JLG Q3 fueled by ‘strong demand’
26 October 2023
JLG Industries, Inc., the world’s largest access equipment manufacturer, has reported equipment sales of $1.32 billion for the three months ending Sept. 30, representing an increase of 27% over the same period last year.
The increase comes in response to “growth in all major regions,” JLG said, including improvements in operational execution, the easing of supply chain issues, higher pricing in response to higher input costs and the inclusion of sales of $19.0 million related to the Hinowa acquisition.
Looking directly at product sectors, aerial equipment sales amounted were up 26.5% to $654.3 million compared to the same period last year, while telehandlers saw sales of $393.8 million, an increase of 24.6%.
JLG said it has a “robust outlook” supported by “strong demand drivers, including mega projects, infrastructure spending, industrial construction projects, new use cases and aged customer fleets,” and it expects its 2024 orders to be mostly booked by the end of 2023. As a result, the company has upped its full year guidance from $4.9 billion to $5.0 billion for the full year.
The company’s backlog, which hit record levels over the last year, was up 2.3% to $4.0 billion in Q3 versus the prior year.
Total net sales for JLG’s third quarter amounted to $1.31 billion, an increase of 27% over last year.
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