Oshkosh Corporation (NYSE:OSK) Q3 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 09:00 am ET


Oshkosh Corporation (NYSE:OSK) Q3 2020 Earnings Conference Call - Final Transcript


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Greetings. Welcome to Oshkosh Corporation Reports Fiscal 2020 Third Quarter Results Conference Call. [Operator Instructions] [Operator Instructions] [Operator Instructions].

I will now turn the conference over to your host, Pat Davidson, Senior Vice President of Investor Relations for Oshkosh Corporation. Thank you, Mr. Davidson, you may begin.

Patrick Davidson

Good morning, and thanks for joining us. Earlier today, we published our third quarter 2020 results. A copy of the release is available on our website at oshkoshcorp.com. Today's call is being webcast and is accompanied by a slide presentation, which includes a reconciliation of GAAP to non-GAAP financial measures that we will use during this call and it's also available on our website. The audio replay and slide presentation will be available on the website for approximately 12 months. Please refer now to slide two of that presentation. Our remarks that follow, including answers to your questions, contain statements that we believe to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act.

These forward-looking statements are subject to risks that could cause actual results to be materially different from those expressed or implied by such forward-looking statements. These risks include, among others, matters that we have described in our Form 8-K filed with the SEC this morning and other filings we make with the SEC. We disclaim any obligation to update these forward-looking statements, which may not be updated until our next quarterly earnings conference call, if at all. All references on this call to a quarter or year are to our fiscal quarter or fiscal year, unless stated otherwise. Our presenters today include Wilson Jones, Chief Executive Officer; John Pfeifer, President and Chief Operating Officer; and Mike Pack, Executive Vice President and Chief Financial Officer.

Please turn to slide three and I'll turn it over to you, Wilson.

Wilson Jones

Thank you, Pat. Good morning, everyone. I want to start today by sharing how proud I am of the hard work and disciplined execution our Oshkosh team members have demonstrated, as we manage through the current pandemic-induced environment. The underlying strength we derive from our people-first culture has been a key enabler to our success, as we navigate through these challenging times. We often talk about how we are better together, and we are exhibiting that with our results this quarter. For the third quarter, we delivered sales of nearly $1.6 billion, adjusted earnings per share of $1.29, and our consolidated backlog is up nearly 6% versus the prior year, as we controlled what we can control, while responding quickly to challenges outside of our control. Given the conditions present in our markets in the U.S. and around the world, we believe this represents solid performance.

The duration impact of the pandemic on the economy remain uncertain, but the resiliency of Oshkosh team members has been impressive, as we responded to a variety of challenges, including changing customer demand, new working protocols and supply chain disruptions, among others. We believe our values and strengths as a different, integrated global industrial