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

Bookings for underground mining machinery, excluding IMM, were flat in comparison to last year’s fourth quarter. Original equipment orders were up 21 percent compared to the fourth quarter of last year, largely due to roof supports sold into Australia and increased orders in most other international regions. This was offset by a decline in orders in the U.S., due to its weak coal market. Aftermarket orders decreased 9 percent, driven by fewer rebuilds in the weak U.S. coal market. Orders from the international markets were not strong enough to offset the declines in the U.S. Orders for legacy underground original equipment and aftermarket were negatively impacted by foreign exchange of $11 million and $9 million, respectively.

Bookings for surface mining equipment, excluding LeTourneau, were down 22 percent. Original equipment orders were down 47 percent from the record bookings in the fourth quarter of last year, while aftermarket bookings increased 3 percent. Original equipment orders were down in all regions except Africa and Australia. Aftermarket order increases were centered in South America, Australia and Africa. All other regions experienced a decrease in orders. Current quarter legacy surface orders for original equipment and aftermarket were negatively impacted by foreign exchange of $1 million and $2 million, respectively.

Backlog at the end of the fourth quarter was $2.6 billion compared to $2.8 billion at the end of the third quarter. Backlog related to the legacy business was $2.3 billion at the end of the fourth quarter, down $0.2 billion from the beginning of the quarter, while backlog related to LeTourneau and IMM remained at $0.3 billion.
Net Sales - (in millions)      
Quarter Ended
October 26, October 28, %
2012 2011 Change
Underground Mining Machinery $ 775.4 $ 748.1 3.6 %
Surface Mining Equipment 708.3 524.4 35.1 %
Eliminations   (69.9 )   (38.8 )  
Legacy Business 1,413.8 1,233.7 14.6 %
LeTourneau 129.0 101.6 27.0 %
IMM   52.1     -    
Total Net Sales $ 1,594.9   $ 1,335.3   19.4 %

Net sales, excluding LeTourneau and IMM, increased 15 percent from a year ago to $1.4 billion in the fourth quarter. LeTourneau and IMM contributed incremental sales of $27 million and $52 million, respectively, to the fourth quarter. Original equipment sales were up 27 percent and aftermarket sales were up 6 percent over the prior year period. Changes in foreign exchange rates decreased net sales by $7 million in the fourth quarter compared to a year ago.

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