Shares of Oshkosh Corporation (OSK) plummeted 5.08% in pre-market trading on Wednesday following the release of its disappointing first-quarter results and lowered 2025 outlook. The specialty vehicles manufacturer reported earnings that fell short of Wall Street expectations and warned of significant tariff impacts on its full-year performance.

Oshkosh reported first-quarter adjusted earnings per share of $1.92, missing the average analyst estimate of $2.02. Revenue for the quarter came in at $2.31 billion, falling short of the expected $2.41 billion. The company's net income for the quarter stood at $112.2 million, with an operating income of $175.4 million.

Adding to investor concerns, Oshkosh revised its 2025 earnings guidance downward, 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. However, Oshkosh anticipates that company-wide cost reduction actions will partially offset this impact by up to $0.50 per share. John Pfeifer, president and CEO of Oshkosh Corporation, stated, "We are pleased with our start to 2025, led by strong performance in our Vocational segment, double-digit margins in our Access segment and solid progress on the ramp-up of Next Generation Delivery Vehicle production."