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Joy Global Inc. Announces Third Quarter Fiscal 2012 Operating Results

Stocks in this article: JOY

Net sales of underground mining machinery, excluding IMM, rose 2 percent in the third quarter compared to a year ago. Original equipment shipments declined 3 percent and aftermarket shipments were up 7 percent over the prior third quarter. The original equipment sales were driven by lower shipments in Eurasia and China offset with higher shipments in Australia. Aftermarket sales increased in the United States, Australia, China and South Africa.

Net sales of surface mining equipment, excluding LeTourneau, were 22 percent higher than the same period last year. Original equipment sales increased 47 percent as last year’s strong order rate flowed into this year’s sales, with aftermarket sales up 8 percent. Original equipment sales increases were led by strong results in all regions except South Africa. Aftermarket sales were up in all regions except China compared to the prior third quarter.

Operating Profit - (in millions)
    Quarter Ended
July 27 July 29 Return on Sales
  2012     2011   2012 2011
Underground Mining Machinery $ 164.0 $ 156.4 23.9 % 23.4 %
Surface Mining Equipment 134.4 107.6 23.8 % 23.2 %
Corporate Expenses (12.7 ) (12.7 ) NA NA
Eliminations   (9.0 )   (9.8 ) NA NA
Legacy Business 276.7 241.5 22.9 % 22.1 %
LeTourneau 22.2 8.5 20.0 % 19.6 %
IMM   10.5     -   15.2 % NA
Subtotal 309.4 250.0 22.3 % 22.0 %
Excess Purchase Accounting
LeTourneau (2.1 ) (2.3 ) NA NA
IMM (7.7 ) - NA NA
Acquisition Costs   (0.1 )   (11.7 ) NA NA
Total Operating Profit $ 299.5   $ 236.0   21.6 % 20.8 %

Operating profit for the legacy business was $277 million for the third quarter of 2012, compared to $242 million in the third quarter of last year. Return on sales was 22.9 percent in the third quarter, compared to 22.1 percent last year. Incremental profitability for the legacy business was 30 percent on an 11 percent volume increase.

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