Oshkosh’s access equipment segment, otherwise known as JLG, saw net sales increase 7.5% to $833.8 million in the fourth quarter of its 2017 financial year. The increase in sales was the result of improved demand for both aerial work platforms and telehandlers, said the company.
Access equipment segment operating income increased 38.1% to $62.4 million, or 7.5% of sales, in the fourth quarter, compared to $45.2 million, or 5.8% of sales, in the fourth quarter of 2016.
Excluding charges related to asset impairment and restructuring, adjusted operating income was $77.9 million, or 9.3% of sales in the fourth quarter, compared to $73.0 million, or 9.4% of sales, in the same period last year. The increase in operating income was primarily due to higher sales volume and favourable mix, offset in part by higher material costs and higher incentive compensation.
“I am pleased to report another quarter of strong performance, with results that exceeded our expectations,” said Wilson Jones, president and chief executive officer of Oshkosh Corporation. “We grew revenues in all four of our segments, leading to higher adjusted consolidated operating income and adjusted operating income margin.
“Our strong fourth quarter capped off a successful year for Oshkosh Corporation. In addition to celebrating our 100th year in business, we delivered earnings per share of $3.77 and adjusted earnings per share of $4.25, an increase of 35%. I’m proud of the dedication and hard work of our team members around the world who delivered these strong results.
As a result of its strong performance in fiscal 2017 Oshkosh said it is expectation for 2018 is earnings per share between $4.20 and $4.60, or $4.25 and $4.65 on an adjusted earnings basis.
“We look forward to delivering strong performance in fiscal 2018 and believe we are well-positioned to grow sales, adjusted operating income and adjusted earnings per share, all while continuing to invest in our business and in our people,” said Jones.