Continued rise at JLG
By Euan Youdale31 October 2014
JLG’s sales increased 19.5% to $932.7 million for the financial fourth quarter of 2014.
The results were in contrast to overall performance at Oshkosh Corporation, JLG’s parent company, which saw a decrease in consolidated net sales of 3.4% in the fourth quarter to $1.67 billion.
Access equipment segment operating income increased 56.9% to $127.4 million, or 13.7% of sales, for the fourth quarter compared to $81.2 million, or 10.4% of sales, in the fourth quarter of fiscal 2013.
For the full year, JLG operating income stood at $501.1 million, compared to $379.6 million on the 2013 financial year. Sales reached $3,506.5 million in 2014, compared to $3,120.98 million in the previous year.
The improvement in the fourth quarter was principally the result of the continued recovery of the global access equipment market, said the group, offset in part by the absence of US military telehandler sales under a contract completed in the fourth quarter of fiscal 2013.
Sales of access equipment excluding US military telehandler sales in 2013 rose 22.4% in the fourth quarter of 2014, said the company.
Included in JLG’s fourth quarter results was a $9 million non-cash intangible asset impairment charge. Excluding the impairment charge, adjusted operating income in the fourth quarter of fiscal 2013 was $90.2 million, or 11.6% sales.
“Our access equipment and commercial segments led the way in fiscal 2014, with the access equipment segment surpassing last year’s record operating income margins by nearly 200 basis points,” said Charles Szews, Oshkosh Corporation chief executive officer.