In the quarter ending March 31, JLG experienced a 3.7% increase in sales, reaching $1.24 billion. This growth was primarily driven by heightened sales volumes in North America, although somewhat mitigated by a decrease in European sales, as reported by Oshkosh Corp., the parent company of the OEM.
Operating income in the access segment for the first quarter of 2024 saw a remarkable 54.1% increase, reaching $208.1 million, constituting 16.8% f sales. This uptick, compared to $135.0 million, or 11.3% of sales, in the first quarter of 2023, was attributed to improved price-to-cost dynamics, a more favorable customer mix and increased sales volume, according to the company.
“Demand for aerial work platforms and telehandlers in North America continues to be solid, supported by infrastructure investments, mega projects and industrial onshoring projects as well as elevated fleet ages,” John C. Pfeifer, Oshkosh president, CEO and director, said. “We’re really pleased with the market in access. We see continued demand drivers going forward. We talked about the Q4 order book was really strong. The $940 million that we just booked was better than our expectations. So we’re booked well through 2024 right now.”
While acknowledging the challenges in the European market, Pfeifer reaffirmed the company's commitment to long-term growth in the region. Despite the setback in Europe, JLG's global outlook remains positive, with solid performance in Asia, South America, and Latin America.
Oshkosh anticipates full-year sales for JLG to reach $5.4 billion, driven by strong demand and strategic investments.
Lift & Access is part of the Catalyst Communications Network publication family.
