The current quarter operating profit from IMM totaled $10 million, excluding a $4 million gain from the true-up of first year excess purchase accounting charges associated with finalizing the valuation of the acquired order backlog.
The effective income tax rate was 31.0 percent in the current quarter compared to 27.9 percent in the first quarter of 2012. The prior year quarter included $2 million of permanent tax differences arising from the share gain and acquisition costs associated with the IMM transaction and $4 million of net favorable discrete tax benefits. The effective income tax rate excluding discrete tax adjustments and the permanent tax differences would have been 31.0 percent in the first quarter of 2012.
Impact of Unusual Items on Earnings Per Share
|January 25, 2013||January 27, 2012|
|in millions||Diluted EPS||in millions||Diluted EPS|
Income from continuing operations, attributable to Joy Global Inc., as reported
|LeTourneau excess purchase accounting, net of tax||-||-||4.1||0.04|
|IMM excess purchase accounting, net of tax||-||-||0.2||-|
|Acquisition costs, net of tax||0.1||-||13.1||0.12|
|Restructuring charges, net of tax||0.9||0.01||-||-|
|Net discrete tax benefits||0.3||-||4.2||0.04|
|IMM excess purchase accounting, net of tax||2.9||0.03||-||-|
|IMM equity and gain on shares||-||-||20.2||0.19|
Income from continuing operations attributable to Joy Global Inc., before acquisition activities and unusual items
The table above lists the unusual items that affected first quarter earnings per share compared to the same quarter last year.