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OSK Q1 Earnings Miss Estimates on Lower Access Results
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Key Takeaways
OSK Q1 adjusted EPS fell 55.7% to 85 cents per share and missed estimates amid margin pressure.
Oshkosh Access profit dropped on unfavorable sales mix, pricing pressure, and higher overhead costs.
OSK maintained 2026 guidance and ended Q1 with a $14.54 billion backlog across segments.
Oshkosh Corporation (OSK - Free Report) posted first-quarter 2026 adjusted earnings of 85 cents per share, down 55.7% year over year. The figure missed the Zacks Consensus Estimate of $1.04 by 18.53%. Revenues edged up 0.2% year over year to $2,318 million but missed the Zacks Consensus Estimate of $2,324 million by 0.27%.
Results were impacted by weaker profitability in the Access and Vocational segments, caused by an unfavorable sales mix, higher manufacturing overhead costs, and price-cost pressures. The company ended the quarter with a total backlog of $14.54 billion, highlighting strong demand visibility across its business.
Oshkosh Corporation Price, Consensus and EPS Surprise
OSK's Profitability Faces Pressure From Mix and Overhead
While sales were essentially flat, OSK’s profitability weakened significantly from last year. Consolidated operating income dropped 53.2% year over year to $82 million, while operating margin narrowed to 3.5% from 7.6% a year ago. Adjusted operating income in the first quarter of 2026 fell 49.8% to $96.3 million, with adjusted operating margin declining to 4.2% from 8.3% in the prior-year quarter.
The decline was mainly due to an unfavorable sales mix, higher manufacturing overhead costs, and lower sales volume. Better pricing and favorable currency impact helped offset some of the pressure on revenues. The quarter also included contract-related adjustments that affected sales figures.
Oshkosh Access Sees Softer Mix and Price-Cost Pressure
Oshkosh’s Access segment reported first-quarter 2026 sales of $943.4 million, down 1.4% year over year, as lower sales volume outweighed the benefit from favorable currency movement. Profitability also declined sharply, with adjusted operating income falling to $38.8 million (down 64% year over year) and adjusted operating margin dropping to 4.1% from 11.3% a year ago.
The segment was hurt by an unfavorable sales mix and pricing pressures that weighed on profitability. Despite the near-term weakness, Access backlog rose 1.9% year over year to $1.84 billion at the end of the quarter, providing solid revenue visibility going forward.
OSK Vocational Slips as Deliveries Trail Expectations
OSK’s Vocational segment reported first-quarter 2026 sales of $825 million, down 4.8% from the year-ago period, as weaker sales volume outweighed the gains from improved pricing. Adjusted operating income fell 26.9% year over year to $94.1 million, while adjusted operating margin declined to 11.4% from 14.9% a year earlier.
Fire truck production improved year over year, but deliveries were lower than expected due to weather and travel disruptions. Vocational backlog increased 4.5% year over year to $6.63 billion, indicating customer demand remained strong despite some delivery delays during the quarter.
Oshkosh Transport Gains on NGDV Ramp and CCA
In the Transport segment, Oshkosh reported first-quarter 2026 sales of $512.8 million, up 10.8% year over year. Growth was mainly driven by higher sales volume and contract-related adjustments, supported by the continued ramp-up in production of the Next Generation Delivery Vehicle for the U.S. Postal Service.
Segment operating income improved to $4.2 million from $0.6 million reported a year ago, while adjusted operating margin increased to 0.8% from 0.1%. The improvement was mainly driven by higher sales volume and lower negative contract-related adjustments, although higher manufacturing costs and an unfavorable sales mix partly offset the gains. Transport backlog totaled $5.96 billion at quarter-end, down 6.9% year over year.
OSK Maintains 2026 Outlook and Returns Capital
OSK has maintained its 2026 outlook and continues to expect revenues of around $11 billion, adjusted operating income of approximately $1.06 billion, and adjusted earnings per share of about $11.50. The company has also reaffirmed its free cash flow forecast of $550-$650 million and expects first-half adjusted earnings to account for roughly 30% of full-year results.
Oshkosh had cash and cash equivalents of $250.3 million as of March 31, 2026, compared with $479.8 million as of Dec. 31, 2025. The company recorded a long-term debt of $600.6 million as of March 31, 2026, compared with $1.1 billion as of Dec. 31, 2025.
Capital returns remained active. Oshkosh repurchased 303,592 shares for $47.3 million during the first quarter of 2026 and declared a quarterly cash dividend of 57 cents per share, payable on June 9, 2026, to shareholders of record as of May 26, 2026.
Operating cash flow was negative $161 million as of March 31, 2026, compared with negative $394.9 million recorded as of March 31, 2025. Free cash flow was negative $189.1 million as of March 31, 2026, compared with negative $435.2 million recorded as of March 31, 2025. This was mainly due to normal seasonal working-capital needs and investment spending early in the year.
Autoliv, Inc. (ALV - Free Report) reported first-quarter 2026 results on April 17. It posted adjusted earnings of $2.05 per share, which declined 4.7% year over year but surpassed the Zacks Consensus Estimate of $1.77 by 15.8%. Net sales were $2.75 billion, up 6.8% from the year-ago quarter’s level. The figure beat the Zacks Consensus Estimate of $2.63 billion by 4.52%.
Autoliv ended the quarter with cash and cash equivalents of $342 million compared with $322 million a year earlier. Long-term debt was $1.7 billion compared with $1.56 billion in the year- ago period. Shareholder returns continued through dividends. Autoliv paid a cash dividend of 87 cents per share in the quarter, with total dividend payments of $65 million.
Genuine Parts Company (GPC - Free Report) reported its first-quarter 2026 results on April 21. It posted adjusted earnings of $1.77 per share, which missed the Zacks Consensus Estimate of $1.81 by 1.94%. The bottom line improved 1.1% from the year-ago quarter’s adjusted earnings of $1.75 per share.
The company posted revenues of $6.27 billion, which beat the Zacks Consensus Estimate of $6.17 billion by 1.5% and increased 6.8% year over year. The performance was driven by solid sales growth across business segments and a 20-basis-point improvement in gross margin to 37.3%.
GPC’s total liquidity was $1.3 billion as of March 31, 2026, including $500 million in cash and $838 million of revolver capacity. During the quarter, GPC invested $98 million in capex and $14 million in acquisitions while returning $142 million to shareholders via dividends. For 2026, the company targets $450-$500 million in capex and $300-$350 million in M&A, with approximately 7.5 million shares remaining under its repurchase authorization.
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OSK Q1 Earnings Miss Estimates on Lower Access Results
Key Takeaways
Oshkosh Corporation (OSK - Free Report) posted first-quarter 2026 adjusted earnings of 85 cents per share, down 55.7% year over year. The figure missed the Zacks Consensus Estimate of $1.04 by 18.53%. Revenues edged up 0.2% year over year to $2,318 million but missed the Zacks Consensus Estimate of $2,324 million by 0.27%.
Results were impacted by weaker profitability in the Access and Vocational segments, caused by an unfavorable sales mix, higher manufacturing overhead costs, and price-cost pressures. The company ended the quarter with a total backlog of $14.54 billion, highlighting strong demand visibility across its business.
Oshkosh Corporation Price, Consensus and EPS Surprise
Oshkosh Corporation price-consensus-eps-surprise-chart | Oshkosh Corporation Quote
OSK's Profitability Faces Pressure From Mix and Overhead
While sales were essentially flat, OSK’s profitability weakened significantly from last year. Consolidated operating income dropped 53.2% year over year to $82 million, while operating margin narrowed to 3.5% from 7.6% a year ago. Adjusted operating income in the first quarter of 2026 fell 49.8% to $96.3 million, with adjusted operating margin declining to 4.2% from 8.3% in the prior-year quarter.
The decline was mainly due to an unfavorable sales mix, higher manufacturing overhead costs, and lower sales volume. Better pricing and favorable currency impact helped offset some of the pressure on revenues. The quarter also included contract-related adjustments that affected sales figures.
Oshkosh Access Sees Softer Mix and Price-Cost Pressure
Oshkosh’s Access segment reported first-quarter 2026 sales of $943.4 million, down 1.4% year over year, as lower sales volume outweighed the benefit from favorable currency movement. Profitability also declined sharply, with adjusted operating income falling to $38.8 million (down 64% year over year) and adjusted operating margin dropping to 4.1% from 11.3% a year ago.
The segment was hurt by an unfavorable sales mix and pricing pressures that weighed on profitability. Despite the near-term weakness, Access backlog rose 1.9% year over year to $1.84 billion at the end of the quarter, providing solid revenue visibility going forward.
OSK Vocational Slips as Deliveries Trail Expectations
OSK’s Vocational segment reported first-quarter 2026 sales of $825 million, down 4.8% from the year-ago period, as weaker sales volume outweighed the gains from improved pricing. Adjusted operating income fell 26.9% year over year to $94.1 million, while adjusted operating margin declined to 11.4% from 14.9% a year earlier.
Fire truck production improved year over year, but deliveries were lower than expected due to weather and travel disruptions. Vocational backlog increased 4.5% year over year to $6.63 billion, indicating customer demand remained strong despite some delivery delays during the quarter.
Oshkosh Transport Gains on NGDV Ramp and CCA
In the Transport segment, Oshkosh reported first-quarter 2026 sales of $512.8 million, up 10.8% year over year. Growth was mainly driven by higher sales volume and contract-related adjustments, supported by the continued ramp-up in production of the Next Generation Delivery Vehicle for the U.S. Postal Service.
Segment operating income improved to $4.2 million from $0.6 million reported a year ago, while adjusted operating margin increased to 0.8% from 0.1%. The improvement was mainly driven by higher sales volume and lower negative contract-related adjustments, although higher manufacturing costs and an unfavorable sales mix partly offset the gains. Transport backlog totaled $5.96 billion at quarter-end, down 6.9% year over year.
OSK Maintains 2026 Outlook and Returns Capital
OSK has maintained its 2026 outlook and continues to expect revenues of around $11 billion, adjusted operating income of approximately $1.06 billion, and adjusted earnings per share of about $11.50. The company has also reaffirmed its free cash flow forecast of $550-$650 million and expects first-half adjusted earnings to account for roughly 30% of full-year results.
Oshkosh had cash and cash equivalents of $250.3 million as of March 31, 2026, compared with $479.8 million as of Dec. 31, 2025. The company recorded a long-term debt of $600.6 million as of March 31, 2026, compared with $1.1 billion as of Dec. 31, 2025.
Capital returns remained active. Oshkosh repurchased 303,592 shares for $47.3 million during the first quarter of 2026 and declared a quarterly cash dividend of 57 cents per share, payable on June 9, 2026, to shareholders of record as of May 26, 2026.
Operating cash flow was negative $161 million as of March 31, 2026, compared with negative $394.9 million recorded as of March 31, 2025. Free cash flow was negative $189.1 million as of March 31, 2026, compared with negative $435.2 million recorded as of March 31, 2025. This was mainly due to normal seasonal working-capital needs and investment spending early in the year.
OSK currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Key Releases From Auto Space
Autoliv, Inc. (ALV - Free Report) reported first-quarter 2026 results on April 17. It posted adjusted earnings of $2.05 per share, which declined 4.7% year over year but surpassed the Zacks Consensus Estimate of $1.77 by 15.8%. Net sales were $2.75 billion, up 6.8% from the year-ago quarter’s level. The figure beat the Zacks Consensus Estimate of $2.63 billion by 4.52%.
Autoliv ended the quarter with cash and cash equivalents of $342 million compared with $322 million a year earlier. Long-term debt was $1.7 billion compared with $1.56 billion in the year- ago period. Shareholder returns continued through dividends. Autoliv paid a cash dividend of 87 cents per share in the quarter, with total dividend payments of $65 million.
Genuine Parts Company (GPC - Free Report) reported its first-quarter 2026 results on April 21. It posted adjusted earnings of $1.77 per share, which missed the Zacks Consensus Estimate of $1.81 by 1.94%. The bottom line improved 1.1% from the year-ago quarter’s adjusted earnings of $1.75 per share.
The company posted revenues of $6.27 billion, which beat the Zacks Consensus Estimate of $6.17 billion by 1.5% and increased 6.8% year over year. The performance was driven by solid sales growth across business segments and a 20-basis-point improvement in gross margin to 37.3%.
GPC’s total liquidity was $1.3 billion as of March 31, 2026, including $500 million in cash and $838 million of revolver capacity. During the quarter, GPC invested $98 million in capex and $14 million in acquisitions while returning $142 million to shareholders via dividends. For 2026, the company targets $450-$500 million in capex and $300-$350 million in M&A, with approximately 7.5 million shares remaining under its repurchase authorization.