Joy Global Inc. (NYSE: JOY), a worldwide leader in high-productivity mining solutions, today reported first quarter fiscal 2013 results.
Net sales in the first quarter were up 1 percent to $1.1 billion compared to the same period last year. Operating income was $221 million in the first quarter of 2013, compared to operating income of $214 million in the first quarter of 2012, and was 19 percent of sales in both years. Income from continuing operations was $142 million or $1.33 per fully diluted share for both periods. First quarter bookings decreased 29 percent to $1.0 billion in fiscal 2013 compared to the first quarter of last year.
First Quarter Operating Results
“Our results for the first quarter demonstrate continued strong execution,” said Mike Sutherlin, President and Chief Executive Officer. “We are also starting to see benefits from strategic actions to lower our cost base. Both are important as we continue to adjust to headwinds in the mining sector. Although there are growing examples that commodity fundamentals are beginning to turn positive, we expect some delay in translating that into increased mine expansion projects due to a much more cautionary stance on capital deployment by our customers. Despite the current challenges, we see this as an opportunity to streamline and improve the efficiency of our business, and that continues to be our focus. We have demonstrated our ability to respond to growth, and our focus on lowering our cost base will not cause us to miss upside opportunity.”
|Bookings - (in millions)|
|January 25,||January 27,||%|
|Underground Mining Machinery||$||537.7||$||806.5||(33.3||)%|
|Total Underground Mining Machinery||598.8||822.1||(27.2||)%|
|Surface Mining Equipment||502.9||671.1||(25.1||)%|