OSHKOSH, Wis. - Oshkosh Corporation (NYSE:OSK) reported third-quarter earnings that narrowly beat analyst estimates, but lowered its full-year guidance due to softening demand in its access equipment segment, sending shares down 2% in early trading.
The vehicle and equipment manufacturer posted adjusted earnings per share of $2.93, edging past the consensus estimate of $2.92. Revenue rose 9.2% YoY to $2.74 billion, surpassing analyst expectations of $2.67 billion.
Despite the top and bottom line beats, Oshkosh reduced its full-year 2024 outlook, now projecting adjusted EPS of approximately $11.35, down from its previous guidance of $11.75 and below the $11.42 analyst consensus. The company also trimmed its revenue forecast to $10.6 billion from $10.7 billion previously.
"Recently, we have been experiencing some softness in the access equipment market in North America," said John Pfeifer, president and CEO of Oshkosh. "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."
The company's Access segment, which includes aerial work platforms and telehandlers, saw operating income decline 9.6% YoY to $207.9 million despite a 3.4% increase in sales to $1.36 billion.
In contrast, the Vocational segment performed strongly, with sales up 17.6% to $814.2 million and operating income surging 89.7% to $99.6 million.
Oshkosh maintained its quarterly dividend of $0.46 per share.
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