Oshkosh Truck Corp., parent company of JLG Industries and a leading manufacturer of specialty vehicles and vehicle bodies, last week reported third-quarter fiscal earnings per share of $1.21 on sales of $1.85 billion and net income of $90.6 million. These results compare with EPS of $0.72 percent on sales of $887.9 million and net income of $53.4 million for last year’s third quarter.
Sales in the fiscal third quarter more than doubled, jumping 108.1 percent compared with the fiscal third quarter of 2006. Recently acquired JLG contributed $873.8 million in third quarter sales. Operating income leaped 133.2 percent to $192.7 million or 10.4 percent of sales, while JLG contributed operating income of $98.3 million.
“The team at JLG really delivered this quarter as they continue to integrate into the Oshkosh Truck family,” said Oshkosh chairman Robert Bohn. “Global demand for aerial work platforms has been outstanding and we believe these conditions will continue in fiscal 2008, particularly in our overseas markets.”
Bohn predicted significant growth for the company in 2008.
“Based on strong demand in our access equipment and defense segments and the scope of our cost reduction activities, we believe we can grow our revenues above $7 billion, improve our operating margins by over 50 basis points and grow our EPS to between $4.15 and $4.35,” Bohn said.
Compared to JLG’s pre-acquisition results for the same period in 2006, sales reflected higher worldwide demand for aerial work platforms and the addition of the sales of Caterpillar-branded telehandlers, offset in part by lower demand for traditional telehandlers in North America. Sales for the segment were 30 percent higher in the quarter than sales for JLG as a stand-alone company for the same period last year.
