01.02.2012

JLG jumps 73.8 percent

JLG has reported a very strong first quarter with sales up almost 74 percent on last year. – over 91 percent if you include intercompany military contracts.

Oshkosh owned JLG has a fiscal year that starts on October 1st , so the period covered is the three months to the end of December. Total revenues were $505.1 million – 73.8 percent higher than in the first quarter 2010.

Operating profits for the quarter were $13.1 million compared to a loss year of $16.7 million. JLG’s orderbook as of the end of December was $785.3 million, more than double last year’s $379.9 million.

The company is now breaking its sales down by product type to show aerial lifts and telehandlers separately. Sales of aerial lifts were up over 110 percent to $252.9 million – compared to $119.9 million in the same quarter of 2010.

Telehandler sales were $148.4 million, an increase of 74 percent from last year’s $85.3 million. Revenues for other items – which possibly covers parts, service and refurbishment, were up just over 21 percent to $103.8 million.

In addition the company shipped $122.6 million worth of M-ATV units for the Oshkosh defence business.

JLG says that it saw double-digit sales increases in all regions of the world and across all product lines, driven by replacement of aged equipment in
North America and parts of Europe as well as economic growth and increased product adoption in emerging markets.

Vertikal Comment

This is another fantastic result, in what has been a highly positive start to the reporting season. It indicates a strong upward trend into 2012, for both JLG and the access/telehandler industry as a whole.

The strong upward trend also vindicates the Oshkosh management’s determination to defeat Carl Icahn’s recent attempt to force a sell-off of the JLG business.