Net sales of underground mining machinery, excluding IMM, rose 12 percent compared to a year ago. Original equipment shipments increased 16 percent and aftermarket shipments were up 9 percent over the prior year. The original equipment sales were driven by shipments in Eurasia and Australia. Aftermarket sales increased in Australia and China.
Net sales of surface mining equipment, excluding LeTourneau, were 26 percent higher than last year. Original equipment sales increased 62 percent as last year’s strong order rate flowed into this year’s sales. Aftermarket sales were up 8 percent. Original equipment sales increased in all regions compared to last year, except Africa. Aftermarket sales were up in all regions except China compared to last year.
|Operating Profit - (in millions)|
|October 26,||October 28,||
Return on Sales
|Underground Mining Machinery, before unusuals||$||670.5||$||595.3||23.2||%||23.1||%|
|Underground Mining Machinery||662.3||595.3||22.9||%||23.1||%|
|Surface Mining Machinery, before unusuals||531.6||399.3||23.3||%||22.0||%|
|Surface Mining Equipment||518.9||399.3||22.7||%||22.0||%|
|Corporate restructuring charges||(1.0||)||-|
|Excess Purchase Accounting|
|IMM gain on shares / equity||20.2||3.4|
|Total Operating Profit||$||1,172.6||$||920.2||20.7||%||20.9||%|
Operating profit for the legacy business was $1.1 billion for fiscal 2012, compared to $0.9 billion last year. Return on sales was 22 percent for fiscal 2012 and 21 percent for fiscal 2011. Incremental profitability for the legacy business was 23 percent on a 17 percent increase in net sales. Excluding charges for restructuring and the pension curtailment, incremental profitability was 27 percent for the legacy business.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV