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Joy Global Inc. Announces Fourth Quarter And Fiscal 2012 Year-End Operating Results

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)      
Quarter Ended
October 26, October 28, %
2012 2011 Change
Underground Mining Machinery $ 638.0 $ 632.7 0.8 %
Surface Mining Equipment 530.8 678.9 (21.8 )%
Eliminations   (77.8 )   (35.6 )  
Legacy Business 1,091.0 1,276.0 (14.5 )%
LeTourneau 190.7 115.8 64.7 %
IMM   40.0     -    
Total Bookings $ 1,321.7  


  (5.0 )%

Bookings decreased 5 percent to $1.3 billion in the fourth quarter of fiscal 2012, with year over year order declines in our legacy business partially offset by $75 million of incremental bookings from LeTourneau and $40 million of bookings from IMM. The LeTourneau bookings include a multiple unit order for wheel loaders in South America. Our current quarter includes the full results of both of these acquisitions, while the fourth quarter of last year only included LeTourneau activity. Orders for the legacy underground and surface businesses, which exclude IMM and LeTourneau, decreased 15 percent in total compared to the fourth quarter of last year. Aftermarket orders declined 5 percent, and original equipment orders were down 27 percent over last year’s fourth quarter. The stronger U.S. dollar reduced current quarter bookings by $23 million compared to the fourth quarter of last year. On a sequential basis, current year fourth quarter aftermarket and original equipment bookings increased 8 percent and 39 percent, respectively, from the third quarter of this year.

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