Reports Sales of $2.74 billion, up 9
Percent
Reports Earnings per Share of $2.75;
Adjusted1 Earnings per Share of $2.93
Updates 2024 Sales and Earnings
Expectations
Declares Quarterly Cash Dividend of $0.46
Per Share
Oshkosh Corporation (NYSE: OSK), a leading innovator of
purpose-built vehicles and equipment, today reported 2024 third
quarter net income of $180.3 million, or $2.75 per diluted share,
compared to net income of $183.7 million, or $2.79 per diluted
share, for the third quarter of 2023. Adjusted1 net income was
$192.5 million, or $2.93 per diluted share, for the third quarter
of 2024 compared to $200.6 million, or $3.04 per diluted share, for
the third quarter of 2023. Comparisons in this news release are to
the third quarter of 2023, unless otherwise noted.
Consolidated sales in the third quarter of 2024 increased $231.5
million, or 9.2 percent, to $2.74 billion primarily due to improved
organic sales volume in all three segments, an additional month of
AeroTech sales and improved pricing.
Consolidated operating income in the third quarter of 2024
increased 3.8 percent to $266.2 million, or 9.7 percent of sales,
compared to $256.5 million, or 10.2 percent of sales, in the third
quarter of 2023. The increase in operating income was primarily due
to higher sales volume and favorable price/cost dynamics, offset in
part by higher selling, general and administrative and engineering
costs. Adjusted1 operating income in the third quarter of 2024
increased 2.2 percent to $282.5 million, or 10.3 percent of sales,
compared to $276.3 million, or 11.0 percent of sales, in the third
quarter of 2023.
“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 $2.93,”
said John Pfeifer, president and chief executive officer of Oshkosh
Corporation. “Our performance was highlighted by outstanding
results in our Vocational segment, where we delivered revenue
growth of 17.6 percent, operating income growth of 89.7 percent and
adjusted operating income growth of 44.7 percent. The segment
continues to benefit from industry-leading innovations driving
strong demand and an extended backlog that provides excellent
visibility over the next few years.
“Last quarter, we started low-rate production of the Next
Generation Delivery Vehicle (NGDV) that we are supplying to the US
Postal Service (USPS) to modernize and decarbonize North America’s
largest fleet of delivery vehicles. We are pleased to highlight
that the USPS has begun fielding the world's most innovative and
advanced last-mile delivery vehicles. We are still in the early
stages of this significant program, but we are encouraged by our
progress to date.
“Recently, we have been experiencing some softness in the access
equipment market in North America. While we believe long-term
demand drivers such as aged fleets and mega projects remain
positive, we are adjusting our expectations for revenue and
operating income for the remainder of the year based on current
market conditions.
“As we enter the fourth quarter, we are reducing our
expectations for 2024 earnings per share to be approximately $10.00
and 2024 adjusted earnings per share to be approximately $11.35,”
added Pfeifer.
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 $1.36 billion primarily as a result
of higher sales volume in North America, offset in part by lower
sales volume in the Europe, Africa and Middle East and Rest of the
World regions.
Access segment operating income in the third quarter of 2024
decreased 9.6 percent to $207.9 million, or 15.2 percent of sales,
compared to $229.9 million, or 17.4 percent of sales, in the third
quarter of 2023. The decrease was primarily due to higher material
costs as well as higher selling, general and administrative
expenses, offset in part by higher sales volume and improved sales
mix.
Adjusted1 operating income in the third quarter of 2024 was
$211.4 million, or 15.5 percent of sales, compared to $231.8
million, or 17.6 percent of sales, in the third quarter of
2023.
Vocational - Vocational segment sales for the third
quarter of 2024 increased $121.6 million, or 17.6 percent to $814.2
million due to the inclusion of sales related to the AeroTech
acquisition, improved pricing and improved organic sales volume.
AeroTech had sales of $194.8 million during the third quarter of
2024 compared to $115.8 million from the August 1, 2023 acquisition
date to September 30, 2023.
Vocational segment operating income in the third quarter of 2024
increased 89.7 percent to $99.6 million, or 12.2 percent of sales,
compared to $52.5 million, or 7.6 percent of sales, in the third
quarter of 2023. The increase was primarily due to improved
price/cost dynamics.
Adjusted1 operating income in the third quarter of 2024 was
$111.6 million, or 13.7 percent of sales, compared to $77.1
million, or 11.1 percent of sales, in the third quarter of
2023.
Defense - Defense segment sales for the third quarter of
2024 increased 13.9 percent to $540.4 million due to NGDV
production for the USPS and higher sales volume for the Family of
Heavy Tactical Vehicles, the Family of Medium Tactical Vehicles and
aftermarket parts, offset in part by lower Joint Light Tactical
Vehicles sales volume.
Defense segment operating income in the third quarter of 2024
decreased 43.1 percent to $11.2 million, or 2.1 percent of sales,
compared to $19.7 million, or 4.2 percent of sales, in the third
quarter of 2023. The decrease was primarily the result of
unfavorable cumulative catch-up adjustments on contract margins and
the absence of a gain on the sale of a business, offset in part by
improved sales volume.
Adjusted1 operating income in the third quarter of 2024 was
$11.2 million, or 2.1 percent of sales, compared to $11.7 million,
or 2.5 percent of sales, in the third quarter of 2023.
Corporate and other - Net operating costs for corporate
and other in the third quarter of 2024 increased $6.9 million to
$52.5 million due to lower operating income at the Company's Pratt
Miller business unit and higher new product development
investments.
Interest Expense Net of Interest Income - Interest
expense net of interest income in the third quarter of 2024
increased $14.0 million to $31.7 million due to borrowings on the
Company's revolving credit facility to fund acquisitions.
Provision for Income Taxes - The Company recorded income
tax expense in the third quarter of 2024 of $56.6 million, or 23.8
percent of pre-tax income, compared to $55.3 million, or 22.9
percent of pre-tax income, in the third quarter of 2023.
Repurchases of common stock - The Company repurchased
100,212 shares of common stock in the third quarter of 2024 for
$11.0 million. There were no share repurchases in the third quarter
of 2023.
Nine-month Results
The Company reported net sales for the first nine months of 2024
of $8.13 billion and net income of $528.3 million, or $8.02 per
diluted share. This compares with net sales of $7.19 billion and
net income of $447.2 million, or $6.80 per diluted share, for the
nine months ended September 30, 2023. The increase in net income
for the first nine months of 2024 compared to the nine months ended
September 30, 2023 was primarily due to improved price/cost
dynamics, higher organic sales volume, favorable mix and the
absence of acquisition costs related to the AeroTech acquisition,
offset in part by intangible asset impairments, higher selling,
general and administrative expense, higher interest expense net of
interest income and higher engineering costs.
Adjusted1 net income for the first nine months of 2024 was
$603.4 million, or $9.16 per diluted share compared to $487.8
million, or $7.41 per diluted share, for the nine months ended
September 30, 2023.
2024 Expectations
The Company expects its 2024 diluted earnings per share to be
approximately $10.00 and its adjusted1 earnings per share to be to
be approximately $11.35, compared to its most recent estimates of
$10.45 and $11.75, respectively. Due to the softening of the access
equipment market in North America, the Company expects net sales to
be approximately $10.6 billion in 2024, compared to its most recent
estimate of $10.7 billion.
Dividend Announcement
The Company’s Board of Directors today declared a quarterly cash
dividend of $0.46 per share of Common Stock. The dividend will be
payable on November 29, 2024 to shareholders of record as of
November 15, 2024.
Conference Call
The Company will host a conference call at 9:30 a.m. EDT this
morning to discuss its third quarter results and its 2024 outlook.
Slides for the call will be available on the Company’s website
beginning at 7:00 a.m. EDT this morning. The call will be
simultaneously webcast. To access the webcast, go to
oshkoshcorp.com at least 15 minutes prior to the event and follow
instructions for listening to the webcast. An audio replay of the
call and related question and answer session will be available for
12 months at this website.
________
®, ™ All brand names referred to in this
news release are trademarks of Oshkosh Corporation or its
subsidiary companies.
1 This news release refers to GAAP (U.S.
generally accepted accounting principles) and non-GAAP financial
measures. Oshkosh Corporation believes that the non-GAAP measures
provide investors a useful comparison of the Company’s performance
to prior period results. These non-GAAP measures may not be
comparable to similarly-titled measures disclosed by other
companies. A reconciliation of the Company’s presented non-GAAP
measures to the most directly comparable GAAP measures can be found
under the caption “Non-GAAP Financial Measures” in this news
release.
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 U.S. and European economies and
construction seasons; the Company’s estimates of access equipment
demand which, among other factors, is influenced by historical
customer buying patterns and rental company fleet replacement
strategies; the impact of orders and costs on the U.S. Postal
Service contract; the impact of severe weather, war, natural
disasters or pandemics that may affect the Company, its suppliers
or its customers; the Company’s ability to increase prices to raise
margins or to offset higher input costs, including increased raw
material, labor, freight and overhead costs; the Company's ability
to accurately predict future input costs associated with Defense
contracts; the Company’s ability to attract and retain production
labor in a timely manner; the Company's ability to successfully
integrate the AeroTech acquisition and to realize the anticipated
benefits associated with the same; the strength of the U.S. dollar
and its impact on Company exports, translation of foreign sales and
the cost of purchased materials; the Company’s ability to predict
the level and timing of orders for indefinite delivery/indefinite
quantity contracts with the U.S. federal government; budget
uncertainty for the U.S. federal government, including risks of
future budget cuts, the impact of continuing resolution funding
mechanisms and the potential for shutdowns; the impact of any U.S.
Department of Defense solicitation for competition for future
contracts to produce military vehicles; risks related to the
collectability of receivables, particularly for those businesses
with exposure to construction markets; the cost of any warranty
campaigns related to the Company’s products; risks associated with
international operations and sales, including compliance with the
Foreign Corrupt Practices Act; risks that a trade war and related
tariffs could reduce the competitiveness of the Company’s products;
the Company’s ability to comply with complex laws and regulations
applicable to U.S. government contractors; cybersecurity risks and
costs of defending against, mitigating and responding to data
security threats and breaches impacting the Company; the Company’s
ability to successfully identify, complete and integrate other
acquisitions and to realize the anticipated benefits associated
with the same; and risks related to the Company’s ability to
successfully execute on its strategic road map and meet its
long-term financial goals. Additional information concerning these
and other factors is contained in the Company’s filings with the
Securities and Exchange Commission, including the Form 8-K filed
today. All forward-looking statements speak only as of the date of
this news release. The Company assumes no obligation, and disclaims
any obligation, to update information contained in this news
release. Investors should be aware that the Company may not update
such information until the Company’s next quarterly earnings
conference call, if at all.
About Oshkosh
Corporation
At Oshkosh (NYSE: OSK), we make innovative, mission-critical
equipment to help everyday heroes advance communities around the
world. Headquartered in Wisconsin, Oshkosh Corporation employs over
18,000 team members worldwide, all united behind a common purpose:
to make a difference in people’s lives. Oshkosh products can be
found in more than 150 countries under the brands of JLG®, Pierce®,
MAXIMETAL, Oshkosh® S-Series™, McNeilus®, IMT®, Jerr-Dan®,
Frontline™ Communications, Oshkosh® Airport Products, Oshkosh
AeroTech™, Oshkosh® Defense and Pratt Miller. For more information,
visit oshkoshcorp.com.
OSHKOSH CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(In millions, except share and
per share amounts; unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
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
OSHKOSH CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In millions; unaudited)
September 30,
December 31,
2024
2023
Assets
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
Goodwill
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
OSHKOSH CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In millions; unaudited)
Nine Months Ended September
30,
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
OSHKOSH CORPORATION
SEGMENT INFORMATION
(In millions; unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Net Sales
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 September
30,
Nine Months Ended September
30,
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
September 30,
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 July 2024, the Company moved the
reporting responsibility for Pratt Miller from its Defense segment
to the Chief Technology and Strategic Sourcing Officer to better
utilize Pratt Miller’s expertise across the entire Oshkosh
Corporation enterprise. Pratt Miller results are now reported
within "Corporate and other" and historical information has been
recast to reflect the change.
Non-GAAP Financial
Measures
The Company reports its financial results in accordance with
generally accepted accounting principles in the United States of
America (GAAP). The Company is presenting various operating results
both on a GAAP basis and on a basis excluding items that affect
comparability of results. When the Company excludes certain items
as described below, they are considered non-GAAP financial
measures. The Company believes excluding the impact of these items
is useful to investors in comparing the Company’s performance to
prior period results. However, while adjusted operating income,
adjusted net income and adjusted earnings per share exclude
amortization of purchased intangibles, intangible asset impairments
and amortization of inventory step-up, revenue and earnings of
acquired companies are reflected in adjusted operating income,
adjusted net income and adjusted earnings per share and intangible
assets contribute to the generation of revenue and earnings.
Non-GAAP financial measures should be viewed in addition to, and
not as an alternative for, the Company’s results prepared in
accordance with GAAP. The table below presents a reconciliation of
the Company’s presented non-GAAP measures to the most directly
comparable GAAP measures (in millions, except per share
amounts):
Three Months Ended September
30,
Nine Months Ended September
30,
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 September
30,
Nine Months Ended September
30,
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/
Financial: Patrick Davidson Senior Vice President, Investor
Relations 920.502.3266 Media: Bryan Brandt Senior Vice President,
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