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Joy Global Inc. Announces First Quarter Fiscal 2013 Operating Results

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)
Quarter Ended
January 25, January 27, %
2013 2012 Change
Underground Mining Machinery $ 537.7 $ 806.5 (33.3 )%
IMM   61.1     15.6    
Total Underground Mining Machinery 598.8 822.1 (27.2 )%
Surface Mining Equipment 502.9 671.1 (25.1 )%
Eliminations   (77.0 )   (59.3 )  
Total Bookings $ 1,024.7   $ 1,433.9   (28.5 )%

Bookings decreased 29 percent to $1.0 billion in the first quarter of fiscal 2013. The current quarter includes three months of IMM results, while the first quarter of last year included one month. Excluding IMM, orders decreased 32 percent compared to the first quarter of last year. Aftermarket orders declined 21 percent and original equipment orders were down 44 percent. The stronger U.S. dollar reduced current quarter bookings by $5 million compared to the first quarter of last year. On a sequential basis, current year first quarter aftermarket and original equipment bookings decreased 20 percent and 26 percent, respectively, from the fourth quarter of last year. The fourth quarter of last year included roof supports sold into Australia and a multiple unit order for wheel loaders into South America that did not repeat.

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