Joy Global Inc. Announces First Quarter Fiscal 2012 Operating Results

Joy Global Inc. (NYSE: JOY), a worldwide leader in high-productivity mining solutions, today reported first quarter fiscal 2012 results. First quarter bookings increased by 17 percent to $1.4 billion and net sales increased 31 percent to $1.1 billion compared to the same period last year. Operating income of $214 million was 18.8 percent of sales, compared to operating income of $154 million, or 17.7 percent of sales, in the first quarter of fiscal 2011. Income from continuing operations was $142 million or $1.33 per fully diluted share for the first quarter compared to income from continuing operations of $102 million, or $0.96 per fully diluted share in the first quarter of 2011.

First Quarter Operating Results

“We are very pleased with our first quarter, and it gives us a very strong start to our 2012”, said Mike Sutherlin, President and Chief Executive Officer. “Our core surface and underground businesses grew revenues by 18 percent, and 23 percent, respectively, and operating leverage enabled them to expand operating margins to over 20 percent. Both sales and margins are records for a first quarter. Orders in these core businesses were strong, but lumpy. Orders for original equipment in our underground business were down, but this is largely due to the exceptionally strong bookings we had in last year’s first quarter. Conversely, orders for surface original equipment and for aftermarket parts and services in both segments were especially strong, and in line with the outlook for our markets. LeTourneau operating results remain accretive, despite working through legacy warranty and supply chain issues which should improve over the balance of the year. We hit a major milestone with International Mining Machinery, by reaching an ownership level that enables us to proceed with de-listing. As a result of all of these factors, our first quarter was a combination of strong operational performance and good progress on investments we have made in our future,” said Sutherlin.

1 2 3 4 5 6 7 8 9 ... Next › Last »