Oshkosh Corporation reported a slight increase in consolidated net sales for the first quarter of 2026, reaching $2.32 billion, compared to $2.31 billion in the same period of 2025. However, the company experienced a significant decline in profitability, with operating income dropping to $82 million, or 3.5% of sales, from $175 million, or 7.6% of sales, in the prior year. This decline in operating income was attributed to an unfavorable sales mix, higher manufacturing overhead costs, and lower sales volume, particularly in the Vocational segment, which saw reduced shipments of municipal fire apparatus due to production challenges and weather-related disruptions.

The company's gross income also fell to $311.9 million, down 22% from $399.9 million in the previous year, reflecting a decrease in gross margin primarily due to higher material costs and an unfavorable sales mix. Selling, general, and administrative expenses increased slightly to $215.6 million from $211 million, driven by higher employee compensation. Earnings per share for the quarter were reported at $0.68, a decrease from $1.72 in the first quarter of 2025.

In terms of operational developments, Oshkosh's backlog as of March 31, 2026, was $14.54 billion, a slight decrease from $14.62 billion a year earlier. The Access segment's backlog increased by 1.9% to $1.84 billion, while the Vocational segment's backlog rose by 4.5% to $6.63 billion, reflecting higher pricing on future deliveries. However, the Transport segment's backlog decreased by 6.9% to $5.96 billion, primarily due to production challenges related to the Next Generation Delivery Vehicle (NGDV) contract.

Strategically, Oshkosh has continued to repurchase shares, buying back 303,592 shares for approximately $47 million during the first quarter. The company also refinanced its revolving credit facility, securing a new five-year agreement with a capacity of $1.6 billion. Looking ahead, Oshkosh expects its earnings per share for 2026 to be in the range of $10.90, with an adjusted estimate of $11.50 excluding amortization of intangible assets. The company anticipates a stronger second half of the year, driven by improved pricing dynamics in the Access segment and increased production of fire apparatus and NGDV vehicles.

About OSHKOSH CORP

Oshkosh Corporation is a global industrial technology company specializing in purpose-built vehicles and equipment for markets including defense, fire and emergency, construction, aviation, and waste management. Its core brands include JLG, Pierce, McNeilus, AeroTech, and Oshkosh Defense. The company focuses on innovation, quality, and customer service, leveraging advanced technologies like electrification and autonomy to serve government and commercial customers worldwide.

This description was generated via AI from an annual report. Updated 8 months ago.

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