JLG revenues hit by market shifts

Revenues at JLG, the Access segment of parent company Oshkosh, declined 10.7% in the second quarter of 2025 to $1.26 billion, as the effect of tariffs remains difficult to predict.

The fall in revenue for access was primarily due to the end of its agreement to produce Caterpillar-branded telehandlers, reduced sales volume in Europe and higher discounts on equipment prices, which were offset in part by added revenue from the acquisition of Ausa last year.

Access segment operating income in the second quarter decreased 26.3% to $181.6 million, compared to the second quarter of 2024, again due to lower sales and reduced equipment prices, with an improved sales mix providing some relief. 

(Image: JLG).

The access figures compare to a group wide sales decrease of $114.8 million to $2.73 billin across the group in the quarter, following lower sales in the Access and Transport segments, with sales and price increases being seen in the Vocational segment.

Consolidated operating income in the second quarter of 2025 increased 11.8% to $291.7 million, compared to $260.9 million, or 9.2 percent of sales, in the second quarter of 2024.

“We delivered a strong second quarter, with adjusted earnings per share of $3.41, up 2.1 percent from the prior year, reflecting disciplined execution and broad-based strength across our portfolio,” said John Pfeifer, president and chief executive officer of Oshkosh Corporation. “Our Vocational segment continued to perform well, and our Access segment remained resilient and delivered another impressive quarter, helping to drive solid overall results.

“This quarter featured several strategic highlights, including the launch of our new micro-sized JLG scissor lift, a three-year contract extension for our Family of Medium Tactical Vehicles program with the US Army and our successful Investor Day in June, where we outlined our 2028 financial targets.”

Raising expectations 

Looking ahead, Pfeifer said the performance in the second quarter and continued growth in the Vocational and Transport segments meant the group was raising its full-year adjusted earnings per share expectations to approximately $11.00.

“Despite ongoing uncertainties in the global trade environment, we remain confident in our ability to navigate these challenges while delivering value for customers and shareholders,” added Pfeifer. In addition, the company continues to expect net sales of approximately $10.6 billion, it said.  

“The international trade environment remains dynamic and difficult to predict,” added the company. “The revised estimates reflect a more limited impact of tariffs compared to last quarter due to pauses and revisions to tariff rates and the Company’s performance in the second quarter.”

The adjusted earnings per share guidance is consistent with Oshkosh’s original January outlook as anticipated tariff impacts were expected to be offset by company-wide cost reduction actions.

“The estimates include direct impacts of tariffs based on rates as of 30 July and do not reflect potential future indirect impacts, including weaker macroeconomic conditions, which are difficult to predict at this time.”

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