JLG sales down 77% in latest quarter

03 August 2009

JLG Industries' revenues for the third quarter of the year ending 30 June fell by 77% to US$211.2 million and the company made an operating loss of $71.2 million. The same quarter in 2008 saw revenues of $920 million and profits of $125 million.

JLG's results are similar to Terex's AWP division, which reported sales down 72.2% to $209.0 million for the same period, although Terex AWP's operating losses were much less at $32.8 million.

The worst performance in the quarter was in North America and Europe, African and Middle East (EAME) regions, which each declined by about 85%.

Robert Bohn, chairman and chief executive officer of JLG's parent company, Oshkosh Corp, said; "Our defense and fire and emergency segments delivered strong results for the quarter, while our access equipment and commercial segments continued to experience extraordinarily weak demand as construction activity in most areas of the world remains soft.

"Sales of aerial work platforms, telehandlers and concrete placement products were all down 75 percent or more, contributing to the loss from continuing operations for the quarter."

Mr Bohn said Oshkosh continued to "aggressively focus" on cost reductions, operational improvements and lean manufacturing; "We expect to emerge from this recession as a stronger, more nimble and more competitive company," he said.

Oshkosh Corp as a group reported third quarter sales down 37% to $1.2 billion and a loss from continuing operations of $22.0 million. The defence division saw revenues increase by 23.7% to $605.4 million and the Fire & Emergency segment saw a 6.5% increase in sales to $299.6 million.

Mr Bohn said; "For the fourth quarter of fiscal 2009, we expect solid performance from our defense and fire & emergency segments, while we expect that our access equipment and commercial segments will both continue to face tough market conditions."

Oshkosh has recently reported two orders from the US military totaling over $2 billion for its new MRAP-All Terrain Vehicle (M-ATV). These contracts were not included in the third quarter sales figures.

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