Oshkosh (OSK) Q1 FY2024 earnings: revenue $2.5 billion, up 12.2% on the year

Oshkosh Corp. (OSK) reported revenue of $2.5 billion for Q1 FY2024, the quarter ended 31 March 2024, up 12.2% on the same quarter a year earlier. Net income was $179 million, up 102.7% on the year. The figures are the company's own, from the 10-Q it filed with the SEC on 25 April 2024.

Revenue$2.5 billionup 12.2%

Net income$179 millionup 102.7%

Diluted EPSn/a

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	2,544	2,467	n/a	n/a
Cost of revenue	2,074	2,012	n/a	n/a
Gross profit	470	454	n/a	n/a
Gross margin	18.5%	18.4%	n/a
Research and development	39.3	n/a	n/a	n/a
Selling, general and administrative	197	224	n/a	n/a
Operating income	260	215	n/a	n/a
Operating margin	10.2%	8.7%	n/a
Pre-tax income	237	195	n/a	n/a
Income tax	54.7	44.2	n/a	n/a
Effective tax rate	23.1%	22.6%	n/a
Net income	179	151	n/a	n/a
Net margin	7.1%	6.1%	n/a
Diluted EPS	n/a	$2.28	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	-356	480	n/a	n/a
Capital expenditure	100	97.3	n/a	n/a
Free cash flow	-456	382	n/a	n/a
Free cash flow margin	-17.9%	15.5%	n/a
Cash from investing	-111	-94.5	n/a	n/a
Cash from financing	412	-368	n/a	n/a
Depreciation and amortisation	46.6	55.3	n/a	n/a
Share-based compensation	8.7	6.2	n/a	n/a
Buybacks	15.1	-0.1	n/a	n/a
Dividends paid	30.1	26.9	n/a	n/a
Dividend per share	$0.46	n/a	n/a	n/a
Diluted shares, weighted	66m	66m	n/a	n/a
Shares outstanding at period end	65m	65m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	3,826	3,705	n/a	n/a
Debt	599	598	n/a	n/a
Operating lease liabilities	n/a	178	n/a	n/a
Finance lease liabilities	n/a	43.9	n/a	n/a
Other liabilities	5,046	4,604	n/a	n/a
Total liabilities and equity	9,471	9,129	n/a	n/a
Fixed assets	1,103	1,070	n/a	n/a
Goodwill	1,409	1,416	n/a	n/a
Intangible assets	813	830	n/a	n/a
Cash and equivalents	69.9	125	n/a	n/a
Receivables	1,533	1,316	n/a	n/a
Inventory	2,208	2,132	n/a	n/a
Other assets	2,335	2,240	n/a	n/a
Total assets	9,471	9,129	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	2,510	2,467	2,544	2,847	2,741	2,598	2,313	2,732	2,689	2,689	2,318	2,915
Cost of revenue	2,042	2,012	2,074	2,301	2,235	2,151	1,913	2,208	2,218	2,265	2,006	2,435
Gross profit	468	454	470	546	506	447	400	524	470	424	312	480
Gross margin	19%	18%	18%	19%	18%	17%	17%	19%	17%	16%	13%	16%
R&D	n/a	n/a	39.3	44.1	40.2	45.5	48.8	45.0	39.4	40.5	39.1	39.8
SG&A	202	224	197	220	226	209	211	213	196	198	216	223
Operating income	256	215	260	261	266	224	175	292	260	212	82.0	243
Operating margin	10%	9%	10%	9%	10%	9%	8%	11%	10%	8%	4%	8%
Pre-tax income	241	195	237	229	238	199	151	271	238	182	54.7	220
Tax rate	23%	23%	23%	23%	24%	23%	24%	24%	17%	26%	19%	17%
Net income	184	151	179	169	180	153	112	205	196	134	43.1	183
Net margin	7%	6%	7%	6%	7%	6%	5%	7%	7%	5%	2%	6%
Diluted EPS	n/a	$2.28	n/a	n/a	n/a	$2.33	n/a	n/a	n/a	$2.10	n/a	n/a
Operating cash flow	167	480	-356	-211	326	791	-395	89.2	489	600	-161	374
Capital expenditure	98.2	97.3	100	41.5	55.2	87.5	40.3	54.3	38.9	59.8	28.1	26.7
Free cash flow	68.4	382	-456	-252	271	703	-435	34.9	450	540	-189	348
Buybacks	0.0	-0.1	15.1	39.5	11.0	50.4	28.7	40.0	90.6	119	47.3	91.6
Dividends paid	26.7	26.9	30.1	30.1	29.9	29.9	32.9	32.8	32.6	32.1	35.6	35.4
Shares outstanding	65m	65m	65m	65m	65m	65m	64m	64m	63m	63m	63m	62m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 25 April 2024, accession 0000950170-24-048137: the filing on EDGAR. All of Oshkosh Corp.'s filings: EDGAR company page.

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