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Oshkosh’s NGDV Ramp Could Reshape Its Second-Half Earnings Story!

Oshkosh Corporation reported first quarter 2026 consolidated sales of approximately $2.3 billion, consistent with the prior year, while adjusted earnings per share stood at $0.85, modestly below previous guidance that anticipated EPS to be about half of the prior year’s figure. The company noted that sales volumes in the vocational segment were impacted by fewer fire truck shipments than expected, attributed primarily to weather and travel disruptions delaying customer pickups, despite year-over-year production growth. Nonetheless, Oshkosh maintained its full-year consolidated guidance with an expectation of improved performance in the second half. Segment performance varied: the Access segment saw orders exceeding $1.5 billion and a book-to-bill ratio of 1.6, bolstered by mega projects such as data center construction and introduction of new, productivity-enhancing equipment showcased at trade events. However, demand remains uneven across broader nonresidential markets amid macroeconomic headwinds. Adjusted operating margin in Access was about 4.