Oshkosh sales in its third quarter were $2.07 billion, up 0.2 percent over the previous year. Its access group, which includes JLG-branded MEWPs and telehandlers, recorded sales of $1.0 billion, up 23 percent from the $845.9 million reported in Q3 2021.
Operating income for the company was $107.3 million, compared to $104.2 million in the previous year. For JLG, operating income was $113.2 million.
“[O]ur Access Equipment team delivered 23 percent year-over-year revenue growth and a more than 700 basis point operating margin improvement, culminating in a 10.9 percent operating income margin, or an 11.3 percent adjusted operating margin, for the quarter,” said John C. Pfeifer, president/CEO, in a statement. “We continue to improve supply chain resiliency through a combination of dual and alternate sourcing actions as well as technical redesign of some components, which we expect will help us strengthen our performance.
“We are pleased with the strong sequential quarterly earnings growth Oshkosh team members delivered, which demonstrates that our pricing actions to combat inflation are working,” Pfeifer said. “Supply chain disruptions remain our most significant challenge and continue to limit our production rates and contribute to manufacturing inefficiencies. Supply chain factors were the primary driver which led to a revenue shortfall of approximately $130 million compared to our expectations for the quarter. Despite the revenue shortfall, our adjusted operating income of $114 million, led by strong price realization, was in line with our expectations.”
Source: Oshkosh Corp.
