JLG benefits from telehandler sales

A 47% increase in sales of telehandlers led JLG Industries’ to a 15.6% increase in fourth quarter revenues to $716.0 million. Operating profits in the quarter almost doubled to $60 million.

Sales aerial work platforms for the quarter were almost flat year-on-year at $330.0 million, while sales of telehandlers rose from $169.1 million to $248.9 million.

Oshkosh Corp, JLG’s owner, said the increase was the result of higher volume sales in North America and price increases.

JLG’s owner, Oshkosh Corp, has meanwhile rejected Carl Icahn’s takeover offer. See separate new story.

Results for the full year show that JLG’s growth was slowing in the final quarter of the year. Sales for the year to 30 September were up 43.7% to $2.79 billion, with telehandler sales up 69% to $892.3 million and aerial work platform revenues increased 44.6% to $1390 million.

Overall for Oshkosh, including its defence, commercial and fire and emergency businesses, revenues for the year were up 8% to $8.1 billion, with operating profits down 26% to $373 million.

Order backlogs were down at both the access and defence divisions. The access backlog was $361 million at the end of September, compared to $729 million a year ago, while the defence equipment backlog fell from $5.1 billion to $3.05 billion.