Oshkosh Cuts Annual Profit Outlook Below View On Weak North American Demand; Sets Dividend

Oshkosh Truck

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(RTTNews) - Oshkosh Corporation (OSK), a maker of specialty trucks, on Wednesday revised down its annual earnings guidance, below analysts' expectations. John Pfeifer, CEO of Oshkosh, said: "Recently, we have been experiencing some softness in the access equipment market in North America. 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."

For the full year, it now expects net income per share of approximately $10, lower than earlier expectation of $10.45 per share.

Excluding items, income per share now anticipated to be around $11.35, compared with prior guidance of $11.75 per share.

Sales is now projected to be $10.6 billion as against prior projection for $10.7 billion.

On average, analysts polled by Thomson Reuters forecast the firm to earn $11.4 per share, on revenue of $10.51 billion, for the year. Analysts' estimates typically exclude special items.

The Board has declared a quarterly cash dividend of $0.46 per share on November 29, to shareholders of record as of November 15.