26.10.2023

Another bright quarter for JLG

JLG owner Oshkosh has published its results for the nine months to the end of September, including a strong performance from the aerial lift and telehandler manufacturer.
YTD

Revenues
Total revenues for the nine months increased 32 percent to $3.84 billion, made up as follows:
Aerial work platforms - $1.92 billion +36%
Telehandlers - $1.13 billion +32%
Other revenues - $792 +25%
Total - $3.84 billion + 32%

Operating profit almost tripled to $576.6 million, compared to the same period last year.
The backlog at the end of December was $3.98 billion, just over two percent up on the same point last year.

Third Quarter

Revenues
The pace of growth slowed a little in the latest quarter, increasing 27 percent to $1.32 billion, thanks to the higher sales volumes, higher pricing and the inclusion of $19 million revenues from Hinowa, which was acquired at the end of January.
The third quarter revenues were made up as follows:
Aerial work platforms - $645 million +26%
Telehandlers - $393.8 million +24%
Other revenues - $270 million +24%
Total - $1.32 billion + 27%

Operating profit
The operating profit for the third quarter was $229.9 million an improvement of 9.5 percent on the same quarter in 2022.

Oshkosh
Nine month revenues for Oshkosh as a whole increased 18 percent to just under $7.2 billion, while pre-tax profits for the period more than tripled to $602.4 million.

Oshkosh chief executive John Pfeifer said: “We are pleased to report another quarter of strong performance in the third quarter. Our performance, highlighted by outstanding revenue and earnings growth, was driven by the benefits of supply chain and operational actions across the company over the past several quarters. Orders were solid across all businesses, including our Access segment, and reinforce our positive outlook for 2024. In summary, our investments in operations and product technologies are paying off as we transition to a more resilient business.”

Vertikal Comment

This is another good performance from JLG/Hinowa which is on target to achieve $5 billion for the year, which is almost certainly a record for the company. Clearly profits are growing at a slower pace than revenues, possibly due to increased competition and ongoing supply issues and rising component costs.
But with a backlog equal to more than eight months business the company is well placed to complete the year and get off to a good start in 2024.