By Dhirendra Tripathi

Investing.com – Oshkosh stock (NYSE:) fell 1.6% in Friday’s trading as the company said its revenue in the fourth quarter ended September 30 is likely to be around $2.05 billion as per preliminary estimates, lower than the forecast of $2.10 billion it had handed out in July.

For its revisions in guidance, the company blamed increasing freight and raw material costs and stated that they remain challenging and will likely continue into 2022.

Expected adjusted profit per share to range from 90 to 95 cents. On October 28, the company will release final numbers.

It had reported $1.78 Billion in consolidated sales for the fourth quarter last year. It stated that its fourth quarter sales would increase by 18% in July. The fourth quarter would have seen sales of $2.10 million.

According to the company, the disruptions in its supply chain and logistics were greater than it had anticipated. The unavailability and production of parts have hampered the ability to ship and produce units. This has contributed to increased labor costs.

John C. Pfeifer was President and Chief Executive officer. He stated that price hikes had been taken in the non-defense segment over the last six to nine month to absorb rising freight and raw material prices.

“However, due to our backlogs, we do not believe this price catch-up will occur until the end of the second quarter of calendar 2022. If cost escalation persists, we will take additional pricing actions,” he said in a note.

Pfeifer acknowledged that there have been cost pressures but added that the company still expects strong customer demand in its commercial, emergency, and access equipment segments.

Oshkosh is now moving to a January to December financial year to “better align the timing of its business planning and reporting activities with those of its customers.”