JLG sales up 57.8% thanks to demand in North and South America

JLG Industries reported a 57.8% increase in sales to US$385.8 million for the three months to 30 September, year on year, with sales in both North America and Latin America more than doubling from the "depressed" levels of the previous year.

The access division made an operating profit of $7.3 million compared to a loss of $49.1 million in the same quarter in 2009. JLG also reported sales valued at $151.1 million for the M-ATV military vehicle to Oshkosh's defence division, although these sales are not included in the 57.8% increase.

Overall, Oshkosh posted quarterly sales of $2.11 billion, up 43%, and more than doubled its operating profits to $116.6 million. Sales at its defence business - it largest - grew by 55.6% to $1.33 billion.

Sales for the full financial year were up 88.4% to $9.84, with operating profits of $1.39 billion. JLG's sales for the year were $3.0 billion, a significant proportion of which is inter-company military sales.

"We completed a record fiscal year on a high note with strong fourth quarter results," said Robert Bohn, Oshkosh chairman and chief executive officer. "The strength of the Oshkosh franchise was evident as we delivered all-time records in fiscal 2010 for revenues, operating income and net income.

"As we enter fiscal 2011, we have a solid foundation with our defence business supported by a strong backlog. We also continue to see signs that lead us to believe that our non-defence businesses will generally deliver improved results in fiscal 2011", said Mr Bohn.

Oshkosh's defence business currently has an order backlog valued at $4.73 billion, while JLG's backlog is $197.1 million.