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Joy Global Inc. Announces First Quarter Fiscal 2013 Operating Results

Net sales of underground mining machinery declined 8 percent in the first quarter compared to a year ago. Excluding the incremental sales from IMM, original equipment shipments decreased 26 percent and aftermarket shipments declined 6 percent from the prior first quarter. The original equipment sales decline was driven by a soft U.S. coal market partially offset by higher shipments in Australia. Lower aftermarket sales in the U.S., which were down due to production declines in the domestic coal market, were partially offset by increased shipments in China, Australia and Africa.

Net sales of surface mining equipment were 14 percent higher than the same period last year. Original equipment sales increased 25 percent with aftermarket sales up 6 percent. Original equipment and aftermarket sales increases were up in all regions except China and North America compared to the prior year period.
     
Operating Profit - (in millions)
  Quarter Ended
January 25, January 27,

Return on Sales
2013 2012 2013 2012
 
Underground Mining Machinery $ 98.2 $ 131.0 18.4 % 20.8 %
IMM   10.3     0.8   17.8 % 7.8 %
Total Underground Mining Machinery, before unusuals 108.5 131.8 18.4 % 20.6 %
Surface Mining Equipment, before unusuals 136.6 103.1 22.6 % 19.4 %
Corporate Expenses (12.6 ) (12.8 )
Eliminations   (13.6 )   (8.1 )    
Subtotal, Before Unusual Items 218.9 214.0 19.0 % 18.8 %
 
Restructuring charges
Underground (0.4 ) -
Surface (0.9 ) -
Excess Purchase Accounting
LeTourneau - (5.9 )
IMM 3.8 (0.3 )
IMM Gain & Equity Accounting - 20.2
Acquisition Costs   (0.2 )   (14.3 )    
 
Total Operating Profit $ 221.2   $ 213.7   19.2 % 18.8 %
 

Operating profit for the first quarter of fiscal 2013 totaled $221 million, up $7 million or 3% compared to the first quarter of 2012. Excluding the unusual items listed in the table above, operating profit totaled $219 million, up $5 million compared to the prior period. Incremental operating profit from IMM and lower selling, general and administration costs in the current quarter more than offset the impact from increased period costs. Return on sales of 19 percent was flat with the prior year period. Restructuring activities continued in the quarter to better align the company’s cost structure to anticipated future requirements.

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