Oshkosh Corporation (NYSE: OSK) announced that its Board of Directors
today approved an increase to its share repurchase authority. The new
authorization is in addition to the unused portion of the Company’s
previous share repurchase authorization and permits the Company to
repurchase up to an additional 10 million shares of Oshkosh Corporation
common stock. The authorization is open-ended and the Company has not
set any timeframe to use the authority.
"Today’s action reaffirms our Board’s confidence in the Company's MOVE
strategy and gives us the flexibility to repurchase shares over the next
few years when opportunities arise,” said Charles L. Szews, Oshkosh
Corporation chief executive officer.
During the Company’s fourth fiscal quarter through August 31, 2015, the
Company repurchased 2,599,723 of its shares. As of August 31, 2015, the
Company had 299,198 shares available for repurchase under its previous
share repurchase authorization.
Under Oshkosh’s share repurchase authorization, the Company's common
stock may be purchased through any one or more of a 10b5-1 trading plan
and discretionary purchases on the open market, block trades,
accelerated share repurchases or privately negotiated transactions. The
number of shares repurchased and the timing of repurchases will depend
on a number of factors, including share price, trading volume and
general market conditions, as well as on working capital requirements,
general business conditions and other factors, including alternative
investment opportunities. The repurchase authority may be suspended,
modified or discontinued at any time, subject to the parameters of any
10b5-1 trading plan that the Company may implement.
About Oshkosh Corporation
Oshkosh Corporation is a leading designer, manufacturer and marketer of
a broad range of specialty access equipment, commercial, fire &
emergency and military vehicles and vehicle bodies. Oshkosh Corporation
manufactures, distributes and services products under the brands of
Oshkosh®, JLG®, Pierce®, McNeilus®,
Jerr-Dan®, Frontline™, CON-E-CO®, London®
and IMT®. Oshkosh products are valued worldwide in businesses
where high quality, superior performance, rugged reliability and
long-term value are paramount. For more information, visit www.oshkoshcorporation.com.
®, ™ All brand names referred to in this news release are
trademarks of Oshkosh Corporation or its subsidiary companies.
Forward-Looking Statements
This press 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 press
release, words such as “may,” “will,” “expect,” “intend,” “estimate,”
“anticipate,” “believe,” “should,” “project” 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, commercial and fire & emergency markets, which are
particularly impacted by the strength of U.S. and European economies;
the Company’s estimates of access equipment demand; the strength of the
U.S. dollar and its impact on Company exports, translation of foreign
sales and purchased materials; the expected level and timing of DoD and
international defense customer procurement of products and services and
funding thereof; risks related to reductions in government expenditures
in light of U.S. defense budget pressures, sequestration, an uncertain
DoD tactical wheeled vehicle strategy and uncertainties associated with
government contracts; risks related to the JLTV production contract
award that the Company recently received, including those associated
with commencement of production under the contract; the Company’s
ability to finalize international contracts for a significant quantity
of M-ATVs, with sales beginning in fiscal 2016; the Company’s ability to
increase prices to raise margins or offset higher input costs;
increasing commodity and other raw material costs, particularly in a
sustained economic recovery; risks related to facilities expansion,
consolidation and alignment, including the amounts of related costs and
charges and that anticipated cost savings may not be achieved; global
economic uncertainty, which could lead to additional impairment charges
related to many of the Company’s intangible assets and/or a slower
recovery in the Company’s cyclical businesses than Company or equity
market expectations; projected adoption rates of work at height
machinery in emerging markets; the impact of severe weather or natural
disasters that may affect the Company, its suppliers or its customers;
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 related to
production or shipment delays arising from quality or production issues;
risks associated with international operations and sales, including
compliance with the Foreign Corrupt Practices Act; 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 a data security breach; 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. All
forward-looking statements speak only as of the date of this press
release. The Company assumes no obligation, and disclaims any
obligation, to update information contained in this press 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.
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