Oshkosh Corporation (Holding Company)Common Stock

Greetings and welcome to the Oshkosh Corporation Fiscal 2021 First Quarter Results Conference Call. At this time, all participants are in a listen-only mode. A brief 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. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Pat Davidson. Senior Vice President of Investor Relations for Oshkosh Corporation. Thank you, sir. You may begin.

Good morning, and thanks for joining us. Earlier today, we published our first quarter 2021 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 is also available on our website. The audio replay and slide presentation will be available on our website for approximately 12 months, so 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 we have described in our Form 8-K file with the SEC this morning and other filings we make with the SEC. We disclaim any obligation to update those 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 a 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, Pat. Good morning, everyone. Our performance in the first quarter demonstrated the perseverance and disciplined execution of our team. Just like everyone listening today, Oshkosh team members are navigating the challenges brought on by COVID-19. And once again, I'm proud of the hard work and efforts of our people. As I did last quarter, I want to give a shout out to all 14,000 plus team members and our dedicated suppliers that have consistently stepped up during this difficult period to continue serving our customers. For the first quarter, We delivered sales of nearly $1.6 billion and adjusted earnings per share of $1.13, both of which exceeded our expectations. Much like I said on our last call, we've controlled what we can control while responding quickly to challenges outside of our control. It's no secret that our operations in Wisconsin face challenges related to significant COVID-19 spread earlier this fall. particularly in the counties where our primary defense and fire truck facilities are located. This drove elevated levels of absenteeism for us and similar challenges for our suppliers. Our people have done an exceptional job of adapting to changing situations where flexibility and resiliency have helped keep us moving in the right direction. Going forward, we may face further challenges with absenteeism in our facilities or those of our suppliers. We may also face broader supply chain execution risk as the economy rebounds, so daily focus remains critical in the weeks and months ahead. During the quarter, we announced our intent to acquire Pratt & Miller, which closed on January 19. Pratt & Miller's technology and capabilities are a great fit with our company, and John's going to share more about this in his remarks. Revenue was softer than prior year in our access equipment and commercial segments, consistent with our comments last quarter. As expected, we are seeing improvement in our access equipment segment on a sequential basis, as the decline in sales is moderating. Compared with last quarter, we are more confident in a second half recovery, although our precise timing and magnitude are still uncertain. And of course, our overall outlook is bolstered by the visibility we have with our defense and fire and emergency segments, which both have backlogs that extend into 2022. Please turn to slide four, and I'll pass it over to John.