1. Robert G. Bohn
Earnings Conference Call Chairman, President and Chief Executive Officer
Third Quarter Fiscal 2006 Charles L. Szews
August 1, 2006 Executive Vice President and Chief Financial Officer

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. All of our statements, other than statements of historical fact,
including statements regarding Oshkosh Truck’s future financial position, business strategy,
targets, projected sales, costs, earnings, capital expenditures and debt levels, and plans and
objectives of management for future operations, are forward-looking statements. In addition,
forward-looking statements generally can be identified by the use of words such as “expect,”
“intend,” “estimates,” “anticipate,” “believe,” “should,” “plans,” or similar words. We cannot
give any assurance that such expectations will prove to be correct. Some factors that could cause
actual results to differ materially from our expectations include the accuracy of assumptions
made with respect to our expectations for fiscal 2006 and fiscal 2007, the Company’s ability to
continue the turnaround of the business of the Geesink Norba Group sufficiently to support its
valuation resulting in no non-cash impairment charge for Geesink Norba Group goodwill, the
Company’s ability to sustain flat operating income in its commercial segment and to raise
operating income in its fire & emergency segment in fiscal 2007 despite anticipated lower
industry demand resulting from changes to diesel engine emission standards effective
January 1, 2007, the expected level of U.S. Department of Defense procurement of the
Company’s products and services, the cyclical nature of the Company’s commercial and fire and
emergency markets, risks related to reductions in government expenditures, the uncertainty of
government contracts, the challenges of identifying, completing and integrating acquisitions, the
success of the launch of the Revolution® drum, and risks associated with international
operations. Additional information concerning these and other factors is contained in our filings
with the SEC, including our Form 8-K filed August 1, 2006. 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 Third Quarter 2006 Highlights
• Record Q3 financial results
Third Quarter Results
– Sales increased 8.4%
$1,000 $90
– Operating income grew 31.2% $82.6
$900 $80
Operating Income (in millions)
$63.0
– EPS increased 38.5% $800 $70
$887.9
– Exceeded previous estimates
Sales (in millions)
$700
$60
$49.2
$600
• Increased fiscal 2006 EPS $818.9 $50
$500
estimate range to $2.70 - $2.75 $599.8 $40
$400
• Net cash rose to $193.1 million $30
$300
$20
$200
• Initiated fiscal 2007 EPS estimate $10
$100
range of $3.05 - $3.15 $0 $0
2004 2005 2006
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4. Acquisition of AK Specialty Vehicles
• $130 million manufacturer of
broadcast, homeland security and
medical truck bodies
• Provides important technology and
purchasing power in electronics/
broadcasting
• Growing global use of mobile MRI, CAT
and PET technologies
• Expected to be $0.05 accretive to
fiscal 2007
• To be reported in fire and emergency
segment
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5. Acquisition of Iowa Mold Tooling
• $115 million manufacturer of
service vehicles and niche
articulated cranes
• Supports Oshkosh’s service
expansion strategy
• Serves growing mining sector
• Expected to be $0.05 accretive in
fiscal 2007
• To be reported in commercial
segment
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6. Commercial
• Margin recovery continued
in Q3
• Orders remained strong
in North America
• Exceptional performance from
CON-E-CO batch plant business
– Should strengthen further in
2007
• Successfully implemented
second phase of ERP
installation in Q3
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7. Defense
• New and remanufactured
truck business drove solid
results in Q3
• LVSR contract awarded
to OSK
• Submitted bid for Australian
Defence Forces contract in
July 2006
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8. Fire and Emergency
• Sharply improved results
in Q3 as anticipated
– Pierce performed well
– Airport product sales
heavily weighted to
second half
• Two component issues in
Q2 resolved in Q3
• Strong fire apparatus
orders
• Looking forward to FRI fire
apparatus show in
September
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9. Consolidated Results
Dollars in millions
Third Quarter Comments
2005
2006 • Commercial drove
Net Sales $887.9 $818.9 sharply improved
results!
% Growth 8.4% 36.5%
Operating Income $ 82.6 $ 63.0 • Fire and emergency
also reported strong
% Margin 9.3% 7.7%
results
% Growth 31.2% 28.1%
• Defense realized
Earnings Per Share $ 0.72 $ 0.52
steady growth
% Growth 38.5% 20.9%
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10. Fire and Emergency
Dollars in millions
Third Quarter Comments
2005
2006 • Resolved component
issue sales delays
Net Sales $255.3 $222.7
• Improved airport
% Growth 14.7% 56.2%
product sales mix,
Operating Income $ 29.8 $ 23.1
as anticipated
% Margin 11.7% 10.4%
• Recent price increase
% Growth 28.7% 75.4% spurred orders
• Backlog up 6.5%
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11. Defense
Dollars in millions
Comments
Third Quarter
2005
2006 • Remanufactured and
new truck sales drove
Net Sales $291.4 $281.0
results
% Growth 3.7% 47.1%
• Parts and service sales
Operating Income $ 49.0 $ 46.0 down due to delayed
% Margin 16.8% 16.4% Supplemental bill
% Growth 6.7% 35.4% • MTVR margin
adjustment of $2.1
million in Q3 of 2005
• Backlog down 9.3%
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12. Commercial
Dollars in millions
Comments
Third Quarter
2005
2006 • Sales improved across
segment
Net Sales $350.6 $322.3
• Price increases
% Growth 8.8% 18.5%
benefiting earnings
Operating Income $ 25.4 $ 7.2
• European refuse
% Margin 7.2% 2.2% profitable in Q3; $5.1
million operating loss
% Growth 252.0% (46.0)%
in Q3 of 2005
• Backlog up 69.9%
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13. Fiscal 2006 Estimates
Sales of $3.40 - $3.45 Billion, Up 14.9% - 16.6%
• Fire and emergency sales expected to rise by
mid-teens percentage
• Defense sales expected to grow 25.0% to 27.0%
• Commercial sales expected to rise by high
single digits percentage
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14. Fiscal 2006 Estimates
Operating Income of $321.0 - $327.0 Million,
Up 20% to 22%
• Anticipate flat margins in fire and emergency
• Expect defense margins to decline about 200
basis points
– No MTVR margin adjustments expected in 2006
• Expect commercial margins to be 2.5X higher
– European refuse expected to be modestly profitable
– North American margins expected to be up
over 200 basis points
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15. Fiscal 2006 Estimates
Other Estimates
(Dollars in millions)
Fiscal
2006
Estimates
Interest expense and other $0.5 (expense)
Effective tax rate 37.8%
Minority interest $0.5 (expense)
Equity in earnings $2.5
Average shares outstanding 74,500,000
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16. Fiscal 2006 Estimates
• Annual EPS estimate range of $2.70 to $2.75,
up 24% to 26%
• Fourth quarter EPS estimate range of $0.60 to
$0.65 compared to $0.58 in fourth quarter of
fiscal 2005
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17. Fiscal 2006 Estimates
• Capital spending expected to
approximate $64 million
• Estimated balances at
September 30,2006
– Debt of $100.0 - $110.0 million
– Cash of $15.0 - $20.0 million
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18. Fiscal 2007 Estimates
Sales of $3.65 - $3.75 billion
• Fire and emergency sales, including AK Specialty,
expected to rise by mid-teens percentage
• Defense sales expected to grow by $100-$150 million
• Commercial sales, including Iowa Mold Tooling,
expected to decline slightly
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19. Fiscal 2007 Estimates
Operating Income of $373.0 - $385.0 Million
• Anticipate fire and emergency margins to be
up about 50 basis points
• Expect flat margins in defense
• Expect commercial margins to improve about
150 basis points
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20. Fiscal 2007 Estimates
Other Estimates
(Dollars in millions)
Fiscal
2007
Estimates
Interest expense and other $6.5 (expense)
Effective tax rate 37.0%
Minority interest $0.8 (expense)
Equity in earnings $1.8
Average shares outstanding 76,000,000
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21. Fiscal 2007 Estimates
• Annual EPS estimate range of
$3.05 - $3.15
• Capital spending expected to Global Technology Center
approximate $65 million
• Estimated balances at
September 30, 2007
– Debt of about $40 million
– Cash of $90 - $110 million
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