Oshkosh Corporation Reports 2024 Third Quarter Results
Reports Sales of
Reports Earnings per Share of
Updates 2024 Sales and Earnings Expectations
Declares Quarterly Cash Dividend of
Consolidated sales in the third quarter of 2024 increased
Consolidated operating income in the third quarter of 2024 increased 3.8 percent to
“We are pleased to report solid third quarter performance with revenue growth of 9.2 percent and an adjusted operating margin of 10.3 percent, leading to adjusted earnings per share of
“Last quarter, we started low-rate production of the Next Generation Delivery Vehicle (NGDV) that we are supplying to the
“Recently, we have been experiencing some softness in the access equipment market in
“As we enter the fourth quarter, we are reducing our expectations for 2024 earnings per share to be approximately
Factors affecting third quarter results for the Company’s business segments included:
Access - Access segment sales for the third quarter of 2024 increased 3.4 percent to
Access segment operating income in the third quarter of 2024 decreased 9.6 percent to
Adjusted1 operating income in the third quarter of 2024 was
Vocational - Vocational segment sales for the third quarter of 2024 increased
Vocational segment operating income in the third quarter of 2024 increased 89.7 percent to
Adjusted1 operating income in the third quarter of 2024 was
Defense - Defense segment sales for the third quarter of 2024 increased 13.9 percent to
Defense segment operating income in the third quarter of 2024 decreased 43.1 percent to
Adjusted1 operating income in the third quarter of 2024 was
Corporate and other - Net operating costs for corporate and other in the third quarter of 2024 increased
Interest Expense Net of Interest Income - Interest expense net of interest income in the third quarter of 2024 increased
Provision for Income Taxes - The Company recorded income tax expense in the third quarter of 2024 of
Repurchases of common stock - The Company repurchased 100,212 shares of common stock in the third quarter of 2024 for
Nine-month Results
The Company reported net sales for the first nine months of 2024 of
Adjusted1 net income for the first nine months of 2024 was
2024 Expectations
The Company expects its 2024 diluted earnings per share to be approximately
Dividend Announcement
The Company’s Board of Directors today declared a quarterly cash dividend of
Conference Call
The Company will host a conference call at
________ |
®, ™ All brand names referred to in this news release are trademarks of |
1 This news release refers to GAAP ( |
Forward Looking Statements
This news release contains statements that the Company believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including, without limitation, statements regarding the Company’s future financial position, business strategy, targets, projected sales, costs, earnings, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations, are forward-looking statements. When used in this news release, words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project,” “confident” or “plan” or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond the Company’s control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the cyclical nature of the Company’s access equipment, fire apparatus, refuse collection and air transportation equipment markets, which are particularly impacted by the strength of
About
At
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
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(In millions, except share and per share amounts; unaudited) |
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|
|
|
|
|
|
|
||||||||||
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|
Three Months Ended
|
|
|
Nine Months Ended
|
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Net sales |
|
$ |
2,741.4 |
|
|
$ |
2,509.9 |
|
|
$ |
8,132.1 |
|
|
$ |
7,191.1 |
|
Cost of sales |
|
|
2,235.4 |
|
|
|
2,041.8 |
|
|
|
6,610.0 |
|
|
|
5,964.7 |
|
Gross income |
|
|
506.0 |
|
|
|
468.1 |
|
|
|
1,522.1 |
|
|
|
1,226.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Selling, general and administrative |
|
|
226.4 |
|
|
|
201.6 |
|
|
|
643.2 |
|
|
|
586.1 |
|
Amortization of purchased intangibles |
|
|
13.4 |
|
|
|
10.0 |
|
|
|
40.5 |
|
|
|
18.1 |
|
Intangible asset impairments |
|
|
— |
|
|
|
— |
|
|
|
51.6 |
|
|
|
— |
|
Total operating expenses |
|
|
239.8 |
|
|
|
211.6 |
|
|
|
735.3 |
|
|
|
604.2 |
|
Operating income |
|
|
266.2 |
|
|
|
256.5 |
|
|
|
786.8 |
|
|
|
622.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense |
|
|
(33.6 |
) |
|
|
(19.6 |
) |
|
|
(88.0 |
) |
|
|
(46.3 |
) |
Interest income |
|
|
1.9 |
|
|
|
1.9 |
|
|
|
5.2 |
|
|
|
13.3 |
|
Miscellaneous, net |
|
|
3.6 |
|
|
|
2.6 |
|
|
|
0.1 |
|
|
|
13.2 |
|
Income before income taxes and losses of unconsolidated affiliates |
|
|
238.1 |
|
|
|
241.4 |
|
|
|
704.1 |
|
|
|
602.4 |
|
Provision for income taxes |
|
|
56.6 |
|
|
|
55.3 |
|
|
|
164.8 |
|
|
|
145.8 |
|
Income before losses of unconsolidated affiliates |
|
|
181.5 |
|
|
|
186.1 |
|
|
|
539.3 |
|
|
|
456.6 |
|
Losses of unconsolidated affiliates |
|
|
(1.2 |
) |
|
|
(2.4 |
) |
|
|
(11.0 |
) |
|
|
(9.4 |
) |
Net income |
|
$ |
180.3 |
|
|
$ |
183.7 |
|
|
$ |
528.3 |
|
|
$ |
447.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
2.76 |
|
|
$ |
2.81 |
|
|
$ |
8.06 |
|
|
$ |
6.84 |
|
Diluted |
|
|
2.75 |
|
|
|
2.79 |
|
|
|
8.02 |
|
|
|
6.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic weighted-average shares outstanding |
|
|
65,329,124 |
|
|
|
65,342,227 |
|
|
|
65,529,283 |
|
|
|
65,363,125 |
|
Dilutive equity-based compensation awards |
|
|
334,074 |
|
|
|
603,093 |
|
|
|
363,454 |
|
|
|
449,459 |
|
Diluted weighted-average shares outstanding |
|
|
65,663,198 |
|
|
|
65,945,320 |
|
|
|
65,892,737 |
|
|
|
65,812,584 |
|
|
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
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(In millions; unaudited) |
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|
|
|
|
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||
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|
|
2024 |
|
|
2023 |
|
||
Assets |
|
|
|
|
|
|
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Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
160.9 |
|
|
$ |
125.4 |
|
Receivables, net |
|
|
1,576.3 |
|
|
|
1,316.4 |
|
Unbilled receivables, net |
|
|
854.8 |
|
|
|
771.6 |
|
Inventories |
|
|
2,321.1 |
|
|
|
2,131.6 |
|
Income taxes receivable |
|
|
43.2 |
|
|
|
42.2 |
|
Other current assets |
|
|
101.7 |
|
|
|
93.6 |
|
Total current assets |
|
|
5,058.0 |
|
|
|
4,480.8 |
|
Property, plant and equipment: |
|
|
|
|
|
|
||
Property, plant and equipment |
|
|
2,306.7 |
|
|
|
2,162.6 |
|
Accumulated depreciation |
|
|
(1,161.5 |
) |
|
|
(1,093.1 |
) |
Property, plant and equipment, net |
|
|
1,145.2 |
|
|
|
1,069.5 |
|
|
|
|
1,437.9 |
|
|
|
1,416.4 |
|
Purchased intangible assets, net |
|
|
808.5 |
|
|
|
830.2 |
|
Deferred income taxes |
|
|
248.3 |
|
|
|
262.0 |
|
Deferred contract costs |
|
|
828.1 |
|
|
|
710.7 |
|
Other non-current assets |
|
|
349.9 |
|
|
|
359.6 |
|
Total assets |
|
$ |
9,875.9 |
|
|
$ |
9,129.2 |
|
|
|
|
|
|
|
|
||
Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Revolving credit facilities |
|
$ |
934.5 |
|
|
$ |
175.0 |
|
Accounts payable |
|
|
1,054.4 |
|
|
|
1,214.5 |
|
Customer advances |
|
|
672.1 |
|
|
|
706.9 |
|
Payroll-related obligations |
|
|
236.3 |
|
|
|
242.5 |
|
Income taxes payable |
|
|
90.5 |
|
|
|
308.0 |
|
Other current liabilities |
|
|
469.8 |
|
|
|
442.7 |
|
Total current liabilities |
|
|
3,457.6 |
|
|
|
3,089.6 |
|
Long-term debt |
|
|
602.3 |
|
|
|
597.5 |
|
Non-current customer advances |
|
|
1,158.4 |
|
|
|
1,190.7 |
|
Deferred income taxes |
|
|
30.4 |
|
|
|
26.8 |
|
Other non-current liabilities |
|
|
525.2 |
|
|
|
519.3 |
|
Commitments and contingencies |
|
|
|
|
|
|
||
Shareholders’ equity |
|
|
4,102.0 |
|
|
|
3,705.3 |
|
Total liabilities and shareholders’ equity |
|
$ |
9,875.9 |
|
|
$ |
9,129.2 |
|
|
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
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(In millions; unaudited) |
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|
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|
|||||
|
|
Nine Months Ended
|
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Operating activities: |
|
|
|
|
|
|
||
Net income |
|
$ |
528.3 |
|
|
$ |
447.2 |
|
Depreciation and amortization |
|
|
146.4 |
|
|
|
104.6 |
|
Intangible asset impairments |
|
|
51.6 |
|
|
|
— |
|
Stock-based incentive compensation |
|
|
29.4 |
|
|
|
25.7 |
|
Deferred income taxes |
|
|
9.8 |
|
|
|
(61.5 |
) |
Other non-cash adjustments |
|
|
12.9 |
|
|
|
9.3 |
|
Changes in operating assets and liabilities |
|
|
(1,019.1 |
) |
|
|
(405.3 |
) |
Net cash provided by (used in) operating activities |
|
|
(240.7 |
) |
|
|
120.0 |
|
|
|
|
|
|
|
|
||
Investing activities: |
|
|
|
|
|
|
||
Additions to property, plant and equipment |
|
|
(193.5 |
) |
|
|
(228.0 |
) |
Acquisition of businesses, net of cash acquired |
|
|
(120.8 |
) |
|
|
(995.8 |
) |
Proceeds from sale of businesses, net of cash sold |
|
|
7.0 |
|
|
|
32.6 |
|
Other investing activities |
|
|
(2.3 |
) |
|
|
0.1 |
|
Net cash used in investing activities |
|
|
(309.6 |
) |
|
|
(1,191.1 |
) |
|
|
|
|
|
|
|
||
Financing activities: |
|
|
|
|
|
|
||
Proceeds from issuance of debt |
|
|
3,588.0 |
|
|
|
1,008.5 |
|
Repayments of debt |
|
|
(2,828.8 |
) |
|
|
(528.7 |
) |
Dividends paid |
|
|
(90.1 |
) |
|
|
(80.3 |
) |
Repurchases of Common Stock |
|
|
(65.6 |
) |
|
|
(22.6 |
) |
Other financing activities |
|
|
(17.8 |
) |
|
|
(5.6 |
) |
Net cash provided by financing activities |
|
|
585.7 |
|
|
|
371.3 |
|
|
|
|
|
|
|
|
||
Effect of exchange rate changes on cash and cash equivalents |
|
|
0.1 |
|
|
|
— |
|
Increase (decrease) in cash and cash equivalents |
|
|
35.5 |
|
|
|
(699.8 |
) |
Cash and cash equivalents at beginning of period |
|
|
125.4 |
|
|
|
805.9 |
|
Cash and cash equivalents at end of period |
|
$ |
160.9 |
|
|
$ |
106.1 |
|
|
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SEGMENT INFORMATION |
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(In millions; unaudited) |
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|
||||||||||
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
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|
|
|
|
|
|
|
|
|
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|
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Access |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Aerial work platforms |
|
$ |
631.7 |
|
|
$ |
654.3 |
|
|
$ |
1,898.3 |
|
|
$ |
1,921.2 |
|
Telehandlers |
|
|
445.0 |
|
|
|
393.8 |
|
|
|
1,247.0 |
|
|
|
1,126.0 |
|
Other |
|
|
286.6 |
|
|
|
270.1 |
|
|
|
862.4 |
|
|
|
792.5 |
|
Total Access |
|
|
1,363.3 |
|
|
|
1,318.2 |
|
|
|
4,007.7 |
|
|
|
3,839.7 |
|
Vocational |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fire apparatus |
|
|
339.7 |
|
|
|
299.5 |
|
|
|
1,021.4 |
|
|
|
884.4 |
|
Refuse collection |
|
|
168.1 |
|
|
|
149.2 |
|
|
|
492.3 |
|
|
|
449.0 |
|
Other |
|
|
306.4 |
|
|
|
243.9 |
|
|
|
916.0 |
|
|
|
509.4 |
|
Total Vocational |
|
|
814.2 |
|
|
|
692.6 |
|
|
|
2,429.7 |
|
|
|
1,842.8 |
|
Defense |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Defense(a) |
|
|
508.0 |
|
|
|
474.6 |
|
|
|
1,552.7 |
|
|
|
1,440.9 |
|
Delivery vehicles |
|
|
32.4 |
|
|
|
- |
|
|
|
68.7 |
|
|
|
- |
|
Total Defense |
|
|
540.4 |
|
|
|
474.6 |
|
|
|
1,621.4 |
|
|
|
1,440.9 |
|
Corporate and other(a) |
|
|
23.5 |
|
|
|
24.5 |
|
|
|
73.3 |
|
|
|
67.7 |
|
Consolidated |
|
$ |
2,741.4 |
|
|
$ |
2,509.9 |
|
|
$ |
8,132.1 |
|
|
$ |
7,191.1 |
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Operating Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Access |
|
$ |
207.9 |
|
|
$ |
229.9 |
|
|
$ |
662.5 |
|
|
$ |
576.6 |
|
Vocational |
|
|
99.6 |
|
|
|
52.5 |
|
|
|
286.2 |
|
|
|
141.1 |
|
Defense(a) |
|
|
11.2 |
|
|
|
19.7 |
|
|
|
36.4 |
|
|
|
25.6 |
|
Corporate and other(a) |
|
|
(52.5 |
) |
|
|
(45.6 |
) |
|
|
(198.3 |
) |
|
|
(121.1 |
) |
Consolidated |
|
$ |
266.2 |
|
|
$ |
256.5 |
|
|
$ |
786.8 |
|
|
$ |
622.2 |
|
|
|
|
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Period-end backlog: |
|
|
|
|
|
|
||
Access |
|
$ |
2,132.9 |
|
|
$ |
3,978.8 |
|
Vocational |
|
|
5,911.9 |
|
|
|
5,003.0 |
|
Defense(a) |
|
|
6,212.0 |
|
|
|
6,701.2 |
|
Corporate and other(a) |
|
|
61.2 |
|
|
|
48.0 |
|
Consolidated |
|
$ |
14,318.0 |
|
|
$ |
15,731.0 |
|
(a) In |
||||||||
Non-GAAP Financial Measures
The Company reports its financial results in accordance with generally accepted accounting principles in
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Access segment operating income (GAAP) |
|
$ |
207.9 |
|
|
$ |
229.9 |
|
|
$ |
662.5 |
|
|
$ |
576.6 |
|
Amortization of purchased intangibles |
|
|
2.6 |
|
|
|
1.9 |
|
|
|
7.2 |
|
|
|
5.2 |
|
Amortization of inventory step-up |
|
|
0.9 |
|
|
|
— |
|
|
|
0.9 |
|
|
|
— |
|
Adjusted Access segment operating income (non-GAAP) |
|
$ |
211.4 |
|
|
$ |
231.8 |
|
|
$ |
670.6 |
|
|
$ |
581.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Vocational segment operating income (GAAP) |
|
$ |
99.6 |
|
|
$ |
52.5 |
|
|
$ |
286.2 |
|
|
$ |
141.1 |
|
Amortization of purchased intangibles |
|
|
12.0 |
|
|
|
6.8 |
|
|
|
36.0 |
|
|
|
8.8 |
|
Acquisition costs |
|
|
— |
|
|
|
11.6 |
|
|
|
— |
|
|
|
12.9 |
|
Loss on sale of a business |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
13.3 |
|
Amortization of inventory step-up |
|
|
— |
|
|
|
6.2 |
|
|
|
— |
|
|
|
6.2 |
|
Restructuring costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3.0 |
|
Adjusted Vocational segment operating income (non-GAAP) |
|
$ |
111.6 |
|
|
$ |
77.1 |
|
|
$ |
322.2 |
|
|
$ |
185.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Defense segment operating income (GAAP) |
|
$ |
11.2 |
|
|
$ |
19.7 |
|
|
$ |
36.4 |
|
|
$ |
25.6 |
|
Gain on sale of a business |
|
|
— |
|
|
|
(8.0 |
) |
|
|
— |
|
|
|
(8.0 |
) |
Restructuring costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.8 |
|
Adjusted Defense segment operating income (non-GAAP) |
|
$ |
11.2 |
|
|
$ |
11.7 |
|
|
$ |
36.4 |
|
|
$ |
18.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Corporate and other operating loss (GAAP) |
|
$ |
(52.5 |
) |
|
$ |
(45.6 |
) |
|
$ |
(198.3 |
) |
|
$ |
(121.1 |
) |
Amortization of purchased intangibles |
|
|
0.8 |
|
|
|
1.3 |
|
|
|
3.5 |
|
|
|
4.1 |
|
Intangible asset impairments |
|
|
— |
|
|
|
— |
|
|
|
51.6 |
|
|
|
— |
|
Restructuring costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.6 |
|
Adjusted corporate and other operating loss (non-GAAP) |
|
$ |
(51.7 |
) |
|
$ |
(44.3 |
) |
|
$ |
(143.2 |
) |
|
$ |
(116.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Consolidated operating income (GAAP) |
|
$ |
266.2 |
|
|
$ |
256.5 |
|
|
$ |
786.8 |
|
|
$ |
622.2 |
|
Amortization of purchased intangibles |
|
|
15.4 |
|
|
|
10.0 |
|
|
|
46.7 |
|
|
|
18.1 |
|
Amortization of inventory step-up |
|
|
0.9 |
|
|
|
6.2 |
|
|
|
0.9 |
|
|
|
6.2 |
|
Intangible asset impairments |
|
|
— |
|
|
|
— |
|
|
|
51.6 |
|
|
|
— |
|
Acquisition costs |
|
|
— |
|
|
|
11.6 |
|
|
|
— |
|
|
|
12.9 |
|
(Gain)/loss on sale of businesses, net |
|
|
— |
|
|
|
(8.0 |
) |
|
|
— |
|
|
|
5.3 |
|
Restructuring costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4.4 |
|
Adjusted consolidated operating income (non-GAAP) |
|
$ |
282.5 |
|
|
$ |
276.3 |
|
|
$ |
886.0 |
|
|
$ |
669.1 |
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Miscellaneous, net (GAAP) |
|
$ |
3.6 |
|
|
$ |
2.6 |
|
|
$ |
0.1 |
|
|
$ |
13.2 |
|
Pension advisor settlement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4.7 |
) |
Adjusted miscellaneous, net (non-GAAP) |
|
$ |
3.6 |
|
|
$ |
2.6 |
|
|
$ |
0.1 |
|
|
$ |
8.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Provision for income taxes (GAAP) |
|
$ |
56.6 |
|
|
$ |
55.3 |
|
|
$ |
164.8 |
|
|
$ |
145.8 |
|
Income tax effects of adjustments |
|
|
4.1 |
|
|
|
4.8 |
|
|
|
24.1 |
|
|
|
9.4 |
|
Adjusted provision for income taxes (non-GAAP) |
|
$ |
60.7 |
|
|
$ |
60.1 |
|
|
$ |
188.9 |
|
|
$ |
155.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (GAAP) |
|
$ |
180.3 |
|
|
$ |
183.7 |
|
|
$ |
528.3 |
|
|
$ |
447.2 |
|
Amortization of purchased intangibles |
|
|
15.4 |
|
|
|
10.0 |
|
|
|
46.7 |
|
|
|
18.1 |
|
Intangible asset impairments |
|
|
— |
|
|
|
— |
|
|
|
51.6 |
|
|
|
— |
|
Amortization of inventory step-up |
|
|
0.9 |
|
|
|
6.2 |
|
|
|
0.9 |
|
|
|
6.2 |
|
Acquisition costs |
|
|
— |
|
|
|
11.6 |
|
|
|
— |
|
|
|
12.9 |
|
(Gain)/loss on sale of businesses, net |
|
|
— |
|
|
|
(8.0 |
) |
|
|
— |
|
|
|
5.3 |
|
Restructuring costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4.4 |
|
Pension advisor settlement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4.7 |
) |
Income tax effects of adjustments |
|
|
(4.1 |
) |
|
|
(4.8 |
) |
|
|
(24.1 |
) |
|
|
(9.4 |
) |
Loss on sale of equity method investment |
|
|
— |
|
|
|
1.9 |
|
|
|
— |
|
|
|
7.8 |
|
Adjusted net income (non-GAAP) |
|
$ |
192.5 |
|
|
$ |
200.6 |
|
|
$ |
603.4 |
|
|
$ |
487.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings per share-diluted (GAAP) |
|
$ |
2.75 |
|
|
$ |
2.79 |
|
|
$ |
8.02 |
|
|
$ |
6.80 |
|
Amortization of purchased intangibles |
|
|
0.23 |
|
|
|
0.15 |
|
|
|
0.71 |
|
|
|
0.27 |
|
Intangible asset impairments |
|
|
— |
|
|
|
— |
|
|
|
0.78 |
|
|
|
— |
|
Amortization of inventory step-up |
|
|
0.01 |
|
|
|
0.09 |
|
|
|
0.01 |
|
|
|
0.09 |
|
Acquisition costs |
|
|
— |
|
|
|
0.17 |
|
|
|
— |
|
|
|
0.19 |
|
(Gain)/loss on sale of businesses, net |
|
|
— |
|
|
|
(0.12 |
) |
|
|
— |
|
|
|
0.08 |
|
Restructuring costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.07 |
|
Pension advisor settlement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.07 |
) |
Income tax effects of adjustments |
|
|
(0.06 |
) |
|
|
(0.07 |
) |
|
|
(0.36 |
) |
|
|
(0.14 |
) |
Loss on sale of equity method investment |
|
|
— |
|
|
|
0.03 |
|
|
|
— |
|
|
|
0.12 |
|
Adjusted earnings per share-diluted (non-GAAP) |
|
$ |
2.93 |
|
|
$ |
3.04 |
|
|
$ |
9.16 |
|
|
$ |
7.41 |
|
|
|
2024 Expectations |
|
|
Earnings per share-diluted (GAAP) |
|
$ |
10.00 |
|
Amortization of purchased intangibles, net of tax |
|
|
0.70 |
|
Intangible asset impairments, net of tax |
|
|
0.60 |
|
Amortization of inventory step-up, net of tax |
|
|
0.05 |
|
Adjusted earnings per share-diluted (non-GAAP) |
|
$ |
11.35 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241029724062/en/
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