This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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

The current quarter results include $30 million of operating profit from LeTourneau. In addition, the current quarter results also include $4 million of operating profit from IMM, before $2 million of first year excess purchase accounting charges. Excess purchase accounting charges associated with the write-up of the acquired inventory and backlog from the IMM transaction were completed in the fourth quarter of fiscal 2012.

Net interest expense increased to $17 million in the fourth quarter of 2012, up from $11 million in the prior year, but flat with the third quarter. The increase in interest expense is attributable to incremental borrowings associated with financing the LeTourneau and IMM acquisitions.

The income tax rate was 31.1 percent in the current quarter compared to 31.7 percent in the fourth quarter of 2011. The current quarter includes $3 million of net favorable discrete benefits compared to $3 million of net unfavorable discrete charges last year.

Impact of Acquisitions and Unusual Items on Earnings Per Share
  Quarter Ended
October 26, 2012   October 28, 2011
Dollars   Fully Dollars   Fully
in millions Diluted EPS in millions Diluted EPS
 

Income from continuing operations, attributable to Joy Global Inc., as reported
$ 212.4 $ 1.99 $ 195.0 $ 1.83
 
Add:
LeTourneau excess purchase accounting, net of tax - - 3.6 0.03
IMM excess purchase accounting, net of tax 1.5 0.01 - -
Acquisition costs, net of tax - - 4.2 0.04
Incremental interest expense, net of tax 5.3 0.05 4.7 0.04
Pension curtailment, net of tax 7.8 0.07 - -
Restructuring charges, net of tax 6.5 0.06 - -
Net discrete tax charges - - 2.8 0.03
 
Deduct:
Net discrete tax benefits 3.1 0.03 - -
LeTourneau, net of tax 19.2 0.18 14.1 0.13
IMM, net of tax   2.9   0.03   2.5   0.02
 

Income from continuing operations attributable to Joy Global Inc., before acquisition activities and unusual items
$ 208.3 $ 1.94 $ 193.7 $ 1.82
 

The table above lists the acquisition activities and unusual items that affected fourth quarter earnings per share compared to the same quarter last year. The LeTourneau and IMM acquisitions, net of the increase in interest expense, added $0.15 to fully diluted EPS in the fourth quarter.

4 of 17

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,374.76 +23.38 0.14%
S&P 500 1,951.13 +2.27 0.12%
NASDAQ 4,733.4970 -16.4820 -0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs