JLG benefits from higher sales and acquisition
31 January 2024
Increased sales numbers, higher prices following the hike in material costs, and the addition of Hinowa, following its acquisition by JLG at the beginning of last year, all contributed to fourth quarter sales revenue and operating income increases in the fourth quarter of the company’s 2023 financial year.
Telehandlers saw significantly higher sales growth than MEWPs during the final quarter, although over the full year revenue for the two sub-divisions were mocre closely aligned.
Looking at the figures JLG, the access division of parent company Oshkosh, saw sales of $1.15 billion in the quarter, with Hinowa adding $15.9 million, following its acquisition by JLG at the begining of 2022. Operating income stood at $162.2 million in the quarter.
Breaking down JLG’s revenues between telehandlers and MEWPs, telehandlers faired better in the 2023 fourth quarter with sales of $354.2 million, compared to $319.3 million in the same period in 2022. Aerial platform sales were almost the same in the two periods at $540 million in Q4 2023 and $540.7 million in Q4 2022.
However, over the 2023 full year, aerial platforms almost matched telehandler sales growth, with an impressive $2.46 billion in the year, from $1.9 billion in 2022. Telehandlers performed equally well with a rise over the full year to 1.48 billion from 1.17 billion in 2022.
John Pfeifer, president and chief executive officer of Oshkosh, said, “We experienced solid order levels across our business, and particularly in our Access segment, leading to a record backlog of $16.8 billion, which provides us with considerable visibility into the future.”
Looking ahead to the rest of the year Pfeifer said group sales were expected to reach around $10.4 billion, up from $9.66 billion in 2023.
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