Shares of Oshkosh Corporation (OSK) plummeted 5.08% in pre-market trading on Wednesday following the release of its disappointing first-quarter 2025 earnings report and lowered full-year guidance due to tariff concerns.

The specialty vehicles manufacturer reported Q1 adjusted earnings per share of $1.92, falling short of analysts' expectations of $2.05. Revenue for the quarter came in at $2.31 billion, missing the estimated $2.41 billion and representing a 9.1% year-over-year decline. The company's performance was hindered by weaker demand and ongoing economic challenges.

Adding to investors' concerns, Oshkosh lowered its 2025 earnings outlook, citing the impact of tariffs. The company estimates that tariffs could reduce its previously announced $11.00 adjusted EPS guidance by $1.00 per share. While Oshkosh anticipates that company-wide cost reduction actions will partially offset this impact by up to $0.50 per share, the news has clearly rattled investors. The revised outlook, combined with the Q1 earnings miss, has led to a significant sell-off in Oshkosh's stock.