JLG Records 31.6% Sales Jump in Fiscal First Quarter

Date: February 7, 2019
Source: Rental Equipment Magazine - remag.com

JLG Industries, the access division of Oshkosh Corp., posted $826.5 million in the company’s 2019 fiscal first quarter ended Dec. 31., compared to $628.2 million in the fiscal first quarter of 2018, a 31.6-percent jump. The increase in sales was led by an increase in telehandler sales in North America, reflecting continued favorable business conditions and improved production rates as the access equipment segment was completing the move of North American telehandler production in fiscal 2018.

Higher pricing to cover material cost escalation also contributed to the increase in sales.

Access equipment segment operating income in the first quarter of fiscal 2019 increased 384.7 percent to $66.4 million, or 8 percent of sales, compared to $13.7 million or 2.2 percent of sales in the first quarter of fiscal 2018. The interest in operating income was primarily the result of higher sales volume, improved pricing and the absence of restructuring-related expenses, offset -- by higher material costs and adverse product mix.

The first quarter of fiscal 2018 included a benefit of $5.5 million related to the collection of a receivable that had been fully reserved.

Oshkosh Corp., as a whole, totaled $1.804 billion in net sales, compared to $1.586 billion in the fiscal first quarter of 2018, a 13.7-percent hike.

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