Oshkosh Corporation, parent company of JLG Industries, reports that the company has achieved higher sales in all non-defense segments, led by the access equipment segment. Consolidated net sales in the third quarter of fiscal 2012 were $2.18 billion, an increase of 7.6 percent compared to the prior year third quarter.
“Strong execution of our MOVE strategy initiatives supported improved results from the second to the third fiscal quarters," said Charles L. Szews, Oshkosh Corporation president and chief executive officer. "Each of our non-defense segments also posted improved performance and higher operating income margins compared with the third quarter of last year. Margin improvement was particularly strong in the access equipment and commercial segments due in part to our continuing efforts to reduce our product, process, and overhead costs.”
The company also announced that it is exiting the ambulance and European mobile medical businesses in the fire & emergency segment.
Access equipment segment sales increased 40.4 percent to $814.6 million for the third quarter of fiscal 2012 compared to the prior year third quarter principally as a result of higher unit volumes and the realization of previously announced price increases. Sales grew by double-digit percentages compared to the prior year quarter in all major regions of the globe, with the largest increase in North America driven largely by replacement of aged equipment.
In the third quarter of fiscal 2012, access equipment segment operating income nearly tripled to $88.2 million, or 10.8 percent of sales, compared to prior year third quarter operating income of $29.5 million, or 5.1 percent of sales. The increase in operating results reflected higher volume, the realization of previously announced price increases and manufacturing efficiencies, offset in part by higher material costs.
Read the complete report from Oshkosh.