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Written by Rich Smith for The Motley Fool->
Oshkosh beat on sales but missed badly on earnings this morning.
Actual GAAP profits fell 60% year over year -- yet Oshkosh maintained full-year guidance.
Oshkosh Corporation (NYSE: OSK) stock crashed 10.6% through 3 p.m. ET Friday after reporting mixed Q1 earnings.
Analysts had forecast the truckmaker would earn $1.04 per share on just under $2.3 billion in quarterly sales. The good news is that Oshkosh actually posted sales of just over $2.3 billion. The bad news is it fell far short on earnings -- just $0.85 per share.
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Even the good news wasn't great. Oshkosh beat its sales target but still grew sales by only 0.2% year over year. And as for the bad news, it was even worse than it looks. Turns out, the company's "$0.85" per share profit was only a pro forma number. Actual earnings calculated under generally accepted accounting principles (GAAP) for the quarter were only $0.68 per share -- down 60% year over year.
Continuing the theme on the cash flow statement, Oshkosh burned through $189.1 million in negative free cash flow in Q1. That was less cash than it burned in Q1 2025 ($435.2 million), but still negative -- the opposite of what Oshkosh's reported earnings would suggest.
On guidance, Oshkosh did finally deliver some good news. Despite disappointing Wall Street mightily this morning, "demand across our segments remains solid and we have good visibility for the remainder of the year." Thus, Oshkosh reiterated its guidance for the rest of this year.
Management still expects to earn $10.90 per share -- GAAP -- in 2026. At a share price of $138, that works out to a modest 12.7 price-to-earnings ratio. Given the stock's 1.5% dividend yield and analysts' 12% long-term earnings growth forecast, Oshkosh stock might still be a buy.
Assuming, that is, the company actually can grow as fast as Wall Street says it should.
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Rich Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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