Oshkosh Corporation (Holding Company)Common Stock

Greetings, welcome to Oshkosh Corporation reports fiscal 2020 third quarter results conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. 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.

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 file 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 Pfeiffer, 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. Thank you, Scott.

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 in 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've 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 and impact of the pandemic on the economy remain uncertain, but the resiliency of Oshkosh team members has been impressive as we've 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, or even more pronounced, versus our competitors in times like these. We implemented temporary cost reductions we discussed last quarter. Those actions are evident, not only in our third quarter results, but should also benefit us as we manage through the ongoing uncertainty. Recently, we also announced some permanent cost reductions in areas of our business most significantly impacted by changes in customer demand as a result of the pandemic. John and Mike will discuss those actions and the related impacts in their sections. Before I turn it over to John, I wanted to mention that our balance sheet and liquidity both remain strong, and our board approved another quarterly dividend payment of $0.30 per share, consistent with our dividend last quarter. I also want to take a moment to congratulate John on his recent promotion to president. is a testament to John's strong leadership and dedication to a people-first culture. I look forward to continuing to work with him as we lead this great team here at Oshkosh. Please turn to slide four, and John will discuss each of our segments.