This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Joy Global Inc. Announces Second Quarter Fiscal 2012 Operating Results

Joy Global Inc. (NYSE: JOY), a worldwide leader in high-productivity mining solutions, today reported second quarter fiscal 2012 results. Second quarter bookings were $1.2 billion, compared to $1.5 billion in the second quarter of last year, a decrease of 19 percent. Net sales increased 45 percent to $1.5 billion compared to the same period last year. Operating income was $333 million in the second quarter of 2012, compared to operating income of $234 million in the second quarter of fiscal 2011, and was 22 percent of sales in both years. Income from continuing operations was $218 million or $2.04 per fully diluted share for the second quarter compared to income from continuing operations of $162 million, or $1.52 per fully diluted share in the second quarter of 2011.

Second Quarter Operating Results

“Our second quarter reflects both excellence in our execution and concerns over slowing in our markets,” said Mike Sutherlin, President and Chief Executive Officer. “Our efforts on cycle time reduction allowed us to increase shipments this quarter in our core Joy underground and P&H surface businesses by 24 percent over last year, and our focus on operating leverage delivered 24 percent operating margins in these core businesses. We are very pleased with the performance from our acquired LeTourneau and International Mining Machinery businesses, as they collectively delivered operating margins above 20 percent before first-year excess purchase accounting charges. With the U.S. market correcting quickly, and the international markets showing signs of near term slowing, we are turning our focus to trimming costs. The current order rate is affected by both project timing as well as fundamentals, and we believe there is sound basis for demand upside. However, we have been served well in the past by starting early to prepare for a range of outcomes, and this currently includes our expectation that near term order rates will moderate and revenues could flatten for a period compared to our first half run rate.”
Bookings - (in millions)
      Quarter Ended
April 27 April 29 %
2012 2011 Change
Underground Mining Machinery $ 564.8 $ 905.2 -37.6 %
Surface Mining Equipment 533.9 670.4 -20.4 %
Eliminations   (93.2 )   (50.8 )

Core Business 1,005.5 1,524.8 -34.1 %
LeTourneau 128.4 - NA
IMM   97.5     -   NA
Total Bookings $ 1,231.4   $ 1,524.8   -19.2 %

Bookings decreased 19 percent to $1.2 billion in the second quarter of fiscal 2012, with year over year quarterly order declines in our core business partially offset by the inclusion of $128.4 million and $97.5 million of bookings from LeTourneau Technologies Inc. (“LeTourneau”) and International Mining Machinery (“IMM”), respectively. Orders for the core underground and surface businesses decreased 34 percent in total compared to the record second quarter of last year. Aftermarket orders decreased 9 percent, and original equipment orders were down 59 percent over last year’s second quarter. The stronger U.S. dollar reduced bookings by $17 million during the quarter.

1 of 11

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.64 -3.30%
FB $116.73 7.20%
GOOG $691.02 -2.10%
TSLA $249.30 -0.86%
YHOO $36.57 -1.00%


Chart of I:DJI
DOW 17,830.76 -210.79 -1.17%
S&P 500 2,075.81 -19.34 -0.92%
NASDAQ 4,805.2910 -57.85 -1.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs