Oshkosh Corp., parent company of JLG Industries and a leading manufacturer of specialty vehicles and vehicle bodies, reported a fiscal 2010 second-quarter net sales increase of 131.5 percent, posting $2.86 billion and net income of $292.6 million, or $3.22 per share, compared with net sales of $1.24 billion and a loss from continuing operations of $0.22 per share for the same period a year ago.
Aerial equipment sales to external customers increased 1.5 percent year over year to $252.9 million. The slight increase in JLG revenues was primarily related to fluctuations in foreign currency exchange rates as relatively strong demand in South America and the Pacific Rim, including Australia, was more than offset by continued weakness in North America and Europe, Africa and the Middle East because of weak construction markets and tight credit. Second-quarter fiscal 2010 access equipment segment sales also included $737.2 million of intersegment M-ATV-related sales to the defense segment as the company continued to leverage unutilized facilities in the access equipment segment and call back idled employees to meet defense production requirements. In total, segment sales increased 297.3 percent to $990.1 million for the quarter.
The access equipment segment reported operating income of $46.1 million, or 4.7 percent of sales, for the fiscal second quarter ended March 31, compared with an operating loss, excluding impairment charges of $49.1 million of 19.7 percent of sales for the year-ago quarter.
Oshkosh Corp. is based in Oshkosh, Wis. JLG Industries, the world’s largest manufacturer of aerial work platforms, is based in McConnellsburg, Pa.
