Oshkosh hurt by defense cuts

Investor's Business Daily

The maker of specialty trucks and other vehicles for military, fire, industrial and other uses said Q4 EPS fell to 49 cents from 65 cents a year ago, matching views. Oshkosh's (OSK) revenue dipped to $1.73 bil from $2.06 bil, just under estimates for $1.75 bil. The company cited weak defense business due to gov't spending cuts. The automatic budget cuts, known as sequestration, have reduced spending by the Defense Dept. Boeing (BA) earlier reported a 5% fall in sales of military aircraft in Q3. Oshkosh shares dropped 9.8% to 47.59.

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