OK, this is just getting ridiculous. Sure, I've liked industrial stocks for a little while here, including companies like Ingersoll-Rand (NYSE:IR) and Parker-Hannifin (NYSE:PH), but what JLG (NYSE:JLG) is accomplishing is just nuts.

Well, maybe not. After all, Joy Global (NASDAQ:JOYG) has seen a similar sort of stock performance, as hot demand has boosted its results, too.

JLG, manufacturer of access products (aerial work platforms and telehandlers), saw sales rise another 40% in the January quarter. And as has also been the case lately, margins improved (the operating margin more than doubled) and operating income nearly tripled.

It's kind of hard to think up something new to say here. The company continues to see strong demand for its machinery as rental companies like Alamo Group (NYSE:ALG) renew and expand their fleets. What's more, the company still enjoys better-than-average growth in Europe, and that's without the benefit of the upcoming agreement with Caterpillar (NYSE:CAT), which should further expand JLG's international business opportunities.

I suppose it's also worth noting that the company no longer seems too bothered by raw material costs. While JLG had been reporting declining levels of unrecovered expenses related to steel, I didn't catch any mention of that this time around, and management did say that past pricing actions had caught up to the general inflation in raw materials.

When it comes to the stock, I certainly have to confess some envy for those who bought it a year or two ago. I'm still wondering why I didn't, frankly -- I've owned this stock in the past and followed it off and on for a number of years. Whatever the case, another triple isn't likely in the cards, but the stock's valuation doesn't seem too out of line relative to other machinery makers.

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Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).