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Sharp rise for JLG

Aerial lift and telehandler manufacturer JLG has reported a strong increase in first quarter sales and profits.

Total revenues for the quarter to the end of March were $1.19 billion up 35.1 percent on the same quarter last year, as a result higher shipments across all regions and higher prices coming on stream.

The revenues were made up as follows:
Aerial work platform sales: 602 million +37%
Telehandler sales: 341.4 million +48%
Other revenues: 249.8 million +17%

Operating profit for the quarter was $135 million, compared to $5.7 million last year, an almost 23 fold increase. The increase due to higher pricing and higher sales volume, offset in part by higher commissions, increased operating expenses and higher material & logistics costs.

Order intake marginally outpaced shipments at $1.2 billion, leaving the order book/backlog at $4.37 billion, 10.5% higher than at the end of March 2022.

Oshkosh as a whole achieved revenues of $2.27 billion almost 17% higher than last year, while pre-tax profits increased sixfold to $129.4 million compared to $21.3 million last year.

Oshkosh chief executive John Pfeifer said: “Demand remains strong for our industry leading products, particularly JLG aerial work platforms and telehandlers, as evidenced by Access segment orders of $1.2 billion and another record consolidated backlog. While supply chain challenges persist, we continue to take actions to improve parts availability and are experiencing modest improvements in on time deliveries from our suppliers, which support our confidence in our outlook for the remainder of the year.”

“While higher interest rates may be impacting other areas of the economy, we continue to experience strong demand for our access products.”

Vertikal Comment

This is an excellent result from JLG and demonstrates just how buoyant the market is at the moment. Sadly, the company does not provide a geographical breakdown of sales, so we do not know how much of an impact the US import restrictions/tariffs might have made, if any.

The company is, we understand, looking at updating and fine tuning its image and commercial strategies, in order to meet changing market conditions. A buoyant market is the perfect time to be carrying out such strategic reviews.
It is also encouraging to see another company recovering from the supply chain challenges that the industry faced throughout last year. Looking at the order book though, the company could also benefit from more production capacity.

In summary a very positive and encouraging set of numbers.