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JLG posts record sales

November 30, 1998|By DON AINES

McCONNELLSBURG, Pa. - Despite some softness in its Asian markets, JLG Industries Inc. recorded strong first quarter sales of $128.7 million, according to a company report.

The company's sales for the quarter ending Oct. 31 were its highest first quarter sales ever. Sales increased 35 percent from the $95.6 million in the first quarter of 1998, according to the report released last week.

Net income was also up sharply to $10.3 million, compared to $4.6 million for the first quarter of 1998. Earnings per share more than doubled to 23 cents over the same quarter last year.

Fulton County's biggest employer and the world's leading manufacturer of aerial work platforms, JLG Industries' domestic sales jumped from $56.2 million in the first quarter of last year to $90.6 million, the report said.

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Despite economic problems in Asia and a strong dollar overseas, foreign sales for the quarter were down only $1.3 million to $38.1 million. The report said European sales remained strong during the last quarter.

"Sales and earnings met our announced expectations for the quarter and put us on track to achieve another record year in sales with profitabiliuty climbing at an even faster rate," JLG President L. David Black said in the report.

Black credited part of the company's success to new products introduced in the past six months, including the 450 and 800 Series articulating boom lifts. New models are being readied for delivery early next year.

In addition to its plant in McConnellsburg, JLG has two other manufacturing facilities in Bedford, Pa., and sales and service locations in Great Britain and Australia.

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