26.09.2016

Upbeat sales forecasts from JLG

Oshkosh has issued an update to its full year estimates, with more a optimistic sales performance from JLG than originally forecast.

The company said that it now expects revenues at JLG to come in at the higher end of its previous expectations. However JLG earnings will be impacted with a $27 million restructuring charge to outsource its aftermarket parts distribution centre and logistics operations in both the USA and Europe. It is also expected to have a slower year in 2017.

Oshkosh chief executive Wilson Jones said: “Oshkosh is a different integrated global industrial company that is delivering solid results, underscored by our updated fiscal 2016 estimates and confidence that we will build on this performance in fiscal 2017. Looking to next year, we anticipate increases in revenue, operating income and Earnings Per Share, despite expected lower sales and operating income in our access equipment segment.”

“Longer term, we expect strong free cash flow over the cycle to provide capital allocation alternatives that will benefit our shareholders. We expect to achieve our fiscal 2017 estimates through the continued execution and evolution of our MOVE strategy, which has delivered for customers and shareholders alike over the last several years. We look forward to sharing more about our objectives and plans to continue driving shareholder value this morning during our Analyst Day.”