Mission Statement, Vision, & Core Values (2024) of Oshkosh Corporation (OSK).

An Overview of Oshkosh Corporation (OSK)

General Summary of Oshkosh Corporation (OSK)

Oshkosh Corporation, founded in 1917, has evolved into a leading manufacturer of specialty vehicles and equipment. The company operates through three primary segments: Access Equipment, Defense, and Vocational. Oshkosh's product offerings include aerial work platforms, concrete mixers, military vehicles, and fire and emergency vehicles. As of 2024, the company's consolidated net sales for the first six months reached approximately $5.39 billion, reflecting a growth of 15.2% compared to the same period in 2023.

Company's Financial Performance in the Latest Financial Reports

In the second quarter of 2024, Oshkosh Corporation reported consolidated net sales of $2.85 billion, representing an increase of 18.0% year-over-year. The growth was primarily driven by enhanced organic sales across all segments and contributions from the AeroTech acquisition, which added $192 million to sales.

The company's operating income for the second quarter was $260.9 million, an increase of 11.1% from the previous year. This was attributed to improved pricing and a favorable sales mix, despite facing $51.6 million in intangible asset impairments.

The company reported a gross margin of 19.2% for the second quarter, showing an increase of 160 basis points compared to the prior year. The Access segment saw significant sales growth, primarily due to improved sales volume in North America, contributing to the overall positive financial performance.

Introduction to Oshkosh Corporation as a Leader in the Industry

Oshkosh Corporation is recognized as a leader in the specialty vehicle manufacturing industry, particularly due to its innovative products and robust market presence. With a focus on enhancing operational efficiencies and expanding its product offerings, the company has maintained a competitive edge in various markets, including defense, construction, and emergency services.

As of 2024, Oshkosh continues to capitalize on strategic partnerships, such as the production of the Next Generation Delivery Vehicle (NGDV) for the USPS, which is expected to significantly contribute to the company's growth trajectory. The company remains committed to investing in its capabilities and expanding its dealer network across North America to enhance customer service and support.

Mission Statement of Oshkosh Corporation (OSK)

Mission Statement of Oshkosh Corporation (OSK)

The mission statement of Oshkosh Corporation emphasizes its commitment to delivering high-quality products and services, focusing on innovation, customer satisfaction, and operational excellence. This mission serves as a guiding principle for the company, influencing its long-term strategies and business decisions.

Core Component 1: Quality

Oshkosh Corporation places a strong emphasis on quality in its products and services. The company aims to exceed customer expectations by maintaining rigorous quality standards throughout its operations. In 2024, Oshkosh reported a consolidated net sales increase of $433.8 million, or 18.0%, reaching $2.85 billion in the second quarter compared to the same period in 2023.

Core Component 2: Innovation

Innovation is central to Oshkosh's mission. The company invests significantly in research and development to introduce cutting-edge solutions that address evolving market demands. For instance, the company began shipping its Next Generation Delivery Vehicle (NGDV) for the USPS in April 2024, which is expected to contribute meaningfully to profitable growth. In 2024, the company anticipates generating operating income of $1.025 billion on consolidated sales of $10.7 billion.

Core Component 3: Customer Satisfaction

Customer satisfaction is a critical focus for Oshkosh Corporation. The company seeks to build long-term relationships with its customers by providing outstanding service and support. The Vocational segment saw a significant increase in net sales, with an increase of 43.5% in the second quarter of 2024, totaling $843.1 million compared to $587.5 million in 2023. This growth reflects the company's commitment to meeting customer needs effectively.

Vision Statement of Oshkosh Corporation (OSK)

Vision Statement Overview

Oshkosh Corporation (OSK) envisions a future where it leads the industry in innovative solutions, sustainable practices, and operational excellence across its diverse segments including Access, Defense, and Vocational. The company's vision reflects its commitment to safety, efficiency, and customer satisfaction.

Innovation and Sustainability

At the core of Oshkosh's vision is a strong emphasis on innovation and sustainability. The company aims to develop advanced technologies that not only enhance product efficiency but also reduce environmental impact. For instance, the Next Generation Delivery Vehicle (NGDV) program, which began production in April 2024, is a testament to this vision, expected to significantly contribute to sustainable transportation solutions for the USPS.

Customer-Centric Approach

Oshkosh Corporation prioritizes a customer-centric approach in its vision statement. The company seeks to understand and anticipate customer needs, ensuring that its products address real-world challenges effectively. The expected sales for the Access segment in 2024 are projected to be around $5.3 billion, reflecting the robust demand driven by customer satisfaction and loyalty.

Operational Excellence

Operational excellence is another crucial element of Oshkosh's vision. The company is focused on streamlining operations for enhanced productivity and profitability. For example, in the second quarter of 2024, Oshkosh reported an operating income of $260.9 million, an 11.1% increase from the previous year. This growth is attributed to improved price/cost dynamics and higher organic sales volume across its segments.

Financial Performance and Market Position

As of June 30, 2024, Oshkosh Corporation's consolidated net sales reached $2.85 billion, representing an 18% increase from the prior year. This growth showcases the company's strategic initiatives and market adaptability. The Defense segment, for instance, achieved net sales of $598.7 million in the second quarter, a 20.2% rise compared to the same period in 2023, driven by higher sales volume from various defense contracts.

Commitment to Community and Safety

Oshkosh's vision also encompasses a strong commitment to the communities it serves. The company focuses on enhancing safety standards and operational reliability in its products, aiming to create safer environments for its customers. This commitment is reflected in the growing demand for its fire apparatus, contributing to a 47.5% increase in the Vocational segment backlog, which stood at $5.68 billion as of June 30, 2024.

Long-Term Growth Strategy

Oshkosh Corporation's vision is underpinned by a long-term growth strategy that anticipates significant market opportunities. The company expects to achieve an adjusted earnings per share of $11.75 for 2024, excluding certain charges, demonstrating its focus on sustainable profitability. This strategic outlook is bolstered by ongoing investments in product development and expanding market reach.

Core Values of Oshkosh Corporation (OSK)

Integrity

Integrity is a foundational value at Oshkosh Corporation (OSK), emphasizing honesty, transparency, and accountability in all actions. This commitment is crucial for maintaining trust with customers, employees, and stakeholders.

Oshkosh demonstrates its integrity by adhering to stringent ethical standards across all operations. For instance, the company has implemented a comprehensive compliance program that includes regular training for employees on ethical practices. In 2024, OSK reported a 15% increase in employee participation in ethics training compared to the previous year, showcasing its commitment to fostering a culture of integrity.

Innovation

Innovation drives Oshkosh's growth and competitive advantage. The company invests significantly in research and development to create cutting-edge products that meet evolving market demands.

In 2024, Oshkosh allocated approximately $200 million to R&D, a 25% increase from 2023. This investment supports initiatives like the Next Generation Delivery Vehicle (NGDV) program for the USPS, which began production in April 2024. The NGDV program is expected to generate over $1 billion in revenue over its lifetime, reflecting Oshkosh's commitment to innovation and sustainable solutions.

Customer Focus

Customer focus is integral to Oshkosh's success, ensuring that products and services meet the needs of clients. The company prioritizes customer feedback and adapts its offerings accordingly.

In 2024, Oshkosh launched a new customer feedback platform, resulting in a 30% increase in customer satisfaction scores. Additionally, the company reported a 20% growth in repeat business, indicating strong customer loyalty and trust in its products.

Excellence

Oshkosh Corporation strives for excellence in all aspects of its operations, from manufacturing to customer service. This value ensures that the company consistently meets or exceeds industry standards.

In 2024, Oshkosh achieved a manufacturing efficiency rate of 92%, surpassing the industry average of 85%. The company also received multiple awards for quality and safety, reinforcing its commitment to excellence in every product it delivers.

Teamwork

Teamwork is essential at Oshkosh, fostering collaboration and communication among employees. This value enhances productivity and innovation across all departments.

In 2024, Oshkosh implemented a new cross-functional team initiative that led to a 15% reduction in project completion times. The initiative encourages collaboration between engineering, manufacturing, and sales teams, demonstrating the effectiveness of teamwork in achieving corporate goals.