Q2 2015 Earnings

1. MOVING THE WORLD AT WORK
Second Quarter Fiscal 2015
April 28, 2015
Charles L. Szews
Chief Executive Officer
Wilson R. Jones
President and Chief Operating Officer
David M. Sagehorn
Executive Vice President
and Chief Financial Officer
Patrick N. Davidson
Vice President, Investor Relations
Oshkosh Corporation
(NYSE:OSK)

2. MOVING THE WORLD AT WORK
Forward-Looking Statements
This presentation contains statements that the Company believes to be “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 press release, 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 cyclical nature of the
Company’s access equipment, commercial and fire & emergency markets, which are particularly impacted by the strength of U.S.
and European economies; the strength of the U.S. dollar and its impact on Company exports, translation of foreign sales and
purchased materials; the expected level and timing of DoD and international defense customer procurement of products and
services and funding thereof; risks related to reductions in government expenditures in light of U.S. defense budget pressures,
sequestration and an uncertain DoD tactical wheeled vehicle strategy, including the Company’s ability to successfully manage the
cost reductions required as a result of lower customer orders in the defense segment; the Company’s ability to win a U.S. Joint Light
Tactical Vehicle production contract award and international defense contract awards; the Company’s ability to increase prices to
raise margins or offset higher input costs; increasing commodity and other raw material costs, particularly in a sustained economic
recovery; risks related to facilities expansion, consolidation and alignment, including the amounts of related costs and charges and
that anticipated cost savings may not be achieved; global economic uncertainty, which could lead to additional impairment charges
related to many of the Company’s intangible assets and/or a slower recovery in the Company’s cyclical businesses than Company or
equity market expectations; projected adoption rates of work at height machinery in emerging markets; risks related to the
collectability of receivables, particularly for those businesses with exposure to construction markets; the cost of any warranty
campaigns related to the Company’s products; risks related to production or shipment delays arising from quality or production
issues; risks associated with international operations and sales, including compliance with the Foreign Corrupt Practices Act; the
Company’s ability to comply with complex laws and regulations applicable to U.S. government contractors; the impact of severe
weather or natural disasters that may affect the Company, its suppliers or its customers; cybersecurity risks and costs of defending
against, mitigating and responding to a data security breach; and risks related to the Company’s ability to successfully execute on its
strategic road map and meet its long-term financial goals. Additional information concerning these and other factors is contained in
the Company’s filings with the Securities and Exchange Commission, including the Form 8-K filed today. All forward-looking
statements speak only as of the date of this press release. The Company assumes no obligation, and disclaims any obligation, to
update information contained in this press release. Investors should be aware that the Company may not update such information
until the Company’s next quarterly earnings conference call, if at all.
April 28, 2015OSK Second Quarter 2015 Earnings Call 2

3. MOVING THE WORLD AT WORK
Solid Q2 FY15 Results
 Q2 adjusted EPS* of $0.81
- In line with expectations
- Significant defense sales decline
- Foreign exchange and weather
headwinds
- Double digit sales and operating
income growth in all non-defense
segments
 Positive rental company
sentiment
- Little oil & gas slowdown impact
 Refinanced $250 million senior
notes due 2020
 Reduced interest rate by > 300 bps
 Maintaining FY15 adjusted EPS*
estimate range of $4.00 to $4.25
Net Sales
(billions)
Adjusted
EPS*
3
$1.6
$1.7
$0.81 $0.80
$0.00
$0.25
$0.50
$0.75
$1.00
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
$1.8
FY15 FY14
Net Sales Adjusted EPS*
* Non-GAAP results. See Appendix for reconciliation to GAAP results.
OSK Fiscal Q2 Performance
April 28, 2015OSK Second Quarter 2015 Earnings Call

4. MOVING THE WORLD AT WORK
Defense
 Q2 results impacted by FHTV break in
production
 Expect to resume FHTV sales in Q4
 Believe 2015 will be trough year
 Higher U.S. base program funding in 2015
budget and proposed 2016 budget
 Canada MSVS program award decision
expected by June 2015
 Continue pursuit of sales of thousands of
M-ATVs internationally
- Expect meaningful orders in 2015
 Submitted JLTV production contract proposal
 Expect award announcement July to September
2015
April 28, 2015OSK Second Quarter 2015 Earnings Call 4

5. MOVING THE WORLD AT WORK
Access Equipment
 Solid Q2 results in spite of challenges
- Weather in Northeast U.S.
- Foreign exchange
 Sales up in all regions, except Latin
America, on a constant currency basis
 Positive customer sentiment at American
Rental Association show
 Believe lower backlog reflects order timing
- Strong mix of AWPs in backlog supports
outlook for higher second half margins
 Strong new product offerings
- Launched 15 products YTD, with similar
number planned for rest of the year
April 28, 2015OSK Second Quarter 2015 Earnings Call 5

6. MOVING THE WORLD AT WORK
Fire & Emergency
 Execution of roadmap to improve
operational efficiencies generally
on track
 More work to do
 Expect stronger second half results
 Announced 3% price increase
 Modest North American market
growth expected in FY15
 Positive customer sentiment at
recent FDIC trade show
- Launched multiple new products
April 28, 2015OSK Second Quarter 2015 Earnings Call 6

7. MOVING THE WORLD AT WORK
Commercial
 Double digit sales growth in Q2
for both concrete placement and
RCV products
 Weather and chassis availability
challenges
 MOVE investments continued
 RCV market recovery continued
in Q2
 Multinational concrete mixer
customers invested cautiously
in Q2
- Independent U.S. customers more
active in market
April 28, 2015OSK Second Quarter 2015 Earnings Call 7

8. MOVING THE WORLD AT WORK
Consolidated Results
 Sales impacted by:
 Lower defense segment sales
 Higher non-defense segment sales
 Unfavorable currency impact of
$28.1 million
 EPS impacted by:
 Higher non-defense segment
operating income
 Lower diluted share count
 Lower defense segment
operating income
 Unfavorable currency impact of
$0.05 per share
Comments
(Dollars in millions, except per share amounts)
Second Quarter
Net Sales $1,554.2 $1,677.9
% Change (7.4)% (15.4)%
Adjusted
Operating Income* $109.7 $123.5
% Change (11.1)% (8.2)%
% Margin 7.1% 7.4%
Adjusted EPS* $0.81 $0.80
% Change 1.3% (16.7)%
2015 2014
* Non-GAAP results. See Appendix for reconciliation to GAAP results.
April 28, 2015OSK Second Quarter 2015 Earnings Call 8

9. MOVING THE WORLD AT WORK
Updated Expectations for FY15
Additional expectations
 Corporate expenses of $140 - $145 million
 Tax rate of ~32%
 CapEx of ~$150 million
 Free cash flow* ~$200 million
 Assumes share count of ~79.5 million
Segment information
 Revenues of $6.5 billion to $6.6 billion
 Adjusted operating income* of $510 million to $540 million
 Adjusted EPS* of $4.00 to $4.25
* Non-GAAP results. See Appendix for reconciliation to GAAP results.
9
Q3 Commentary
 Expect seasonally highest EPS; above prior year
 Defense segment results similar to Q2
 Higher non-defense segment sales and operating
income compared to prior year Q3
Measure Access
Equipment Defense Fire &
Emergency Commercial
Sales
(billions)
$3.7 - $3.8 ~$1.0 ~$0.80 ~$1.0
Operating
Income Margin
~15.0%
Slightly above
break even
~4.25% ~6.5%
April 28, 2015OSK Second Quarter 2015 Earnings Call

10. MOVING THE WORLD AT WORK
For information
contact:
Patrick N. Davidson
Vice President, Investor Relations
(920) 966-5939
pdavidson@oshkoshcorp.com
Jeffrey D. Watt
Director, Investor Relations
(920) 233-9406
jwatt@oshkoshcorp.com
April 28, 2015OSK Second Quarter 2015 Earnings Call 10

11. MOVING THE WORLD AT WORK
Net Sales $981.8 $866.0
% Change 13.4% 5.9%
Operating Income $136.9 $116.6
% Change 17.4% 22.7%
% Margin 13.9% 13.5%
Second Quarter
(Dollars in millions)
2015 2014
Appendix: Access Equipment
 Sales impacted by:
 Higher sales in all regions, except
Latin America, on a constant
currency basis
 Unfavorable currency impact of
$26.5 million
 Operating income impacted by:
 Higher sales volume
 Favorable vendor recovery
settlement
 Adverse product mix
 Unfavorable currency impact of
$3.3 million
 Backlog down 10% vs. prior year
to $654 million (down 6.3% on a
constant currency basis)
Comments
April 28, 2015OSK Second Quarter 2015 Earnings Call 11

12. MOVING THE WORLD AT WORK
Appendix: Defense
 Sales impacted by:
 FHTV break in production
 Lower FMTV sales
 International M-ATV sales in
prior year
 Operating income impacted by:
 Lower sales volume
 Backlog down 54% vs. prior
year to $574 million
Comments
Net Sales $158.7 $484.4
% Change (67.2)% (41.5)%
Adjusted
Operating Income* $(12.0) $38.6
% Change (130.9)% (42.4)%
% Margin (7.5)% 8.0%
Second Quarter
(Dollars in millions)
2015 2014
April 28, 2015OSK Second Quarter 2015 Earnings Call 12
* Non-GAAP results. See Appendix for reconciliation to GAAP results.

13. MOVING THE WORLD AT WORK
Net Sales $202.9 $156.1
% Change 30.0% (10.3)%
Operating Income $9.0 $1.0
% Change 750.1% (60.9)%
% Margin 4.4% 0.7%
Second Quarter
(Dollars in millions)
2015 2014
Appendix: Fire & Emergency
 Sales impacted by:
 Higher domestic and
international unit volume
 Higher content units
 Prior year production delays
 Operating income impacted by:
 Higher sales volume
 Backlog up 34% vs. prior year
to $716 million
Comments
April 28, 2015OSK Second Quarter 2015 Earnings Call 13

14. MOVING THE WORLD AT WORK
Appendix: Commercial
 Sales impacted by:
 Higher concrete mixer and RCV
unit volume
 Higher content units
 Operating income impacted by:
 Higher sales volume
 Investments in MOVE initiatives
 Backlog up 30% vs. prior year
to $292 million (up 31.5% on a
constant currency basis)
Comments
Net Sales $220.9 $182.3
% Change 21.2% (1.7)%
Operating Income $8.6 $5.4
% Change 59.9% (28.8)%
% Margin 3.9% 3.0%
Second Quarter
(Dollars in millions)
2015 2014
April 28, 2015OSK Second Quarter 2015 Earnings Call 14

15. MOVING THE WORLD AT WORK
Appendix: Commonly Used Acronyms
15April 28, 2015OSK Second Quarter 2015 Earnings Call
ARFF Aircraft Rescue and Firefighting MECV Modernized Expanded Capability Vehicle
AWP Aerial Work Platform MRAP Mine Resistant Ambush Protected
CapEx Capital Expenditures MSVS Medium Support Vehicle System (Canada)
CNG Compressed Natural Gas NOL Net Operating Loss
DGE Diesel Gallon Equivalent NPD New Product Development
DoD Department of Defense NRC National Rental Company
EAME Europe, Africa & Middle East OCO Overseas Contingency Operations
EMD Engineering & Manufacturing Development OH Overhead
EPS Diluted Earnings Per Share OI Operating Income
FHTV Family of Heavy Tactical Vehicles OOS Oshkosh Operating System
FMS Foreign Military Sales OPEB Other Post-Employment Benefits
FMTV Family of Medium Tactical Vehicles PLS Palletized Load System
GAAP U.S. Generally Accepted Accounting Principles PUC Pierce Ultimate Configuration
HEMTT Heavy Expanded Mobility Tactical Truck R&D Research & Development
HET Heavy Equipment Transporter RCV Refuse Collection Vehicle
HMMWV High Mobility Multi-Purpose Wheeled Vehicle RFP Request for Proposal
IRC Independent Rental Company ROW Rest of World
IT Information Technology SMP Standard Military Pattern (Canadian MSVS)
JLTV Joint Light Tactical Vehicle TACOM Tank-automotive and Armaments Command
JPO Joint Program Office TDP Technical Data Package
JROC Joint Requirements Oversight Council TPV Tactical Protector Vehicle
JUONS Joint Urgent Operational Needs Statement TWV Tactical Wheeled Vehicle
L-ATV Light Combat Tactical All-Terrain Vehicle UCA Undefinitized Contract Action
LVSR Logistic Vehicle System Replacement UIK Underbody Improvement Kit (for M-ATV)
M-ATV MRAP All-Terrain Vehicle
UK
ZR
United Kingdom
Zero Radius

16. MOVING THE WORLD AT WORK
April 28, 2015OSK Second Quarter 2015 Earnings Call 16
Appendix:
Non-GAAP to GAAP Reconciliation
• The table below presents a reconciliation of the Company’s presented non-GAAP measures to the most directly
comparable GAAP measures (in millions, except per share amounts):
2015 2014
Adjusted earnings per share - diluted (non-GAAP) 0.81$ 0.80$
Reduction of valuation allowance on net operating
loss carryforward - 0.14
Pension and OPEB curtailment, net of tax - (0.03)
Debt extinguishment costs, net of tax (0.12) (0.08)
Earnings per share - diluted (GAAP) 0.69$ 0.83$
Adjusted operating income (non-GAAP) 109.7$ 123.5$
Pension and OPEB curtailment - (4.1)
Operating income (GAAP) 109.7$ 119.4$
Defense operating income (loss) (non-GAAP) (12.0)$ 38.6$
Pension and OPEB curtailment - (4.1)
Defense operating income (loss) (GAAP) (12.0)$ 34.5$
Three Months Ended
March 31,

17. MOVING THE WORLD AT WORK
April 28, 2015OSK Second Quarter 2015 Earnings Call 17
Appendix:
Non-GAAP to GAAP Reconciliation
• The table below presents a reconciliation of the Company’s presented non-GAAP measures to the most directly
comparable GAAP measures (in millions, except per share amounts):
Low High
Adjusted operating income (non-GAAP) 510.0$ 540.0$
OPEB curtailment gain 3.4 3.4
Operating income (GAAP) 513.4$ 543.4$
Adjusted earnings per share - diluted (non-GAAP) 4.00$ 4.25$
OPEB curtailment gain, net of tax 0.03 0.03
Debt extinguishment costs, net of tax (0.12) (0.12)
Earnings per share - diluted (GAAP) 3.91$ 4.16$
Fiscal 2015
Expectations
Net cash flows provided by operating activities 359.0$
Additions to property, plant and equipment (150.0)
Net additions to equipment held for rental (9.0)
Free cash flow 200.0$
Fiscal 2015 Expectations