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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.

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