Oshkosh Corporation's stock plummeted 9.84% in pre-market trading following the release of its first-quarter financial results, which fell short of analyst expectations.

The machinery manufacturer reported adjusted earnings per share of $0.85 for the quarter, a significant decline from $1.92 per share a year earlier and below the consensus estimate of approximately $1.04. The company attributed the profit decline to weaker demand in its largest business units. Sales in the access segment, which includes brands like JLG, fell 1.4%, while the vocational segment saw a 4.1% decline in sales.

Despite the quarterly miss, Oshkosh maintained its full-year 2026 guidance for adjusted earnings of about $11.50 per share and net sales of approximately $11 billion. The sharp pre-market reaction reflects investor concern over the pronounced earnings weakness in key segments during the first quarter.