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

Stocks in this article: JOY

Bookings for underground mining machinery decreased 43 percent in comparison to last year’s third quarter. Original equipment orders decreased 68 percent compared to the third quarter of last year, with declines in all regions except China. Aftermarket orders decreased 27 percent, with declines in all regions except North America. Orders for underground mining machinery were reduced by $71 million for the impact of foreign exchange compared to the third quarter of last year.

Bookings for surface mining equipment were down 27 percent. Original equipment orders were down 87 percent from the third quarter of last year, while aftermarket bookings increased 3 percent. Original equipment orders were down in all regions. Aftermarket orders increased in North America, Eurasia, China and Africa partially offset by reductions in Australia and South America. Current quarter surface orders for original equipment and aftermarket were negatively impacted by foreign exchange of $19 million.

Backlog at the end of the third quarter was $1.6 billion compared to $2.2 billion at the beginning of the third quarter.

Net Sales - (in millions)
Quarter Ended
July 26, July 27, %
2013 2012 Change
Underground Mining Machinery $ 722.7 $ 754.1 (4.2 )%
Surface Mining Equipment 640.9 675.5 (5.1 )%
Eliminations   (43.0 )   (40.9 )  
Total Net Sales $ 1,320.6   $ 1,388.7   (4.9 )%

Net sales decreased 5 percent from a year ago to $1.3 billion in the third quarter. Original equipment sales decreased 8 percent and aftermarket sales decreased 2 percent compared to the prior year period. Changes in foreign exchange rates decreased net sales by $28 million in the third quarter compared to the year ago period.

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