JLG profits jump over 75%

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JLG has reported its nine month results with revenues up 12.5 percent, while operating income leapt 76 percent.

In the nine months to the end of June total revenues were $2.34 billion made up of Aerial lifts at $1.12 billion – up six percent on last year, telehandler sales up 29 percent to $831.6 million and others – including parts and service up four percent (excluding internal sales) to $391.6 million. Operating income for the period was $298.4 million 76 percent higher than last year. The backlog at the end of the period was $621.4 million down around 15 percent.

Looking at the third quarter, revenues for aerial lifts were $485.4 million 14 percent higher than in the same quarter last year, while telehandler sales rose 22 percent to $317.3 million and other revenues improved nine percent to $138.8 million. Total revenues were up 15.5 percent to $941.5 million. Operating income was $154.5 million, 75 percent higher than in the same quarter last year.

The increase was principally the result of higher replacement-driven demand in North America, the realisation of earlier price increases and higher after market parts & service sales, which more than offset lower sales volumes in Australia.

Owner Oshkosh reported revenues for the nine months down 2.5 percent to $5.94 billion, while pre-tax profits improved 72 percent to $394.1 million. As a result of the current upward trend the group is increasing its full year forecasts.

Oshkosh chief executive Charles Szews said: “The employees of Oshkosh diligently executed our MOVE strategy to deliver outstanding third quarter results, highlighted by earnings per share of $1.67, nearly double our fiscal 2012 third quarter earnings. Our access equipment segment, in particular, stood out with higher sales and operating income margins reaching more than 16 percent for the quarter. Our defence team also delivered solid results, despite continued headwinds from reduced U.S. defence spending.”

“As a result of the strong third quarter performance and our expectations for the remainder of the year, we are raising our adjusted earnings per share expectations for the full year to a range of $3.60 to $3.701. Our strong fiscal 2013 performance, driven by the progress we are making on our MOVE initiatives, gives us confidence as we strive to reach our fiscal 2015 earnings per share target range of $4.00 to $4.50, in spite of the expected decline in our defence business in fiscal 2014”.

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