Underground mining machinery recorded its second highest first quarter bookings in history, excluding IMM, yet orders were down 2 percent in comparison to last year’s record setting first quarter. A 26 percent increase in aftermarket bookings was more than offset by a 19 percent decrease in original equipment bookings. The increase in aftermarket bookings was led by orders received in the United States, Australia and China. Original equipment orders were down in all regions, from the record bookings recorded in the first quarter last year, which included a major longwall system in Australia.
Bookings for surface mining equipment, excluding LeTourneau, were up 40 percent from the first quarter of last year. Original equipment orders were up 81 percent from the orders reported a year ago, while aftermarket bookings increased by 20 percent. Original equipment orders received in the current quarter were broadly disbursed across geographies and commodities, including the United States, Canada, Latin America, Australia and South Africa, and aftermarket orders were up in all regions.
Backlog at the end of the first quarter was $3.6 billion, compared to $3.3 billion at the beginning of fiscal 2012. The increase reflects a positive book to bill ratio for both businesses during the first quarter of 2012, plus a $47 million addition of IMM backlog after acquiring a controlling interest.
|Net Sales - (in millions)|
|January 27||January 28||%|
|Underground Mining Machinery||$||628.8||$||510.9||23.1||%|
|Surface Mining Equipment||454.0||385.8||17.7||%|
|Total Net Sales||$||1,136.2||$||869.5||30.7||%|
Net sales increased 21 percent to $1.0 billion, excluding LeTourneau and IMM. Original equipment sales were up 37 percent and aftermarket sales were up 10 percent over the prior year period. Changes in foreign exchange rates decreased net sales by $4 million in the first quarter compared to a year ago.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV