Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Oshkosh (NYSE:OSK) dropped 10% today after reporting fiscal fourth-quarter earnings.

So what: Revenue fell 15.8% from a year ago to $1.73 billion, and net income fell 54% to $36.3 million, or $0.49 per share. The revenue figure was in line with estimates, but earnings fell $0.02 short.  

Now what: Department of Defense spending is expected to hurt sales again next year, driving revenue to $6.6 billion to $6.9 billion, from $7.7 billion in 2013 according to guidance. Earnings for next year are expected to be $3.10-$3.40, down from $3.74 this year. Considering that its financial results are falling, and shares already trade at 14 times next year's earnings, Oshkosk doesn't quite look like a buying opportunity.

Fool contributor Travis Hoium has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.