Telehandler sales remain strong for JLG

(Photo: JLG)

Oshkosh Coprporation, the parent company of JLG, has announced its financial results for the third quarter, with sales from its access division seeing a moderate increase of 3.4% to $1.3 billion.

The company said the increase was driven by higher sales volume in North America, which was offset by lower sales volume in the Europe, Africa and Middle East and Rest of the World regions.

However, John Pfeifer, president and chief executive officer of Oshkosh Corporation, said the company has noted “some softness in the access equipment market in North America.” 

As such, the company has revised its outlook for the full year, with net sales now expected to be approximately $10.6 billion in 2024, compared to its most recent estimate of $10.7 billion.

Pfeifer said, “Recently, we have been experiencing some softness in the access equipment market in North America. While we believe long-term demand drivers such as aged fleets and mega projects remain positive, we are adjusting our expectations for revenue and operating income for the remainder of the year based on current market conditions.”

In terms of product sectors, aerial work platforms saw a minor decrease of 3.45% to $631.7 million, while its telehandlers sales continue to post strong growth, with the segment seeing a 13% increase up to $445 million. 

Meanwhile, operating income in the third quarter decreased by 9.6% o $207.9 million, which it said was was “primarily due to higher material costs as well as higher selling, general and administrative expenses, offset in part by higher sales volume and improved sales mix.”

Oshkosh as a whole saw net sales of $2.7 billion, increasing by 9& on the $2.5 billion it posted in the same period in 2023.