1. Earnings Conference Call
First Quarter Fiscal 2008
February 1, 2008
Robert G. Bohn
Chairman and Chief Executive Officer
Charles L. Szews
President and Chief Operating Officer
David M. Sagehorn
Executive Vice President,
Chief Financial Officer and Treasurer
Patrick N. Davidson
Vice President of Investor Relations

2. Forward Looking Statements
Our remarks that follow, including answers to your questions and these slides, include statements that
we believe are “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 Oshkosh Truck’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. Forward-looking statements
generally can be identified by the use of 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 indentify 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.
Those factors include the challenges of integrating the acquired JLG business; the consequences of
financial leverage associated with the JLG acquisition; the Company’s ability to turn around its Geesink
Norba Group business sufficiently to support its current valuation resulting in no impairment charge; the
expected level and timing of U.S. Department of Defense procurement of products and services and
funding thereof; the cyclical nature of the Company’s access equipment, commercial and fire &
emergency markets, especially during a recession, which the U.S. economy may be entering; risks
related to reductions in government expenditures and the uncertainty of government contracts; risks
associated with international operations and sales, including foreign currency fluctuations; risks related
to the collectibility of access equipment receivables and the potential for increased costs relating to
compliance with changes in laws and regulations. Additional information concerning these and other
factors is contained in our filings with the SEC, including our Form 8-K filed February 1, 2008. Except
as set forth in such Form 8-K, we disclaim any obligation to update such forward-looking statements.
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3. Oshkosh Fiscal Q1 2008 Highlights
OSK Q1 Performance
Sales increased 49.0% to $1.5
(millions)
billion
$1,800 $150.0
Operating income increased $1,600 $140.0
$1,500
$1,400 $130.0
Operating Income
31.5% to $109.9 million
Sales Revenue
$1,200 $120.0
$1,007
$1,000 $110.0
EPS down 9.1% to $0.50 $790
$800 $100.0
$109.9
$600 $90.0
Maintaining FY 2008 EPS $400 $80.0
$87.0
$83.6
estimate range of $4.15 to $200 $70.0
$0 $60.0
$4.35 2006 2007 2008
Sales Revenue Operating Income
Global initiatives and cost
reductions buttressing outlook
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4. Oshkosh Corporate Initiatives
Upgraded supply chain team with key
hires
– New CPO
– New logistics management
– Expanding Asian procurement team
– Adding segment and corporate talent
Announced proposed name change
– Better represents our diverse portfolio
– Pending shareholder approval
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5. Access Equipment
Strong international markets more
than offset weaker North American
telehandler sales
Negotiations with large North
American rental companies mostly
complete, but not in backlog
Continuing to focus on achieving
synergy targets
Opened new parts fulfillment center
in Europe
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6. Defense
Solid FY08 outlook; pending
supplemental bill would support
strong FY09
Announcement of JLTV teaming
agreement with Northrop Grumman
– Fusion of tactical vehicle and
communications expertise
– Leaders in innovation, design,
production and logistics
– Team for the future, not just today
Six unit test order for MRAP II Bull™
vehicles
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7. Fire & Emergency
Weaker municipal spending and
effects from 2007 engine pre-buy
are impacting fire apparatus
market
PUC continues to generate strong
interest among fire departments
Towing and recovery market
impacted by high oil prices and
economic conditions
Continued strong international
airport products activity
Weaker mobile medical and
broadcast vehicle market demand
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8. Commercial
U.S. concrete placement business
operating at recession-like pace
– Managing costs aggressively
– Growing acceptance of
Revolution® mixer drum
Expect flat domestic refuse volume
in modestly down market
Geesink Norba Group (GNG)
facility rationalization activities
progressing on plan
– Solid order activity
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9. Consolidated Results
(Dollars in millions)
First Quarter Comments
2007
2008 • Strong results in access
equipment and
Net Sales $1,499.9 $1,006.8
defense
% Growth 49.0% 27.4%
• Economic weakness
Operating Income $ 109.9 $ 83.6
impacting fire &
% Margin 7.3% 8.3%
emergency and
% Growth 31.5% (3.9)% especially commercial
Earnings Per Share $ 0.50 $ 0.55 • Solid cash generation
in seasonally soft
% Growth (9.1)% (23.6)%
quarter
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10. Access Equipment
(Dollars in millions)
First Quarter Comments
2007
2008 • North American results
down; affected by weak
Net Sales $610.5 $117.7
telehandler market
% Growth NM NA
• Generally strong results
Operating Income $ 61.1 $ 2.4
in international markets
% Margin 10.0% 2.0%
• Backlog down 21.9%
% Growth NM NA
vs. prior year
• Large North American
rental company orders
not yet in backlog
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11. Defense
(Dollars in millions)
First Quarter Comments
2007
2008
• Continued strong demand
for new and
Net Sales $398.3 $311.7
remanufactured trucks
% Growth 27.8% (14.2)%
• Lower parts & service
Operating Income $ 63.9 $ 54.6
volume
% Margin 16.0% 17.5%
• Backlog up 68.5%
% Growth 16.9% (24.8)%
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12. Fire & Emergency
(Dollars in millions)
First Quarter Comments
2007
2008
• Strong Pierce and
airport products sales
Net Sales $272.6 $266.0
% Growth 2.5% 22.9% • Weakness at JerrDan
and Oshkosh Specialty
Operating Income $ 22.2 $ 24.5
Vehicles
% Margin 8.2% 9.2%
• Backlog down 17.2%
% Growth (9.3)% 17.3%
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13. Commercial
(Dollars in millions)
Comments
First Quarter
2007 • Weak market
2008
conditions, seasonal
Net Sales $230.4 $319.0
softness and GNG
% Growth (27.8)% 44.2%
charges drove loss
Operating Income $(10.2) $ 20.8
• Solid refuse orders
% Margin (4.4)% 6.5% globally
% Growth (149.1)% 150.3%
• Cost reductions
mitigating weak
market conditions
• Backlog down 33.0%
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14. Oshkosh Fiscal 2008 Estimates
Revenue of $7.1 to $7.3 billion
Expectations:
Access equipment sales to
increase about 25%
Defense sales to
grow approximately 25%
Fire & emergency sales to
increase approximately 5%
Commercial sales to
decline 15% to 20%
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15. Oshkosh Fiscal 2008 Estimates
Operating Income of $675 to $700 million
Expectations:
Access equipment margins to
improve by 150 to 200 bps
Defense margins to
decline by 250 to 300 bps
Fire & emergency margins to
approximate fiscal 2007 levels
Commercial margins to
decline by 150 to 200 bps
Corporate expense to
increase by approximately
$30 million
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16. Oshkosh Fiscal 2008 Estimates
Other Estimates
Fiscal
2008
Estimates
Interest expense and other $215 to $220 million (expense)
Effective tax rate 33.5%
Equity in earnings $3.5 to $4.0 million (income)
Average shares outstanding 75.2 million
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17. Oshkosh Fiscal 2008 Estimates
FY08 EPS estimate range
of $4.15 to $4.35
Q2 EPS estimate range
of $0.85 to $0.90
– Projecting near doubling of access
equipment earnings and strong
defense earnings
Capital spending expected to
approximate $110 million
Expect debt between $2.65 and
$2.75 billion at fiscal year-end
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18. Fiscal Q1 2008 Summary
Strong demand for access equipment and defense businesses
Maintaining full year EPS estimates with global initiatives and
cost reductions supporting outlook despite challenging
economic landscape
Key announcements for defense with JLTV teaming agreement
and the Bull™
Slowdown after 2007 engine emissions pre-buy and
macroeconomic issues pressuring commercial and fire &
emergency segments
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