This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Joy Global Inc. Announces First Quarter Fiscal 2013 Operating Results

Stocks in this article: JOY

Bookings for underground mining machinery decreased 27 percent in comparison to last year’s first quarter. Original equipment orders were down 30 percent compared to the first quarter of last year, largely due to longwall system orders sold into Australia and in the U.S. in the prior year and a year over year decline in room and pillar orders in the U.S. Aftermarket orders decreased 24 percent, with declines in all regions. Orders for underground original equipment and aftermarket bookings were negatively impacted by foreign exchange of $3 million compared to the first quarter of last year.

Bookings for surface mining equipment were down 25 percent. Original equipment orders were down 34 percent from the bookings in the first quarter of last year, while aftermarket bookings decreased 18 percent. Original equipment and aftermarket orders were down in all regions. Current quarter surface orders for original equipment and aftermarket were negatively impacted by foreign exchange of $2 million.

Backlog at the end of the first quarter was $2.4 billion compared to $2.6 billion at the beginning of fiscal 2013.

 
Net Sales - (in millions)      
Quarter Ended
January 25, January 27, %
2013 2012 Change
 
Underground Mining Machinery $ 532.6 $ 628.8 (15.3 )%
IMM   57.5     10.5    
Total Underground Mining Machinery 590.1 639.3 (7.7 )%
Surface Mining Equipment 605.5 532.3 13.7 %
Eliminations   (45.7 )   (35.4 )  
 
Total Net Sales $ 1,149.9   $ 1,136.2   1.2 %
 

Net sales increased 1 percent from a year ago to $1.1 billion in the first quarter. IMM contributed incremental sales of $47 million to the first quarter. Original equipment sales increased 3 percent and aftermarket sales decreased 1 percent compared to the prior year period. Changes in foreign exchange rates increased net sales by $4 million in the first quarter compared to a year ago.

2 of 12

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,399.67 +19.26 0.12%
S&P 500 1,904.01 +17.25 0.91%
NASDAQ 4,316.0740 +57.6360 1.35%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs