Oshkosh (OSK) reported Q1 adjusted earnings Wednesday of $1.92 per diluted share, down from $2.89 a year earlier.

Analysts polled by FactSet expected $2.05.

Revenue for the quarter ended March 31 was $2.31 billion, down from $2.54 billion a year earlier.

Analysts surveyed by FactSet expected $2.41 billion.

For 2025, the specialty vehicles maker said it expects tariffs to reduce its $11.00 adjusted EPS guidance by $1.00 per share, though it also anticipates that cost reductions could offset the impact by up to $0.50 per share.

Analysts polled by FactSet expect non-GAAP EPS of $10.60.

The company also said it is keeping a quarterly cash dividend of $0.51 per share, payable May 30 to shareholders as of May 16.

Shares of the company were down more than 3.7% in recent premarket activity.