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Joy Global Inc. Announces Third Quarter Fiscal 2013 Operating Results And Share Repurchase Program

Stocks in this article: JOY

“As our markets become more challenging, I am very pleased with the bottom line focus and operational efficiencies that we are building into our business. These efficiencies are supporting operating margins that remain above 20 percent. Our commitment to balanced performance includes asset efficiency as well as profitability, and reductions in accounts receivable and inventory led to significant improvement in operating cash flow.”

“We continue to position our business for the markets ahead. We have been focused on lowering our cost base to deliver strong results in softer market conditions, and to improve our leverage when growth returns. Our previously announced cost reduction programs are delivering savings ahead of schedule, and we are expanding these programs to adjust to a lowered outlook for 2014.”

Bookings - (in millions)
Quarter Ended
July 26, July 27, %
2013 2012 Change
Underground Mining Machinery $ 361.2 $ 629.2 (42.6 )%
Surface Mining Equipment 354.9 488.3 (27.3 )%
Eliminations   (20.7 )   (33.2 )  
Total Bookings by Segment $ 695.4   $ 1,084.3   (35.9 )%
Aftermarket $ 599.1 $ 690.4 (13.2 )%
Original Equipment   96.3     393.9   (75.5 )%
Total Bookings by Product $ 695.4   $ 1,084.3   (35.9 )%

Total bookings decreased 36 percent from last year to $695 million in the third quarter of fiscal 2013. Original equipment orders decreased 76 percent while aftermarket orders declined 13 percent when compared to the prior year period. The current quarter bookings were reduced by $90 million for the impact of foreign exchange, reducing original equipment and aftermarket bookings by $49 million and $41 million, respectively. This decrease was mostly attributable to the adjustment of beginning backlog for exchange rate movements during the quarter. The backlog adjustment was primarily due to the large amount of backlog currently denominated in Australian dollars. When adjusting for foreign exchange, current quarter bookings were down 28 percent from the same period last year with original equipment orders down 63 percent and aftermarket orders down 7 percent.

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