Oshkosh Corporation (Holding Company)Common Stock

Greetings and welcome to Oshkosh Corporation 2026 First Quarter Results Conference Call. At this time, all participants are on a listen-only mode. A question and answer session will follow the formal presentation. If anyone requires 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, Patrick Davidson, Senior Vice President of Investor Relations for Oshkosh Corporation. Thank you. You may begin.

Good morning, and thanks for joining us. Earlier today, we published our first quarter 2026 results. A copy of that 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. 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 and other factors that could cause actual results to be materially different from those expressed or implied by such forward-looking statements. These risks and factors include, among others, factors that we listed in our release this morning and matters that we have described in our most recent Form 10-K and other filings we make with the SEC, as well as matters noted at our Investor Day in June 2025. 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. Our presenters today are John Pfeiffer, President and Chief Executive Officer, and Matt Field, Executive Vice President and Chief Financial Officer. Please turn to slide three, and I'll turn it over to you, John.

Thank you, Pat. Good morning, everyone, and thank you for joining us today. We continue to make progress on our long-term goals in each of our businesses. Customer engagement around our new products and technologies has been strong, as demonstrated at CES and the many trade shows where we have participated in 2026. The actions we are taking across the company this year are foundational to delivering our targets for 2028, and we remain confident in the future we are shaping for those who do the toughest work in our communities. First quarter earnings per share were modestly below the expectations we outlined on our last call, where we indicated EPS would be approximately half of the prior year's amount. For the quarter, we delivered consolidated sales of approximately $2.3 billion and adjusted earnings per share of 85 cents. Performance in the quarter compared with our expectations was impacted by fewer fire truck shipments in our vocational segment where a number of planned customer pickups were not completed even though we are still making progress on increasing production. Our outlook for the company has not changed and we are maintaining our full year consolidated guidance. Demand across our segments remains solid and we have good visibility for the remainder of the year. We are focused on execution and continue to expect improved performance as the year progresses. And we remain confident that we are taking the right steps to drive positive business performance, not just this year, but for the long term. Please turn to slide five, and we will review some highlights since our last call. Demand in our access segment is improving, supported by megaprojects including data center-related construction. Orders in the quarter exceeded $1.5 billion, resulting in a book-to-bill ratio of 1.6. Customer engagement remains high, and we are entering the summer construction season with a backlog of $1.8 billion at the end of the quarter. At the same time, demand continues to be uneven across end markets. While megaprojects remain a source of strength, broader non-residential construction activity continues to be impacted by macroeconomic factors. Against this backdrop, our focus on innovation and productivity continues to resonate with customers. At the ConExpo show in March, our JLG team showcased all new boom lifts and our new 26-foot micro-sized scissor lift, all designed to improve productivity, serviceability, and versatility. Our new boom lifts directly address key customer needs by reducing machine weight and increasing basket capacity. Our micro-sized scissor lifts, which are seeing strong adoption in data center applications, provide a safe and more efficient way to access confined spaces. We also highlighted advancements incorporating autonomy, including canvas robotics for drywall finishing and our robotic welding end effector, both of which generated strong customer interest as companies look for solutions to address labor constraints and improve job site efficiency. While we are encouraged by strong order activity and backlog, we continue to operate in a dynamic cost environment. We are actively managing the impact of tariffs through supply chain and manufacturing actions, and we expect to maintain a competitive cost position as the industry leader. Overall, we remain competent in the long-term outlook for the access segment and our ability to execute through the cycle as we manage our costs and deliver attractive margins over time. Turning to slide six. Demand across our vocational segment remains healthy, with a strong backlog of $6.6 billion. In the quarter, we increased fire truck production year over year, although shipments were below our expectations. This was driven by a number of factors, including weather and travel-related disruptions. We are focused on modernizing and improving production flow and removing bottlenecks to improve lead times, and we are making progress. We expect further improvements in the quarters ahead, supported by increased process efficiency and targeted capital investments. On the innovation front, we continue to see strong customer engagement. At the FDIC show in Indianapolis, Pierce showcased the capabilities and quality of our fire apparatus, along with Clear Sky connected vehicle technology, which enhances fleet visibility, uptime, and coordination for fire departments in the field. At McNeillis, we launched our AI-enabled material contamination detection technology as part of our McNeillis IQ platform. This solution leverages artificial intelligence and advanced analytics to identify contaminants in real time during collection, helping customers improve efficiency and sustainability. We expect to continue expanding our McNeillis IQ offering with additional technologies over time. Oshkosh Aerotech continues to perform well, supported by strong demand from airports investing in expansion and modernization. Order intake in the quarter was solid, particularly for air cargo loaders and jetway passenger boarding bridges, with key wins in Reno, Orlando, and Nashville. Our jetway backlog now extends beyond 12 months and we are investing in capacity to improve delivery times. Summing it up, we have strong visibility across the segment and we expect to convert backlog into revenue as production throughput improves and we reduce lead times. Please turn to slide seven. In our transport segment, we continue to make notable progress executing on our key programs and advancing toward our long-term objectives. For NGDV, production is on track. The fleet has now surpassed 20 million miles and is operating in 48 states. Importantly, feedback from the USPS and their drivers continues to be very positive, reinforcing the productivity and reliability benefits of the platform as we ramp deliveries. As we look ahead, NGDV production will continue to build through the year. with a greater contribution expected in the second half. On the defense side, we are also progressing on our FMTV program. We are launching the production of low velocity airdrop units with production expected to grow in the second half of the year. These units represent initial deliveries under the FMTV contract extension signed in June of 2025. Closing out my segment comments, we are executing our plans for transport and expect performance to improve in the second half of the year. With that, I'll hand it over to Matt to walk through our detailed financial results.