(Adds sales details, share sell-off)
July 29 Shares of Oshkosh Corp tumbled
more than 11 percent on Tuesday after the specialty truckmaker
posted an unexpectedly lower quarterly profit and cut its
full-year earnings outlook.
The Wisconsin-based company posted a fiscal third-quarter
profit of $105.1 million, or $1.22 a share, down from
$148.4 million, or $1.67 a share, during the comparable quarter
last year. Analysts had expected a quarterly profit of $1.37 a
share, according to Reuters estimates.
Oshkosh also cut its full-year earnings per share target to
a range of $3.40 to $3.55, from a range of $3.40 to $3.65.
It cited a 46.5 percent drop in sales of tactical and other
military vehicles and a 8.3 percent decline in sales of fire
trucks, ambulances and other emergency vehicles for the lower
quarterly profit and change to its full-year earnings forecast.
The company said revenue during the quarter fell 12.3
percent to $1.93 billion.
Oshkosh shares fell $6.13 to $47.06 in mid-morning trading
on the New York Stock Exchange.
(Reporting by James B. Kelleher in Chicago; Editing by Paul