v3.26.1
Business Segment Information (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Net Sales by Product Lines and Reportable Segments

Selected financial information relating to the Company’s reportable segments and product lines is as follows (in millions):

 

 

Three Months Ended
March 31,

 

 

 

2026

 

 

2025

 

Net sales:

 

 

 

 

 

 

Access

 

 

 

 

 

 

Aerial work platforms

 

$

431.0

 

 

$

450.8

 

Telehandlers

 

 

208.2

 

 

 

244.5

 

Other

 

 

304.2

 

 

 

261.8

 

Total Access

 

 

943.4

 

 

 

957.1

 

 

 

 

 

 

 

Vocational

 

 

 

 

 

 

Municipal fire apparatus

 

 

331.5

 

 

 

329.8

 

Airport products

 

 

226.6

 

 

 

225.3

 

Refuse and recycling vehicles

 

 

153.7

 

 

 

205.5

 

Other

 

 

113.2

 

 

 

106.2

 

Total Vocational

 

 

825.0

 

 

 

866.8

 

 

 

 

 

 

 

 

Transport

 

 

 

 

 

 

Defense

 

 

296.2

 

 

 

412.7

 

Delivery vehicles

 

 

216.6

 

 

 

50.3

 

Total Transport

 

 

512.8

 

 

 

463.0

 

 

 

 

 

 

 

 

Corporate and Other

 

 

36.6

 

 

 

25.9

 

Consolidated

 

$

2,317.8

 

 

$

2,312.8

 
Schedule of Income (Loss) from Continuing Operations by Reportable Segment

 

 

Three Months Ended March 31, 2026

 

 

 

Access

 

 

Vocational

 

 

Transport

 

 

Total Segment

 

 

Corporate
and Other

 

 

Consolidated

 

Net Sales

 

$

943.4

 

 

$

825.0

 

 

$

512.8

 

 

$

2,281.2

 

 

$

36.6

 

 

$

2,317.8

 

Cost of sales (excluding R&D)

 

 

800.3

 

 

 

652.8

 

 

 

482.5

 

 

 

1,935.6

 

 

 

31.2

 

 

 

1,966.8

 

Research and development

 

 

23.3

 

 

 

9.3

 

 

 

3.3

 

 

 

35.9

 

 

 

3.2

 

 

 

39.1

 

Gross income

 

 

119.8

 

 

 

162.9

 

 

 

27.0

 

 

 

309.7

 

 

 

2.2

 

 

 

311.9

 

Employee compensation

 

 

43.3

 

 

 

35.1

 

 

 

14.2

 

 

 

92.6

 

 

 

39.2

 

 

 

131.8

 

Amortization of purchased intangibles

 

 

4.1

 

 

 

9.4

 

 

 

—

 

 

 

13.5

 

 

 

0.8

 

 

 

14.3

 

Other items(a)

 

 

37.7

 

 

 

33.7

 

 

 

8.6

 

 

 

80.0

 

 

 

3.8

 

 

 

83.8

 

Operating income

 

$

34.7

 

 

$

84.7

 

 

$

4.2

 

 

$

123.6

 

 

$

(41.6

)

 

 

82.0

 

Interest expense, net of interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(25.3

)

Miscellaneous, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2.0

)

Income before income taxes and losses of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

54.7

 
(a)
Includes software and information technology, outside services and consulting, travel, advertising, lease expense, depreciation and other miscellaneous SG&A expenses.

 

 

Three Months Ended March 31, 2025

 

 

 

Access

 

 

Vocational

 

 

Transport

 

 

Total Segment

 

 

Corporate
and Other

 

 

Consolidated

 

Net Sales

 

$

957.1

 

 

$

866.8

 

 

$

463.0

 

 

$

2,286.9

 

 

$

25.9

 

 

$

2,312.8

 

Cost of sales (excluding R&D)

 

 

749.7

 

 

 

655.6

 

 

 

434.8

 

 

 

1,840.1

 

 

 

24.0

 

 

 

1,864.1

 

Research and development

 

 

21.3

 

 

 

18.2

 

 

 

2.5

 

 

 

42.0

 

 

 

6.8

 

 

 

48.8

 

Gross income

 

 

186.1

 

 

 

193.0

 

 

 

25.7

 

 

 

404.8

 

 

 

(4.9

)

 

 

399.9

 

Employee compensation

 

 

41.0

 

 

 

34.3

 

 

 

12.9

 

 

 

88.2

 

 

 

34.3

 

 

 

122.5

 

Amortization of purchased intangibles

 

 

3.4

 

 

 

9.4

 

 

 

—

 

 

 

12.8

 

 

 

0.7

 

 

 

13.5

 

Other items(a)

 

 

38.6

 

 

 

31.5

 

 

 

12.2

 

 

 

82.3

 

 

 

6.2

 

 

 

88.5

 

Operating income

 

$

103.1

 

 

$

117.8

 

 

$

0.6

 

 

$

221.5

 

 

$

(46.1

)

 

 

175.4

 

Interest expense, net of interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(25.0

)

Miscellaneous, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.5

 

Income before income taxes and losses of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

150.9

 
(a)
Includes outside services and consulting, software and information technology, travel, office expenses, depreciation, advertising, lease expense and other miscellaneous SG&A expenses.
Schedule of Depreciation, Amortization and Capital Expenditure by Segment

 

 

Three Months Ended
March 31,

 

 

 

2026

 

 

2025

 

Depreciation and amortization:

 

 

 

 

 

 

Access

 

$

22.4

 

 

$

18.7

 

Vocational

 

 

20.5

 

 

 

21.2

 

Transport

 

 

11.1

 

 

 

7.6

 

Corporate and Other

 

 

6.6

 

 

 

6.1

 

Consolidated

 

$

60.6

 

 

$

53.6

 

Capital expenditures(a):

 

 

 

 

 

 

Access

 

$

10.4

 

 

$

25.2

 

Vocational

 

 

15.0

 

 

 

13.5

 

Transport

 

 

3.1

 

 

 

5.2

 

Corporate and Other

 

 

1.1

 

 

 

0.8

 

Consolidated

 

$

29.6

 

 

$

44.7

 
(a)
Capital expenditures include the purchase of both property, plant and equipment and equipment held for rental.
Schedule of Net Sales by Geographical Areas

The following tables present net sales by geographic region based on product shipment destination (in millions):

 

 

Three Months Ended March 31, 2026

 

 

 

Access

 

 

Vocational

 

 

Transport

 

 

Corporate
and Other

 

 

Total

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

707.2

 

 

$

746.3

 

 

$

430.9

 

 

$

31.9

 

 

$

1,916.3

 

Other North America

 

 

28.3

 

 

 

42.8

 

 

 

—

 

 

 

0.3

 

 

 

71.4

 

Europe, Africa and Middle East

 

 

163.8

 

 

 

21.9

 

 

 

42.2

 

 

 

0.4

 

 

 

228.3

 

Rest of the World

 

 

44.1

 

 

 

14.0

 

 

 

39.7

 

 

 

4.0

 

 

 

101.8

 

Consolidated

 

$

943.4

 

 

$

825.0

 

 

$

512.8

 

 

$

36.6

 

 

$

2,317.8

 

 

 

 

Three Months Ended March 31, 2025

 

 

 

Access

 

 

Vocational

 

 

Transport

 

 

Corporate
and Other

 

 

Total

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

703.0

 

 

$

797.1

 

 

$

304.9

 

 

$

23.0

 

 

$

1,828.0

 

Other North America

 

 

51.4

 

 

 

42.3

 

 

 

—

 

 

 

—

 

 

 

93.7

 

Europe, Africa and Middle East

 

 

144.6

 

 

 

16.1

 

 

 

138.2

 

 

 

2.8

 

 

 

301.7

 

Rest of the World

 

 

58.1

 

 

 

11.3

 

 

 

19.9

 

 

 

0.1

 

 

 

89.4

 

Consolidated

 

$

957.1

 

 

$

866.8

 

 

$

463.0

 

 

$

25.9

 

 

$

2,312.8