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• Full-Year 2024 Revenue: $10.8 billion, an increase of 11.4%.

• Full-Year 2024 Adjusted EPS: $11.74.

• Full-Year 2024 Adjusted Operating Income Margin: 10.5%, a 110-basis-point increase over 2023.

• Fourth Quarter 2024 Revenue: $2.62 billion, up 6.3% from Q4 2023.

• Fourth Quarter 2024 Adjusted EPS: $2.58.

• Fourth Quarter 2024 Adjusted Operating Income Margin: 9.4%.

• Vocational Segment Q4 Revenue Growth: Nearly 20% year-over-year.

• Vocational Segment Q4 Adjusted Operating Income Margin: 14%.

• Access Segment Backlog: $1.8 billion.

• Full-Year Free Cash Flow 2024: Approximately $270 million.

• 2025 Revenue Expectation: Approximately $10.6 billion.

• 2025 Adjusted EPS Expectation: Approximately $11.

• 2025 CapEx Expectation: About $250 million.

• 2025 Free Cash Flow Expectation: $300 million to $400 million.

• Dividend Increase: Quarterly dividend raised by $0.05 to $0.51 per share, nearly 11% increase.

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Release Date: January 30, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Oshkosh Corp (NYSE:OSK) reported strong full-year 2024 results with revenue of $10.8 billion and adjusted earnings per share of $11.74.

• The company achieved an adjusted operating income margin of 10.5%, a 110-basis-point increase over 2023.

• The Vocational segment showed robust growth with a nearly 20% increase in revenue in the fourth quarter and a strong adjusted operating income margin of 14%.

• Oshkosh Corp (NYSE:OSK) was named to the Dow Jones Sustainability World Index for the sixth consecutive year, reflecting its commitment to sustainable business practices.

• The company announced its 11th consecutive double-digit percent increase in its dividend, raising the quarterly dividend by $0.05 to $0.51 per share.

Negative Points

• The Access segment is experiencing softer near-term market conditions, with expectations of lower sales in 2025, particularly in the first half of the year.

• Defense results continue to be impacted by legacy fixed-price contracts, affecting margins.

• Full-year free cash flow was lower than expected at about $270 million, due in part to timing delays on unit deliveries in Defense.

• The company anticipates a decline in Access sales by approximately 15% for 2025, influenced by market conditions and changes in agreements.

• Higher interest expenses impacted adjusted earnings per share, which remained roughly flat compared to the prior year despite higher operating income.