Joy Global Inc. Announces First Quarter Fiscal 2012 Operating Results

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)
		Quarter Ended
		January 27				January 28				%
		2012				2011				Change
Underground Mining Machinery		$	628.8			$	510.9			23.1	%
Surface Mining Equipment			454.0				385.8			17.7	%
Eliminations			(35.4	)			(27.2	)
Subtotal			1,047.4				869.5			20.5	%
LeTourneau Mining			78.3				-
IMM			10.5				-
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.

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