Joy Global Inc. (NYSE: JOY), a worldwide leader in high-productivity mining solutions, today reported fourth quarter and full year fiscal 2012 results.
Net sales in the fourth quarter increased 19 percent to $1.6 billion compared to the same period last year. Operating income was $326 million, or 20 percent of sales, in the fourth quarter of 2012, compared to operating income of $296 million, or 22 percent of sales, in the fourth quarter of 2011. Income from continuing operations was $212 million or $1.99 per fully diluted share for the fourth quarter compared to income from continuing operations of $195 million, or $1.83 per fully diluted share in the fourth quarter of 2011. Earnings per share were reduced by $0.06 in the quarter due to restructuring costs, $0.07 due to pension curtailment charges and $0.01 due to excess first year purchase accounting charges at International Mining Machinery (“IMM”). Fourth quarter bookings decreased 5 percent to $1.3 billion in fiscal 2012 compared to the fourth quarter of last year, but were up 22 percent sequentially from the third quarter.
Fourth Quarter and Full Year Highlights
“Our entire organization did an outstanding job of catching up on deliveries and giving us an exceptional finish to fiscal 2012,” said Mike Sutherlin, President and Chief Executive Officer. “This strong execution will be important as we begin adjusting to the lower volumes that we expect for 2013. We are setting our plans for 2013 on the basis that current market conditions continue. Although there is upside potential in our markets, the timing is uncertain and unlikely to occur until current excess mine capacity is reduced.”
|Bookings - (in millions)|
|October 26,||October 28,||%|
|Underground Mining Machinery||$||638.0||$||632.7||0.8||%|
|Surface Mining Equipment||530.8||678.9||(21.8||)%|