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Joy Global Inc. Announces Third Quarter Fiscal 2012 Operating Results

Stocks in this article: JOY

Bookings for underground mining machinery, excluding IMM, were down 26 percent in comparison to last year’s third quarter. Original equipment orders were down 55 percent compared to the third quarter of last year, primarily due to a soft U.S. coal market and a roof support system ordered in Russia in 2011 that did not repeat in the current period. Original equipment orders were down in all regions except South Africa. Aftermarket bookings increased 2 percent due to higher orders in other international markets offset by a decrease in orders in the United States and Eurasia. Last quarter, $119 million in underground equipment orders scheduled for the U.S. coal market were removed from backlog as we believed there was a reasonable risk of deferral or cancellation of these orders. During the third quarter, $64 million of these orders actually cancelled, while $38 million were completed and shipped under their original terms. Orders for legacy underground original equipment and aftermarket were negatively impacted by foreign exchange of $25 million and $21 million, respectively.

Bookings for surface mining equipment, excluding LeTourneau, were down 39 percent. Original equipment orders were down 66 percent from the exceptionally strong third quarter of last year in which a record 18 shovels were booked, while aftermarket bookings declined 2 percent. Original equipment orders were down in all regions except Australia. Aftermarket order declines centered in North America were mostly offset by other international regions. Current quarter legacy surface business orders for original equipment and aftermarket were negatively impacted by foreign exchange of $5 million and $11 million, respectively.

Backlog at the end of the third quarter was $2.8 billion compared to $3.1 billion at the end of the second quarter. Backlog related to the legacy businesses was $2.5 billion at the end of the third quarter while backlog related to LeTourneau and IMM remained at $0.3 billion.

Net Sales - (in millions)
  Quarter Ended
July 27 July 29 %
  2012     2011   Change
Underground Mining Machinery $ 684.9 $ 669.2 2.4 %
Surface Mining Equipment 564.6 464.3 21.6 %
Eliminations   (40.9 )   (40.4 ) NA
Legacy Business 1,208.6 1,093.1 10.6 %
LeTourneau 110.9 43.3 NA
IMM   69.2     -   NA
Total Net Sales $ 1,388.7   $ 1,136.4   22.2 %

Net sales, excluding LeTourneau and IMM, increased 11 percent to $1.2 billion. Original equipment sales were up 15 percent and aftermarket sales were up 7 percent over the prior year period. Changes in foreign exchange rates decreased net sales by $35 million in the third quarter compared to a year ago.

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