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JLG reports revenue growth

September 27, 2004

McCONNELLSBURG, Pa. - JLG Industries Inc. posted record sales of $425 million in the fourth quarter that ended July 31, an 82 percent increase over sales of $234 million in the fourth quarter of 2003, according to its annual financial report issued Thursday.

Even without factoring in the impact of sales from OmniQuip, a telehandler manufacturer JLG acquired last year, fourth-quarter revenues were $345 million, according to the report.

The SkyTrak and Lull product lines and military products that came with the OmniQuip acquisition generated $250 million in sales for 2004, a 17 percent increase. JLG aerial work platform products increased 31 percent to $552 million, and other JLG and Gradall products generated sales of $149 million, up 26 percent, the report states.

Sales for the entire year were $1.2 billion, up 59 percent from 2003, when revenues were $751 million, the report states. North American sales were up 51 percent for the year and international sales, mostly in the European market, increased 38 percent, according to the report.

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Earnings per share for the fourth quarter were up 169 percent over the previous year at 35 cents. Per-share earnings for the entire year were up 110 percent to 61 cents, according to the report.

"Fueled by an improved North American economy and successful integration of our OmniQuip acquisition, and absent any major economic or geopolitical issues, we are optimistic at the overall outlook for our company in fiscal 2005," President Bill Lasky said in a company statement.

"Our order book is strong, and we anticipate stronger demand in fiscal 2005 with global sales projected to increases by 10 to 25 percent," said Lasky. "The biggest challenge going forward is anticipated to be the price of raw materials, especially steel and petroleum-based components."

An increase in the price of steel has been factored into the company's strategy for 2005, Lasky said.

"Even so, the adverse effect of high steel prices will be pronounced during our seasonally slower first fiscal half," Lasky said.

JLG, the largest employer in Fulton County, Pa., also has manufacturing facilities in Belgium and France.

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