Oshkosh's Stock Drops After Downbeat Profit Outlook

Shares of Oshkosh Corp. slumped 3.3% in premarket trade Friday, after the specialty vehicles maker raised its 2016 financial estimates but provided a downbeat outlook for 2017. The company now expects adjusted earnings per share this year in the range of $2.85 to $3.00, compared with a previous range of $2.60 to $2.80, while the revenue outlook was raised to $6.1 billion to $6.2 billion from $6.0 billion to $6.1 billion. For 2017, the company expects EPS of $3.00 to $3.40 and revenue of $6.5 billion to $6.7 billion. The FactSet consensus for EPS is $3.54 and for revenue is $6.66 billion. The outlook for next year includes expectations of lower earnings and sales from the access equipment business. The stock had soared 46% year to date through Thursday, while the S&P 500 had gained 6.5%.