Oshkosh’s fourth-quarter results showed sales growth of approximately 23%, bringing the company’s top line to $2.2 billion. The access equipment, fire and emergency, and commercial segments led the way, growing 29%, 37%, and 34%, respectively. Recall that the year-ago period was significantly affected by supply headwinds, making it an easier comparison period. That said, supply chain constraints persist for Oshkosh, evidenced by management’s comments around production inefficiencies and price/cost headwinds. Zooming out for a second, the industrial names we cover have started to share that supply chains are starting to improve, providing some comfort for future profit margins. We think the same dynamic will play out in Oshkosh’s case over time, but the near term will remain challenged, in our view.