Oshkosh reported sales in its access business, including JLG-branded machines, of $1.3 billion in the second quarter. The quarter was up 35.9% from the same period in 2022. The company said sales grew as a result of improved sales volume, higher pricing in response to higher input costs, and the inclusion of sales related to its acquisition of Hinowa.
Access segment operating income in the second quarter increased 191% to $211.7 million, compared to $72.7 million in the second quarter of fiscal 2022.
Total sales for the company were $2.4 billion, up 16.8% from Q2 2022, and attributed to higher sales volume. Net income in the quarter was $175 million, up from $32 million in 2022. The increase was primarily due to improved pricing, higher sales volume, and favorable sales mix.
“We are pleased with our strong financial performance in the quarter, highlighted by significant growth in sales and operating income,” said John Pfeifer, president/CEO, in a statement. “In particular, our Access and Vocational segments both delivered double-digit operating margins in an environment where supply chains have improved but have not yet returned to historical norms.”
The company is increasing expectations for the year, raising net sales forecasts from $8.65 billion to $9.5 billion.
Source: Oshkosh Corp.
