Oshkosh Truck Corp. shares fell as much as 27% after the truck maker said it would miss sales and earnings estimates for its fiscal second quarter and full year.
"We're seeing the effects of a substantial slowing of the U.S. economy in ready-mix producers' cautious approach to capital spending, including the purchase of new concrete mixer trucks,” said Robert G. Bohn, Oshkosh's chairman, president and CEO.
Oshkosh said that it expects to earn 65 cents to 70 cents a share for the second quarter ending March 31, below its earlier estimate of 77 cents. For the full fiscal year, the Wisconsin-based company expects to earn $2.80 to $3 a share, down from a previous estimate of $3.45.
For the rest of this year, Oshkosh said it expects demand for its emergency and defense trucks to remain strong through 2001.
