30.01.2025

2024 slowed for JLG

JLG’s parent company Oshkosh has reported its full year results, which show solid overall full year growth, while JLG’s growth slowed and especially in the fourth quarter.

Full year results

The Access division, which is largely made up of JLG and Hinowa and now Ausa, saw full year revenues rise by 3.5 percent to $5.16 billion. Pretty much on forecast. This was broken down as follows:

Aerial lifts - $2.45 billion – 0.5%
Telehandlers - $1.57 billion +6%
Other - $1.15 billion +10%

Operating profit for the division increased by nine percent to $805.4 million, mainly due to higher prices/a better customer mix and higher sales volume.

Backlog/Order book
The order book at the end of December plummeted to $1.83 billion from $4.53 billion a year ago,

Fourth Quarter

Fourth quarter revenues nudged up slightly, but were essential flat at $1.16 billion - The results are broken down as follows:
Aerial lifts - $545. million +1%
Telehandlers - $322.2 million -9%
Other - $289.4 million +13%

Operating profit for the division declined by 12 percent to $142.9 million, primarily due to “unfavourable price/cost dynamics” offset in part by favourable product mix.

Oshkosh as a whole posted full year revenues of $10.75.billion, a rise of almost 11.5 percent, while pre-tax profit improved 13 percent to $903 million.

Oshkosh chief executive John Pfeifer said: “Our impressive fourth quarter performance was driven in particular by revenue growth of nearly 20 percent in our Vocational segment. For the full year, we grew revenue in all three of our segments and delivered solid double-digit operating income and adjusted operating income margins in our Access and Vocational segments.

“Our Access team delivered solid results in the fourth quarter despite moderating demand. We are confident that long-term drivers, including infrastructure buildout, mega projects and data centre construction, remain strong for our Access business. We expect short-term market softness in the first half of 2025 followed by improved demand in the second half of the year, which we have factored into our expectations for the Access segment in 2025.”

Vertikal Comment

This is not a brilliant result from JLG, although sales have largely held up, but the steep decline in order intake compared to the past two years will be a concern.
The company certainly starts 2025 with a weaker hand than last year, but the order book – equivalent to a full year’s production may well have had an impact on order intake during the year . Lead times should have improved significantly by now and the North American market looks set for a strong start to the year which bodes well for 2025 in spite of all the uncertainty.

In summary a ‘stable year’.