Woods Equipment Co., Rockford, Ill., recently reported net sales of $189 million for 1999, a 22 percent increase from 1998 sales of $154.7 million. Income for 1999 totaled $8.7 million, up 16 percent from $7.5 million in 1998.
Woods' construction attachment sales were $40.1 million in 1999, an 11 percent gain over 1998 - the result of acquisitions of Alitec and Central Fabricators.
Woods' core construction business experienced a decrease of $6 million in sales "due largely to competition from the liquidation of equipment rental fleets," the company said.
JLG Industries recently reported second-quarter profits of $3 million, or 7 cents a share, compared with $11 million, or 26 cents a share, for the same period a year before. For the six-month period ended Jan. 31, 2000, net income was $16 million, compared with $22 million the year before.
Revenue for the quarter ended Jan. 31, 2000, was $207 million, up 50 percent from $138 million in the year-ago period, but lower than expected. Telescopic material handler and excavator manufacturer Gradall, acquired in June 1999, accounted for $41 million, or 59 percent of the revenue increase.
"The shortfall was due principally to a stronger-than-anticipated shift in order patterns by rental companies to defer calendar year-end purchases until the new year," said David Black, JLG chief executive.
"We are confident in the overall health of the aerial work platform and excavator marketplaces," Black said. "Although we continue to pursue our trade-in strategy, we expect the impact on margins from this activity to lessen as sales volume rises during the second half of the fiscal year."
JLG, McConnellsburg, Pa., also announced that its board of directors has approved a stock repurchase of up to 5 million of JLG's 45.7 million outstanding common shares.