JLG Posts 15.6-Percent Jump in Fiscal Third Quarter

Aug. 2, 2013

While overall net sales increased a modest 2.1 percent in Oshkosh Corp.’s fiscal third quarter compared to the same period a year ago, its access equipment division jumped 15.6 percent to $941.5 million for the quarter. The JLG division’s increase was primarily the result of higher replacement-driven demand in North America, as well as previously announced price increases and higher aftermarket parts and service sales, which more than offset lower sales volume in Australia.

In the third quarter of fiscal 2013, access equipment segment operating income increased 75.1 percent to $154.5 million, or 16.4 percent of sales, compared to operating income in the previous year’s third quarter of 88.2 million, or 10.8 percent of sales. The company attributes the 88.3-percent in operating income to higher sales volume, the realization of previously announced prices increases as well as well as product and process cost reductions.

As a result of strong third fiscal quarter results, an expected lower tax rate and the benefit of share repurchases completed during the third quarter, Oshkosh is increasing its outlook for full-year fiscal 2013 adjusted earnings from continuing operations to a range of $3.60 to $3.70 per share.

Oshkosh Corp. is based in Oshkosh, Wis. Its JLG division is headquartered in McConnellsburg, Pa.