Flat sales but more profit for JLG

JLG/Hinowa owner Oshkosh has published its results for the three months to the end of March, showing relatively flat revenues but a strong surge in profitability.

Total revenues for the three months increased 3.7 percent to $1.24 billion, made up as follows:
Aerial work platforms - $591 million -2%
Telehandlers - $373.4 million +9.5%
Other revenues - $273.1 +9.3%
Total - $1.24 billion + 3.7%

The company booked a total of $940 million in new orders during the quarter, compared to $1.26 billion in the same quarter last year.

Operating profit jumped 54 percent to $208.1 million, compared to the same period last year.

The increase in revenues is, says the company, a result of higher sales volumes in North America, offset in part by lower sales volume in Europe. The operating profit was primarily due to improved prices and lower costs.

The Order book/backlog at the end of March stood at $4.23 billion, 3.3 percent lower than at the same point last year and down 6.5 percent from the start of 2024.

Full year forecast The company is predicting full year sales for JLG/Hinowa of $5.4 billion, an increase of 8.5 percent on 2023, with an operating margin of 15.5%.


Oshkosh as a whole increased 12.2 percent to just under $2.54 billion, thanks mostly to its acquisition of AeroTech last May, although interesting to note that JLG now represents half of the group’s revenues, and most of its operating profit. Pre-tax profits for the period increased by 83 percent to $236.9 million.

Oshkosh chief executive John Pfeifer said: “We're off to a strong start in 2024, as we grew adjusted operating income by over 80 percent. Our results were driven by outstanding execution as well as healthy demand and strategic acquisitions. Our Access and Vocational segments both delivered strong year over year earnings growth during the quarter and have solid visibility for the remainder of the year.”
“Our outlook and visibility remain strong across the company, bolstered by solid market dynamics and backlogs, the ramp-up of new programmes and capacity expansions. It’s truly an exciting time for our company.”

Vertikal Comment

Another good performance from JLG/Hinowa although as many would have predicted, all of the growth has come from North America and particularly from telehandler sales, which normally carry poorer margins than aerial lifts, so it is hard not to assume that price increases and higher prices in the USA made a substantial contribution to the profit growth, in conjunction of course with an improving supply chain and greater efficiencies.

The backlog has also held up well and is now equal to more than nine months of business, so all being well it looks like 2024 will be another good year for JLG.