JLG Reports Record Sales in Fourth Quarter and Fiscal 2004

September 23, 2004 • JLG Industries, McConnellsburg, Pa., announced its revenues were 82 percent higher than a year ago, reaching $425 million for the fourth fiscal quarter that ended July 31. The OmniQuip products made up $80 million of the revenues. Without the impact of this acquisition, JLG reported they were up 48 percent from last year and had an increased income of $345 million.

 

In the fourth quarter, North American and international sales were up 51 percent and 38 percent, respectively. The increased revenues were due in part by increased demand, productivity improvements, and savings from last year's acquisitions, but higher costs of raw materials and component shortages offset some of JLG's profits.

 

For the full fiscal year of 2004, consolidated revenues were $1.2 billion, a 59 percent increase from the prior year. Revenues from the OmniQuip acquisition were up 17 percent to $250 million, while the remaining revenues were up 26 percent to $944 million. The company's operating income also increased to $91.9 million from $36.3 million in the past fiscal year.

 

Bill Lasky, chairman of the board, president, and chief executive officer of JLG, said the company is optimistic at the overall outlook for fiscal 2005. “We anticipate stronger demand in fiscal 2005 with global sales projected to increase by 10 to 25 percent,” he said. However, he does predict a few hitches in the road. “The biggest challenge going forward is anticipated to be the price of raw materials, especially steel and petroleum-based components,” he said.

 

Lasky also noted JLG's five-year strategic plan is to reach the $2 billion revenue mark. “Despite the current challenges, we will maintain fiscal discipline and focus on what is important to our stakeholders: sales growth, quality of earnings, asset intensity, and risk management,” he said.