28.10.2021

Record backlog for JLG

JLG’s parent company Oshkosh has released its fourth quarter and full year results, which show that the aerial lift and telehandler manufacturer had an excellent fourth quarter.

Full year

JLG’s full year revenues were $3.07 billion, an increase of 22 percent on the previous year. This was made up of new aerial lift sales of $1.47 billion, up 33 percent on the year, while telehandler sales were 13 percent higher at $769.4 million. Other revenues - parts, service and used equipment etc - also improved 13 percent to $831.3 million. Operating profit for the year was $249.1 million, an increase of 26 percent. The improvement was down to the absence of last year’s restructuring charges and higher volumes. However, it was partially offset by higher material and shipping costs and higher expenses as business bounced back.

The order book at the end of September was a record $2.76 billion, compared to just $366.7 million this time last year.

Fourth Quarter

Looking at the fourth quarter, total revenues came in 37.3 percent higher at $846 million, made up of aerial lift sales of $384.3 million, up 28 percent on the same quarter in 2020, telehandler sales of $237.8 million, a jump of 78 percent, and other revenues of $223.8 million, up 23 percent. Operating profits were 21 percent higher at $30.7 million.

Oshkosh

Oshkosh as a whole finished the year 13 percent higher at $7.74 billion with a pre-tax profit of $497.9 million, also up 13 percent.

Vertikal Comment

This is a fantastic result from JLG, somewhat surprising given the supply chain challenges that the company is experiencing along with everyone else. This must be reflected somewhat in the rapidly growing order book, which equates to more than a year's backlog for new equipment. This bodes well of course for 2022, barring any further challenges with the component supply.

However, the company still lags well behind past levels, barely returning to the revenues seen in 2013 in terms of sales volumes, while profitability lags further behind. Competition has increased substantially of course, and the market has become more fragmented, however JLG does appear to have gained some momentum and it is sitting on a record order book, which as we have already said bodes well for 2022.

Oshkosh is changing its fiscal year for 2022 to the calendar year. As such it will have a single quarter period in what would have been its first quarter, before starting its new year in January.

All said and done a very encouraging set of numbers from the market leader.