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

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)        
Year Ended
October 26, October 28,

Return on Sales

2012 2011 2012 2011
 
Underground Mining Machinery, before unusuals $ 670.5 $ 595.3 23.2 % 23.1 %
Restructuring charges (6.1 ) -
Pension curtailment (2.1 ) -
       
Underground Mining Machinery 662.3 595.3 22.9 % 23.1 %
 
Surface Mining Machinery, before unusuals 531.6 399.3 23.3 % 22.0 %
Restructuring charges (2.4 ) -
Pension curtailment   (10.3 )   -      
Surface Mining Equipment 518.9 399.3 22.7 % 22.0 %
 
Corporate Expenses

(54.2

)

(49.4 )
Corporate restructuring charges (1.0 ) -
Eliminations   (40.8 )   (31.9 )    
Legacy Business 1,085.2 913.3 21.7 % 21.4 %
 
LeTourneau 87.4 32.0 19.4 % 22.1 %
IMM   36.9     -   16.8 %  
Subtotal 1,209.5 945.3 21.4 % 21.5 %
 
Excess Purchase Accounting
LeTourneau (13.6 ) (8.8 )
IMM (27.4 ) -
IMM gain on shares / equity 20.2 3.4
Acquisition Costs   (16.1 )   (19.7 )    
 
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.

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