29.10.2025

Sharp declines for JLG

JLG owner Oshkosh has published its results for the nine months to the end of September, which include a dismal looking result from the aerial lift and telehandler manufacturer.

YTD

Revenues
Total JLG revenues for the nine months decreased just over 17 percent to $3.32 billion, made up as follows:
Aerial work platforms - $1.65 billion -13%
Telehandlers - $830 million -32%
Other revenues - $847 million -2%
Total - $3.32 billion -17%

Operating profit plummeted almost 40 percent to $402.7 million.

The backlog/order book at the end of December was $721.2 million, down 66.5 percent on the same point last year.

Full Year forecast
The company is forecasting full-year revenues for JLG of $4.3 billion, which would represent a 16 percent fall over 2024 revenues.

Third Quarter

Revenues
Third quarter sales, dropped 18.6 percent to $1.1 billion, primarily due to reduced sales volumes in North America including a sharp fall in telehandler sales and higher sales discounts.

The third quarter revenues were made up as follows:
Aerial work platforms - $556.5 million -12%
Telehandlers - $261 million -41.5%
Other revenues - $292.4 million +2%
Total - $1.1 billion -18.6%

Operating profit
Third quarter operating profit declined 43.2 percent to $118 million, primarily due to lower volumes in North America and large discounts offset in part by lower selling, general and administrative expense.

Oshkosh numbers
Oshkosh as a whole saw nine months revenues fall five percent to $7.73 billion, while pre-tax profit was 5.3 percent lower at $660,2 million.
In the third quarter revenues were just two percent lower at $2.69 billon. While the pre-tax profit was very slightly higher at $238.4 million.

Oshkosh chief executive John Pfeifer said: “Oshkosh delivered solid third quarter results in a difficult environment. Our performance reflects our commitment to cost discipline and our focus on improved cash flow across the company as we advance our key strategic initiatives and strong end market demand for our products, despite the near term macroeconomic environment.”

“In Access, we delivered double digit operating margin while continuing to navigate near term challenging market conditions. Our strong foundation and purpose driven culture give us confidence in the path ahead. We are building momentum toward our goals for 2028, creating long term value for our customers, team members and shareholders alike.”

Vertikal Comment

This is not great news from JLG, and a complete reversal of last year’s situation when North America was buoyant while Europe and other markets were struggling. The most interesting number is the sharp fall in telehandler sales, given that this is largely a North American business, and JLG is dominant.

You might have thought that having obtained high anti – dumping tariffs against the Chinese aerial lift manufacturers business might have been a little better. But I guess many buyers are waiting to see what happens with the changing tariff scene and overall economic situation.