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July 30 (Reuters) - Specialty truckmaker Oshkosh Corp reported a weaker-than-expected quarterly profit, hurt by a strong dollar, and it cut its full-year profit forecast for the second time in a row.
Oshkosh shares were down 13 percent in premarket trading on Thursday.
The company said it was cutting its full-year adjusted profit forecast to reflect lower sales in its access equipment business, which accounts for about 58 percent of its total revenue.
Oshkosh’s access equipment business makes telehandlers, vertical mast lifts, stock pickers, scissor lifts and towing equipment.
“Our access equipment segment sales fell short of our expectations for the third quarter, normally our seasonally best quarter, due to heavy rains in May, disrupting construction projects across the Southern U.S.,” Chief Executive Charles Szews said in a statement.
The company expects adjusted profit of $3.00 to $3.25 per share for the full year. It had earlier forecast $3.75 to $4.00 per share.
Net income available to shareholders fell to $89.7 million, or $1.13 per share, in the third quarter ended June 30, from $104.7 million, or $1.22 per share, a year earlier.
Total revenue fell 16.6 percent to $1.61 billion, as the strong dollar weighs on companies that have substantial international operations.
Analysts on average expected Oshkosh to report a profit of $1.24 per share, on revenue of $1.73 billion, according to Thomson Reuters I/B/E/S.
Up to Wednesday’s close, the company’s stock had fallen 19.73 percent this year, against S&P 500 Index’s 2.4 percent rise. (Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Maju Samuel and Anil D‘Silva)