2024-01-30 12:55:22 ET
Oshkosh Corporation (OSK)
Q4 2023 Earnings Conference Call
January 30, 2024 9:00 AM ET
Company Participants
Pat Davidson – Senior Vice President-Investor Relations
John Pfeifer – President and Chief Executive Officer
Mike Pack – Executive Vice President and Chief Financial Officer
Conference Call Participants
Mig Dobre – Baird
Jerry Revich – Goldman Sachs
Angel Castillo – Morgan Stanley
Chad Dillard – Bernstein
Tami Zakaria – JPMorgan
Tim Dean – Citigroup
Seth Weber – Wells Fargo
David Raso – Evercore
Mike Shlisky – D.A. Davidson
Steven Fisher – UBS
Nicole DeBlase – Deutsche Bank
Steve Barger – KeyBanc Capital Markets
Presentation
Operator
Greetings, and welcome to the Oshkosh Corporation Fiscal 2023 Fourth Quarter and Full Year 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. [Operator Instructions] 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.
Pat Davidson
Good morning, and thanks for joining us. Earlier today, we published our fourth quarter and full year 2023 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 2 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.
Our presenters today include John Pfeifer, President and Chief Executive Officer; and Mike Pack, Executive Vice President and Chief Financial Officer. Please turn to Slide 3, and I'll turn it over to you, John.
John Pfeifer
Thank you, Pat, and good morning, everyone. I'm pleased to announce a strong finish to 2023, with significant year-over-year growth in revenue and earnings in the fourth quarter, leading to a full year adjusted earnings per share of $9.98. For the fourth quarter, we grew revenue by 12% and adjusted operating income by 54%, leading to an adjusted operating margin of 9.7% and adjusted EPS of $2.56. Demand for Oshkosh products remains robust, and we are pleased with strong order activity in the quarter, which led to a record backlog of $16.8 billion and confirmed our previous expectation that we would largely be booked for 2024 as we enter the year. I'll provide more details on demand by business in our segment updates.
Importantly, we believe Oshkosh is well positioned for long-term growth supported by significant investments in market-leading technology, solid market dynamics in key end markets, strong visibility provided by our backlogs and the ramp-up of next-generation delivery vehicle production as well as the benefits of strategic acquisitions like AeroTech and Hinowa that we completed this past year. During the quarter, we were named to the Dow Jones Sustainability World Index for the fifth straight year. Companies must be rated in the top 10% of their peer group for sustainable business practices to be considered for the index, and we were rated in the top 2% of our global industrial group by Dow Jones. This is a particularly meaningful accomplishment because it demonstrates that we're driving profitable growth in a sustainable way, which is good for our people, good for the communities in which we work and live, good for the environment and good for our shareholders....
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Oshkosh Corporation (OSK) Q4 2023 Earnings Call Transcript