Construction and industrial equipment maker JLG Industries Inc. said its quarterly profits rose a higher-than-expected 58% compared with a year earlier as a strengthening euro led to robust sales growth in Europe.
The McConnellsburg, PA.-based company reported net income for the three months ended Jan. 31 of $4.9 million, or 12 cents per share, compared with $3.1 million, or 7 cents per share, a year earlier.
Wall Street analysts on average had been expecting the company to earn 7 cents per share, according to research firm First Call/Thomson Financial.
The company said it expects to meet earnings estimates of between 46 cents and 50 cents per share for the next quarter and $1.55 to $1.60 for fiscal 2001.
Sales rose 3 percent to $213.2 million from $206 million excluding a one-time addition of $16.8 million associated with a sale-leaseback of rental fleet assets.
European sales rose 15 percent to $50 million from $43 million a year earlier.
"JLG’s business plan remains intact and we are on target to meet our goals," President and Chief Executive Officer Bill Lasky said in a statement.
Shares of JLG were up 63 cents, or 5.4 percent, at $12.30 in midday trading on the New York Stock Exchange.
