Mission Driven
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2010 ANNUAL REPORT OSHKOSH CORPORATION 2307 Oregon Street OSHKOSH CORPORATION 2010 ANNUAL REPORT ANNUAL 2010 CORPORATION OSHKOSH Oshkosh, WI 54902 www.oshkoshcorporation.com MARKET LEADERSHIP + INNOVATIVE GLOBAL SOLUTIONS + CUSTOMER DRIVEN MISSION DRIVEN OSK0057-IR-AR10 _31704OshAnnCoverSpread.indd 1 12/2/10 1:44 PM Board of Directors Corporate Officers J. William Andersen(2) Harvey N. Medvin(2) PRINCIPAL OFFICERS SELECT OTHER CORPORATE OFFICERS Retired Executive Director of Retired Chief Financial Officer, Robert G. Bohn Patrick N. Davidson Development, University of Aon Corporation Chairman and Chief Executive Officer Vice President, Investor Relations Wisconsin—Oshkosh (4) (Retiring December 31, 2010) J. Peter Mosling, Jr. R. Scott Grennier (1) Robert G. Bohn Retired Officer of the Company Charles L. Szews Vice President, Treasurer Chairman and Chief Executive Officer (1,2) President, Chief Operating Officer Craig P. Omtvedt Michael S. Guzowski of the Company and Chief Executive Officer-Elect Senior Vice President and Vice President, Information Technology (1,3,4) Richard M. Donnelly Chief Financial Officer, Bryan J. Blankfield Thomas J. Polnaszek Retired President, General Motors, Fortune Brands, Inc. Executive Vice President, General Senior Vice President, Europe (2) Counsel and Secretary Richard G. Sim Finance and Controller (3,4) Frederick M. Franks, Jr. Retired Chairman, President and Gregory L. Fredericksen Mark M. Radue Retired General, U.S. Army Chief Executive Officer, APW, Ltd. Executive Vice President, Vice President, Business Development Michael W. Grebe(1,3,4) Charles L. Szews Chief Procurement Officer President and Chief Executive Officer, President and Chief Operating Officer R. Andrew Hove The Lynde & Harry Bradley Foundation Executive Vice President and John J. Hamre(3) (1) Member of the Executive Committee, of which President, Defense President and Chief Executive Officer, Mr. Bohn is the Chair. James W. Johnson Center for Strategic & International (2) Member of the Audit Committee, of which Executive Vice President and President, Studies Mr. Omtvedt is the Chair. Fire & Emergency (3) (3) Member of the Human Resources Committee, Kathleen J. Hempel of which Mr. Donnelly is the Chair. Wilson R. Jones Retired Vice Chairman and (4) Member of the Governance Committee, of which Executive Vice President and President, Chief Financial Officer, Fort Howard Mr. Grebe is the Chair. Access Equipment Corporation Joseph (Jay) H. Kimmitt Leslie F. Kenne Executive Vice President, Government Retired Lieutenant General, Operations and Industry Relations U.S. Air Force President, LK Associates Josef Matosevic Executive Vice President, Global Manufacturing Operations Frank R. Nerenhausen Executive Vice President and President, Commercial Michael K. Rohrkaste Executive Vice President, Chief Administration Officer David M. Sagehorn Executive Vice President and Chief Financial Officer Donald H. Verhoff Executive Vice President, Technology Shareholders’ Information ANNUAL MEETING CERTIFICATIONS TRANSFER AGENT & REGISTRAR CORPORATE HEADQUARTERS The Annual Meeting of Shareholders of The Company has filed as exhibits to Computershare Investor Services, LLC 2307 Oregon Street Oshkosh Corporation will be held on its Annual Report on Form 10-K for the Mail: Oshkosh, Wisconsin 54902 Tuesday, February 1, 2011 at 10:00 am fiscal year ended September 30, 2010 P.O. Box 43078 MAILING ADDRESS & TELEPHONE (CST) at the Oshkosh Convention the certifications of its Chairman and Providence, Rhode Island 02940-3078 Oshkosh Corporation Center, 2 North Main Street, Oshkosh, CEO and Executive Vice President and Shipment: P.O. Box 2566 Wisconsin, U.S.A. CFO required by Section 302 of the 250 Royall St. Oshkosh, Wisconsin 54903-2566 Sarbanes-Oxley Act. The Company STOCK LISTING Canton, Massachusetts 02021 920.235.9150 Oshkosh Corporation partners with customers submitted to the New York Stock Oshkosh Corporation Common Stock is www.computershare.com Exchange during fiscal 2010 the Annual INTERNET ADDRESS listed on the New York Stock Exchange CEO Certi fication required by Section 866.222.4059 For Company facts, corporate under the symbol: OSK. 303A.12(a) of the New York Stock (within the U.S. and Canada) governance information including to deliver superior solutions that safely and FORM 10-K Exchange Listed Company Manual. +1.312.601.6643 the Company’s code of conduct, news Copies of the Company’s Form 10-K (outside the U.S. and Canada) releases, earnings conference call DIVIDEND REINVESTMENT & STOCK as filed with the Securities and webcasts, webcast archives, presen- PURCHASE PLAN INDEPENDENT AUDITORS Exchange Commission are available tations and product information, visit To obtain information on the Deloitte & Touche LLP efficiently move people and materials at work, free of charge by visiting the Oshkosh Corporation on the Internet at: Company’s Dividend Reinvestment 555 E. Wells Street, Suite 1400 Company’s website, or by contacting: and Computershare Investment Plan, Milwaukee, Wisconsin 53202 www.oshkoshcorporation.com Investor Relations please contact Computershare Trust All trademarks are property of their Oshkosh Corporation Company, N.A. respective owners. around the globe and around the clock. P.O. Box 2566 Oshkosh, Wisconsin 54903-2566 920.235.9151, ext. 22889 ©2010 Oshkosh Corporation _31704OshAnnCoverSpread.indd 2 12/2/10 1:44 PM Mission Driven SUPERIOR EXECUTION OF SUPERIOR SOLUTIONS. We serve and delight our customers by providing premium, innovative, high performing equipment that delivers quality over the entire product lifecycle. PARTNER WITH CUSTOMERS. We seek to develop a deep understanding of our customers, to anticipate their needs and fulfill them; to continually improve our customers’ experience. AROUND THE GLOBE, AROUND THE CLOCK. We are committed to provide superior aftermarket and life cycle service and support 24 hours a day, 7 days a week, 365 days a year around the globe. 1 _31704OshAnn4ctext.indd 1 12/2/10 2:33 PM Dear Fellow Shareholders At Oshkosh Corporation, we are driven—driven to partner with our customers to provide premium, high performing equipment that safely and efficiently move people and materials at work, around the globe and around the clock. That is our mission, every single day. While economic conditions continued to provide challenges for many companies around the globe this past year, Oshkosh Corporation was mission driven to deliver life saving M-ATVs to U.S. troops in Afghanistan leading to stellar financial results in fiscal 2010. Revenues for fiscal 2010 were $9.8 billion, an increase of 87% from fiscal 2009. Operating income from continuing operations rose to $1.4 billion and EPS was $8.72. Each of these financial measures is an all-time record for Oshkosh Corporation. We also remained focused on our goal of debt reduction, reducing debt by nearly $736 million in the fiscal year. Our defense segment was paramount in delivering these results, accounting for a substantial portion of the company’s revenue this fiscal year, including nearly $4.5 billion from the M-ATV contract. Our fire & emergency segment posted results which were essentially on par with the prior year, despite very challenging market conditions for fire apparatus. Our businesses with exposure to construction markets, access equipment, concrete mixers and batch plants, continued to be pressured by economic weakness in North America and Europe as residential construction activity bounced along the bottom and non-residential construction continued to decline. MISSION DRIVEN: SUPERIOR EXECUTION, SUPERIOR SOLUTIONS Execution is critical on every mission. Oshkosh’s performance on the M-ATV program is a superb example of delivering a superior solution for the customer. Oshkosh was aggressive in leveraging synergies and capabilities between our segments to deliver these critically needed vehicles. We utilized available manufacturing capacity at our access equipment facilities to supplement capacity in our defense facilities. This helped us to quickly ramp up production to the unprecedented requirement for Oshkosh of 1,000 vehicles per month, and then sustain that required high rate of quality production to deliver these life-saving M-ATVs to our warfighters in Afghanistan. According to U.S. Secretary of Defense Robert Gates, who visited Oshkosh in November 2009, the hard work and incredible efforts of our employees in Wisconsin and Pennsylvania, supported by our supply chain partners, allowed us to ramp up this program faster and more effectively than any other major defense vehicle program since World War II. In addition to our strong performance on the M-ATV program, we continued to meet or exceed requirements for our other vehicle and aftermarket parts and service programs for our domestic and international defense customers. We installed our proprietary TAK-4® independent suspension systems on legacy MRAPs of other manufacturers to further support our warfighters by upgrading the mobility, maneuverability and ride quality of those MRAPs. Whether providing vehicles or components to support the customer, we work hard every day to deliver on every aspect of our business. While we are pleased with our performance on the M-ATV program, we are every bit as excited as we begin ramping up work on the Family of Medium Tactical Vehicles (FMTV) program. Despite a delay caused by competitors’ protests, we met all of the U.S. Army’s original planned milestone dates for test units and evaluations. Additionally, we completed construction of