, the access equipment segment of Oshkosh Corp., posted a 10.4-percent year-over-year revenue increase in the third quarter of fiscal 2014, recording a quarterly sales record. The improvement was principally the result of higher unit volumes in North America and Europe and higher pricing, partially offset by the absence of U.S. military telehandler sales under a contract completed in the fourth quarter of fiscal 2013. Excluding the military telehandler sales, sales jumped 13.2 percent in the quarter.
Access equipment segment operating income increased 8 percent to $166.8 million or 16 percent of total sales for the quarter, compared to $154.5 million in the third quarter of fiscal 2013. Oshkosh Corp. attributed the hike to higher sales volume and the favorable impact of cost-reduction initiatives, offset partially by increased new product development spending and higher operating costs.
For the company as a whole, net income for the quarter was $105.1 million compared to $148.4 million in the year-ago quarter.
“Looking forward, we continue to believe the outlook for our non-defense markets in 2015 is positive and we expect MOVE initiatives to continue to contribute to margin expansion in 2015 and beyond,” said Charlie Szews, Oshkosh Corp. CEO.
Oshkosh’s commercial segment sales increased 27 percent to $247.3 million in the quarter, primarily because of a nearly 40 percent increase in concrete mixer unit volume. Oshkosh’s defense segment sales decreased 46.5 percent to $470.7 million, as expected, primarily because of lower sales to the U.S. Department of Defense.
JLG Industries is headquartered in McConnellsburg, Pa. Oshkosh Corp. is based in Oshkosh, Wis.