JLG 3rd-Quarter Sales Show Increase
JLG Industries’ sales peformance during its fiscal 2010 third quarter ending June 30 showed an increase of 77 percent over very low sales the same quarter last year, according to parent company Oshkosh Corp.
The $162.7 million increase in sales was announced last week when the Wisconsin-based manufacturer of specialty vehicles and vehicle bodies released its thirdquarter corporate earnings, posting net sales at $2.44 billion and net income of $211.2 million, or $2.31 per share. For the same time period last year, Oshkosh reported net sales of $1.22 billion and a loss of $21.2 million, or 28 cents per share. Long-term debt was reduced by $175 million.
Oshkosh said JLG and its defense segment, Oshkosh Defense, had benefited from significant MATV production during the third quarter. That production at JLG has now been ramped down as the multi-billion-dollar contract for 8,079 M-ATVs nears completion.
“Our dedicated and committed employees worked hard to deliver third-quarter records for revenue, operating income and EPS, led once again by strong performance in our defense segment,” said Robert G. Bohn, Oshkosh chairman and chief executive officer.
JLG’s third-quarter access equipment sales, according to the released earnings report, totaled $373.9 million. Sales in all major markets were up, with the largest dollar increases in North America and Latin America.
Sales have begun to recover in North America from historic lows, Oshkosh said, but “remain significantly lower than historical levels due to weak construction markets and tight credit.”
Low rate production of access equipment began at JLG’s new Tianjin, China, plant during the third quarter. Production there is expected to be gradually ramped up over the next 12 months to serve Asian markets.
In July, Oshkosh announced its towing and recovery vehicle manufacturing company, Jerr-Dan Corp. in Greencastle would combine with JLG to make Jerr-Dan-branded products. Jerr-Dan’s two plants in Greencastle will close, 100 employees are expected to be laid off and the remaining employees moved to JLG’s McConnellsburg, Shippensburg and Hagerstown locations. The move is expected to be completed by October.