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TheStreet Open House

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.

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