Margin (2.6)% (1.2)%
– Geesink rationalization
% Growth (123.7)% (118.0)%
and efficiency costs
– Concrete volumes

Backlog flat with prior
year
Built strong.

Oshkosh Fiscal 2009 Estimates
Revenue of $6.3 to $6.7 billion

Expectations:
Access Equipment sales to
decrease approximately 30%
Defense sales to
increase approximately 20-25%
Fire & Emergency sales to
decrease approximately 5-10%
Commercial sales flat to
down approximately 10%

Built strong.

Operating Income of $350 to $400 million
Expectations:
Access Equipment margins of
approximately 3.5% to 4.5%
Defense margins to decline
by 200 to 250 bps
Fire & Emergency margins to increase
approximately 100 to 150 bps
Commercial margins slightly better than
break-even
Corporate expenses flat
to slightly down

Built strong.

Other Estimates
Interest expense and other Approximately $180 million (expense)*
Effective tax rate 33%
Equity in earnings Approximately $4.0 million (income)
Average shares outstanding 75.0 million

* Assumes no credit agreement amendment

Built strong.

FY09 EPS estimate range* of $1.65 to $2.05

Loss expected in seasonally weak first quarter
– Credit crisis impacting demand
– Unrecovered steel and other costs

* Assumes no credit agreement amendment

Built strong.

Oshkosh Financing Update
$202 million debt reduction in Q4
– In compliance with financial covenants at Sept. 30, 2008
Driving plan seeking to avoid or delay credit agreement amendment in
fiscal 2009 that requires:
– Delivering earnings at higher end of estimate range
– Achieving $500 million or more in debt reduction
Tightly managing spending
– Further reductions likely if demand softens
Continuing actions to reduce working capital
– Strong focus on inventory reduction
– Negotiating European receivables sales program
Limiting capital expenditures to $60 million
Sufficient liquidity, even if amendment is necessary

Built strong.

Oshkosh Summary
Global market conditions are volatile and difficult to project, but Oshkosh is
moving forward with:
– Powerful leading brands
– Prudent investments in key global markets
– Value-driven sourcing
– Lower cost structure to mitigate weak market conditions
– Manufacturing excellence initiatives
– Cash generation to deliver debt reduction

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

Built strong.

Appendix: Non-GAAP Financial Measures
The table below presents reconciliations of the Company’s presented non-GAAP
measures to the most directly comparable GAAP measures for the fiscal year ended
September 30, 2008 (in millions, except per share amounts):
Non-GAAP operating income $ 581.5
Intangible asset impairment charges (175.2)
GAAP operating income $ 406.3

Non-GAAP net income $ 252.4
Income tax benefit associated with intangible
asset impairment charges 2.1
GAAP net income $ 79.3

Non-GAAP earnings per share $ 3.37
Intangible asset impairment charges per share (2.31)
GAAP earnings per share $ 1.06

Non-GAAP pre-tax income $ 365.6
GAAP pre-tax income $ 190.4

Non-GAAP income tax expense $ 120.2
Income tax benefit associated with intangible
asset impairment charges (2.1)
GAAP income tax expense $ 118.1

Non-GAAP effective income tax rate 32.9%
GAAP effective income tax rate 62.0%

Built strong.

oshkosh OSK_Q4_2008_Earnings_Release_Slides

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