Oshkosh Corp. reported first quarter sales figures, and sales of JLG branded MEWPs and telehandlers totaled $1.19 billion, up 35.1 percent from the same period in 2022. Oshkosh cited increased sales volumes and higher pricing tied to higher input costs, and said sales in this segment contributed to overall sales performance for the quarter.
Vocational segment sales—including Oshkosh concrete mixers and IMT service trucks—rose 6.3 percent to $563 million. Higher pricing was also cited as a driver in this segment.
Net income for the corporation was $88.5 million for the first quarter, compared to a loss of $0.2 million in Q1 2022.
“The Oshkosh team delivered strong first quarter results that exceeded expectations,” said John Pfeifer, president/CEO, in a statement. “Demand remains strong for our industry-leading products, particularly JLG aerial work platforms and telehandlers, as evidenced by Access segment orders of $1.2 billion and another record consolidated backlog. While supply chain challenges persist, we continue to take actions to improve parts availability and are experiencing modest improvements in on time deliveries from our suppliers, which support our confidence in our outlook for the remainder of the year.
“While higher interest rates may be impacting other areas of the economy, we continue to experience strong demand for our access products. In addition, fire apparatus and refuse collection vehicle demand both remain very strong in our Vocational segment. We are prudently expanding capacity in both the Access and Vocational segments to meet market demand.”
Pheifer said the company is increasing expectations for the remainder of the fiscal year
“As a result of our positive start to 2023, strong demand and confidence in our continued progress on key operational initiatives, we are increasing our full year 2023 expectations,” he said. “We now expect full year earnings per share to be in a range of $5.75 and adjusted1 earnings per share to be in a range of $6.00.”
Source: Oshkosh
