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Oshkosh Corporation (OSK) - free report >>
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Oshkosh Corporation (OSK) - free report >>
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Oshkosh (OSK) & Carnegie Foundry Tie-Up for Innovation
Oshkosh Corporation (OSK - Free Report) has inked an alliance with the robotics and artificial intelligence studio, Carnegie Foundry. Oshkosh will be investing in Carnegie Foundry to expedite innovation in autonomy and robotics. Per the partnership, a member of Oshkosh will join the Carnegie Foundry’s board of directors.
Pittsburgh-based Carnegie Foundry already shares a relationship with the National Robotics Engineering Center at Carnegie Mellon University. The newly formed partnership is expected to leverage this association and will supplement Oshkosh’s current work in autonomous vehicles and equipment and support the essential service providers, which include frontline workers like soldiers, firefighters, as well as people engaged in environmental service, construction, and waste management.
Oshkosh noted that the Carnegie Foundry team comprises industry stalwarts with longstanding expertise in autonomy. An investment in it would bring Oshkosh’s customers at the fore of the rapidly evolving robotics and autonomy space.
Carnegie Foundry is equally enthusiastic as it believes that the partnership has the right blend of aligned mindsets and large-scale industrial specialization. It hopes to bring robotics and AI innovations to the market to cater to the present trend.
Shares of Oshkosh have risen 49.1% over a year against the industry’s 21.4% decline.
Image Source: Zacks Investment Research
In its last-quarter earnings call, the company has downwardly revised fiscal 2021 projections due to the ongoing supply chain challenges. It now expects fiscal 2021 adjusted EPS in the band of $6.35-$6.50 compared with the prior view of $6.35-$6.85. Adjusted operating income is envisioned between $610 million and $630 million, down from the previously guided range of $610-$655 million.
Oshkosh — which shares space with other top auto players like BRP Inc. (DOOO - Free Report) , AB Volvo (VLVLY - Free Report) , and Meritor, Inc. — currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.