JLG Q4 sales down -39.4 percent
By Lindsey Anderson29 October 2020
JLG’s Q4 sales were down -39.4 percent at $616.2 million versus last year’s $1.016 billion. Telehandler sales were slashed by more than half, with the company reporting $133.9 million sold in Q4 versus last year’s $307 million. Total aerial equipment sales were down -37.16 percent at $301 million versus 2019’s $479 million.
For the full year, JLG reported access equipment sales down -38.3 percent at $2.515 billion compared to $4.079 billion in 2019. Full-year AWP sales amounted for $1.10 billion (compared to 2019’s $1.944 billion) while telehandlers saw sales of $680.4 million (compared to last year’s $1.254 billion.)
JLG said Covid-19’s impact on global markets continues to play a factor with North American and European markets remaining soft. JLG said this is a result of rental customers limiting investments in new equipment. The bright spot, the company said, is China, where the country continues to recover and remains a strong opportunity.
“It’s clear that our rental company customers continued to limit their spending on new capital equipment, which impacted our sales again in the fourth quarter and causes uncertainty in our revenue outlook for our Access Equipment segment for fiscal 2021,” said Wilson R. Jones, Oshkosh Corporation chief executive officer. “However, Oshkosh is a different integrated global industrial, and our Defense and Fire & Emergency segments provide a solid foundation to offset this impact as we move into the new fiscal year.
“As demonstrated by our solid performance in the fiscal fourth quarter, Oshkosh team members continued to work hard and delivered strong results in the face of adversity and global uncertainty caused by the Covid-19 pandemic. We responded to changing markets across the globe by taking swift actions to control costs and deliver value to our customers across numerous essential businesses. As a result, our team delivered fiscal fourth quarter adjusted diluted earnings per share of $1.30 on revenues of $1.8 billion.”