JLG Sales Up 5.7%
Sales in Oshkosh’s Access Equipment segment, which includes the JLG brand, rose 5.7 percent in the second quarter compared to the same period a year ago, to $977.1 million. The company cited higher pricing due to higher input costs, offset in part by lower sales volume to China and Europe.
Total Q2 sales for Oshkosh, which also counts IMT and McNeilus among its brands, was down 6.5 percent compared to 2021 to $2.07 billion from $2.21 billion. It cited declines in its Defense and Fire & Emergency segments.
“While we are encouraged by strong demand for our products and our ability to price for inflation, our second quarter results did not meet our expectations due to three principal factors,” said John C. Pfeifer, Oshkosh president/CEO, in a prepared statement. “[F]irst, supply chain disruptions reduced sales volume and caused labor inefficiencies; second, Defense recognized unfavorable cumulative catch-up adjustments related to inflationary pressures; and third, we recorded an unfavorable non-cash mark-to-market adjustment on an equity investment.
“We continue to believe that supply chain and inflationary challenges will subside over time and we remain positive in our outlook over the next several years given our strong backlogs and key indicators within the markets we serve.”
Source: Oshkosh