JLG Industries Inc has revised its full-year July 31 earnings estimates due to "continued uncertainty" in the US.

A JLG statement said fourth-quarter sales were expected to be down 15 percent on 2001. Increased uncertainty and its impact on finance and credit had caused many of JLG's large customers to be cautious in their spending.

"Orders in late June and early July are well below our expectations and pricing is very competitive. While we continue to believe we are at the bottom of the cycle, recovery now appears to be more protracted than projected," said JLG chairman Bill Lasky.

"Unfortunately, this uncertainty comes during (our) seasonally strongest period. The fleet replacement cycle depends on three factors: a clear indication that the economy is on the mend, a healthy used equipment market, and availability of customer financing, all of which are still lacking."

JLG chief financial officer Jim Woodward said aerial platforms had been affected more severely than the telehandlers segment and, while a weaker US dollar favoured JLG's European operations, competitive pricing and restrictive customer credit had offset any benefits.