First quarter rises for JLG amid Oshkosh defence dip
By Euan Youdale25 January 2013
JLG, the access equipment segment of Oshkosh Corporation, saw sales increase 15.1% to $581.2 million for the first quarter of its 2013 financial year, compared to the same period last year.
The increase was the result of higher telehandler volumes in North America, the realisation of previously announced price increases and improved aftermarket sales, said the company.
Including intersegment sales, JLG sales decreased 7.4% for the first quarter of fiscal 2013, compared to the same quarter last year when the segment produced $122.6 million of components for MRAP all terrain vehicles (M-ATVs) for the company’s defense segment.
JLG's operating income more than tripled during the quarter, said the company to $48.9 million, or 8.4% of sales, compared to thecorresponding quarter last year. Operating income for the quarter was of $13.1 million, or 2.1% of sales.
"The increase in operating income was primarily the result of higher sales volume to external customers and the realisation of previously announced price increases," said a company spokesman.
Across the group consolidated net sales in the first quarter stood at $1.76 billion, a decrease of 6.1%, compared to the same period last year, following the previously mentioned decline in defence segment sales.
“Each of our non-defence segments improved its operating income margins compared to the prior year quarter, favourably positioning our company to deliver on our long-range goals,” said Charlie Szews, chief executive officer of Oshkosh Corporation.
“Our strong first quarter performance and other positive developments, give us confidence to raise our full-year outlook for adjusted diluted earnings per share to a range of $2.80 to $3.05,” Szews added.