Oshkosh Corp. shares tumbled to the lowest in more than two years after the maker of military trucks and fire engines lowered its earnings estimates for the fiscal year.
Sales fell short of expectations in the third quarter due to heavy rains in May that disrupted construction projects and the impact of lower oil and gas prices on rental demand for access equipment, said Chief Executive Officer Charles Szews in a statement Thursday.
Revenue from access equipment, which is used in hard-to-reach areas, declined 10 percent in the quarter.
Oshkosh cut its fiscal 2015 earnings estimate to a range of $3 to $3.25 a share, from a previous forecast of $3.75 to $4. That’s below analysts’ average estimates for $3.77.
The company reported third-quarter revenue of $1.61 billion, below analysts’ estimates for $1.73 billion.
Shares of Oshkosh dropped 7.7 percent to $36.05, the lowest since June 2013, at 4 p.m. in New York. Oshkosh shares have slid 34 percent from a May peak of $54.90.