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

Stocks in this article: JOY

Total backlog at the end of fiscal 2012 was $2.6 billion, compared to $3.3 billion at the beginning of the fiscal year. Backlog related to the legacy business was $2.3 billion at the end of the year while backlog related to LeTourneau and IMM was $0.3 billion.

Bookings for underground mining machinery, excluding IMM, decreased 17 percent in comparison to last year. Original equipment orders declined 35 percent compared to the last year. All regions, except for Africa, experienced a decrease in orders. Aftermarket bookings were flat compared to last year as bookings increases in China, Africa and Australia were offset by lower orders in the U.S. Current year orders for legacy underground original equipment and aftermarket were negatively impacted by foreign exchange of $41 million and $39 million, respectively.

Bookings for surface mining equipment, excluding LeTourneau, were down 16 percent from the last year. Original equipment orders were down 37 percent from the record bookings of last year, while aftermarket bookings increased 5 percent. Original equipment orders were down in all regions except Africa and Australia. Aftermarket order increases were led by South America, Australia, and Eurasia. All other regions experienced declining aftermarket orders. Current year legacy surface business orders for original equipment and aftermarket were negatively impacted by foreign exchange of $7 million and $10 million, respectively.

Net Sales - (in millions)      
Year Ended
October 26, October 28, %
2012 2011 Change
 
Underground Mining Machinery $ 2,888.5 $ 2,576.6 12.1 %
Surface Mining Equipment 2,286.1 1,814.4 26.0 %
Eliminations   (184.1 )   (132.0 )  
Legacy Business 4,990.5 4,259.0 17.2 %
 
LeTourneau 451.4 144.9 211.5 %
IMM   219.0     -    
 
Total Net Sales $ 5,660.9   $ 4,403.9   28.5 %
 

Net sales, excluding LeTourneau and IMM, increased 17 percent to $5 billion. Original equipment sales were up 31 percent and aftermarket sales were up 8 percent over the prior year. Changes in foreign exchange rates decreased net sales by $51 million compared to a year ago. LeTourneau and IMM contributed incremental sales for the year of $307 million and $219 million, respectively.

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