As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q3. Today, we are looking at heavy transportation equipment stocks, starting with Oshkosh (NYSE: OSK).

Heavy transportation equipment companies are investing in automated vehicles that increase efficiencies and connected machinery that collects actionable data. Some are also developing electric vehicles and mobility solutions to address customers’ concerns about carbon emissions, creating new sales opportunities. Additionally, they are increasingly offering automated equipment that increases efficiencies and connected machinery that collects actionable data. On the other hand, heavy transportation equipment companies are at the whim of economic cycles. Interest rates, for example, can greatly impact the construction and transport volumes that drive demand for these companies’ offerings.

The 13 heavy transportation equipment stocks we track reported a mixed Q3. As a group, revenues missed analysts’ consensus estimates by 1%.

Thankfully, share prices of the companies have been resilient as they are up 6.7% on average since the latest earnings results.

Oshkosh (NYSE: OSK)

Oshkosh (NYSE: OSK) manufactures specialty vehicles for the defense, fire, emergency, and commercial industry, operating various brand subsidiaries within each industry.

Oshkosh reported revenues of $2.69 billion, down 1.9% year on year. This print fell short of analysts’ expectations by 5.8%. Overall, it was a slower quarter for the company with a significant miss of analysts’ revenue and adjusted operating income estimates.

“Oshkosh delivered solid third quarter results in a difficult environment, with adjusted earnings per share of $3.20 and an adjusted operating margin of 10.2 percent,” said John Pfeifer, president and chief executive officer of Oshkosh Corporation.

Unsurprisingly, the stock is down 3.4% since reporting and currently trades at $131.12.

Read our full report on Oshkosh here, it’s free for active Edge members.

Best Q3: REV Group (NYSE: REVG)

Offering the first full-electric North American fire truck, REV (NYSE: REVG) manufactures and sells specialty vehicles.

REV Group reported revenues of $664.4 million, up 11.1% year on year, outperforming analysts’ expectations by 4.5%. The business had a stunning quarter with an impressive beat of analysts’ EBITDA estimates.

The market seems happy with the results as the stock is up 11.7% since reporting. It currently trades at $62.14.

Is now the time to buy REV Group? Access our full analysis of the earnings results here, it’s free for active Edge members.

Weakest Q3: Wabash (NYSE: WNC)

With its first trailer reportedly built on two sawhorses, Wabash (NYSE: WNC) offers semi trailers, liquid transportation containers, truck bodies, and equipment for moving goods.

Wabash reported revenues of $381.6 million, down 17.8% year on year, in line with analysts’ expectations. It was a disappointing quarter as it posted full-year revenue guidance missing analysts’ expectations significantly and full-year EPS guidance missing analysts’ expectations significantly.

Wabash delivered the weakest full-year guidance update in the group. Interestingly, the stock is up 8.3% since the results and currently trades at $9.

Read our full analysis of Wabash’s results here.

Cummins (NYSE: CMI)

With more than half of the heavy-duty truck market using its engines at one point, Cummins (NYSE: CMI) offers engines and power systems.

Cummins reported revenues of $8.32 billion, down 1.6% year on year. This result surpassed analysts’ expectations by 5%. Overall, it was an exceptional quarter as it also recorded a solid beat of analysts’ EBITDA estimates and a solid beat of analysts’ revenue estimates.

The stock is up 18.3% since reporting and currently trades at $519.76.

Read our full, actionable report on Cummins here, it’s free for active Edge members.

Allison Transmission (NYSE: ALSN)

Helping build race cars at one point, Allison Transmission (NYSE: ALSN) offers transmissions to original equipment manufacturers and fleet operators.

Allison Transmission reported revenues of $693 million, down 15.9% year on year. This print missed analysts’ expectations by 8.5%. Overall, it was a disappointing quarter as it also produced a miss of analysts’ Service and Support revenue estimates and a miss of analysts’ International On-Highway revenue estimates.

The stock is up 23.5% since reporting and currently trades at $100.75.

Read our full, actionable report on Allison Transmission here, it’s free for active Edge members.

Market Update

As a result of the Fed’s rate hikes in 2022 and 2023, inflation has come down from frothy levels post-pandemic. The general rise in the price of goods and services is trending towards the Fed’s 2% goal as of late, which is good news. The higher rates that fought inflation also didn't slow economic activity enough to catalyze a recession. So far, soft landing. This, combined with recent rate cuts (half a percent in September 2024 and a quarter percent in November 2024) have led to strong stock market performance in 2024. The icing on the cake for 2024 returns was Donald Trump’s victory in the U.S. Presidential Election in early November, sending major indices to all-time highs in the week following the election. Still, debates around the health of the economy and the impact of potential tariffs and corporate tax cuts remain, leaving much uncertainty around 2025.

Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Quality Compounder Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.