Overview

• US purpose-built vehicle maker's Q1 sales were flat, meeting analyst expectations

• Adjusted EPS for Q1 missed analyst expectations, reflecting lower Access and Vocational segment results

• Company repurchased 303,592 shares for $47.3 mln during the quarter

Outlook

• Oshkosh maintains 2026 adjusted EPS guidance at $11.50

• Company expects 2026 net sales of about $11.0 bln

• Oshkosh says demand across segments remains solid with good visibility for the year

Result Drivers

• ACCESS SEGMENT PRESSURES - Lower results in Access segment driven by adverse sales mix, unfavorable price/cost dynamics, and lower sales volume

• VOCATIONAL SEGMENT WEAKNESS - Vocational segment results hurt by lower sales volume, higher manufacturing overhead costs and adverse sales mix, partially offset by improved pricing

• TRANSPORT SEGMENT GROWTH - Higher sales volume from ramp-up of Next Generation Delivery Vehicle production supported Transport segment sales, offset by lower tactical wheeled vehicle and aftermarket sales

Company press release: ID:nBw71x4TJa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Sales	Meet	$2.32 bln	$2.32 bln (11 Analysts)
Q1 Adjusted EPS	Miss	$0.85	$1.16 (13 Analysts)
Q1 Net Income		$43.10 mln
Q1 Operating Income		$82 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", 7 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the heavy machinery & vehicles peer group is "buy"

• Wall Street's median 12-month price target for Oshkosh Corp is $172.50, about 12.7% above its May 7 closing price of $153.06

• The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 12 three months ago

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