Oshkosh Corporation (OSK), a leading manufacturer of specialty vehicles and equipment, saw its stock plunge over 5% in pre-market trading on October 30, 2024, despite reporting better-than-expected third-quarter results. The sell-off was likely driven by the company's lowered full-year earnings guidance for 2024.

For the third quarter ended September 30, 2024, Oshkosh reported adjusted earnings per share of $2.93, beating the consensus estimate of $2.92. Revenue of $2.741 billion also surpassed expectations of $2.672 billion, driven by improved organic sales volume across all three segments and favorable pricing.

However, the company's revised outlook for fiscal 2024 appeared to disappoint investors. Oshkosh now expects full-year earnings per share of approximately $10.00, down from its previous estimate of $10.45. The revised guidance reflects a softening of the access equipment market in North America, which led the company to temper its revenue expectations to $10.6 billion for 2024, compared to the prior estimate of $10.7 billion.