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

Net sales of underground mining machinery declined 4 percent in the third quarter compared to a year ago. Original equipment sales were flat and aftermarket sales declined 8 percent from the prior third quarter. Original equipment sales were stronger in all regions except North America compared to the year ago period. Aftermarket sales were down in all regions except China.

Net sales of surface mining equipment were 5 percent lower than the same period last year. Original equipment sales decreased 15 percent while aftermarket sales increased 4 percent. Strong original equipment sales increases in South America and Africa were more than offset by declines in all other regions compared to the third quarter of 2012. Aftermarket growth in North America, South America, Eurasia and China was partially offset by lower aftermarket sales in Africa and Australia compared to the prior year.
Operating Profit - (in millions)
  Quarter Ended    
July 26,   July 27, Return on Sales
2013 2012 2013 2012
Underground Mining Machinery $ 140.5 $ 174.5 19.5 % 23.1 %
Surface Mining Equipment 158.1 156.6 24.7 % 23.2 %
Corporate Expenses (10.3 ) (12.7 )
Eliminations   (10.6 )   (9.0 )    
Subtotal, Before Unusual Items 277.7 309.4 21.0 % 22.3 %
Restructuring charges (3.1 ) -
Excess Purchase Accounting - (9.8 )
Acquisition Costs   (0.3 )   (0.1 )    
Total Operating Profit $ 274.3   $ 299.5   20.8 % 21.6 %

Operating profit for the third quarter of fiscal 2013 totaled $274 million compared to $299 million in the third quarter of fiscal 2012. Excluding the unusual items listed in the table above, operating profit totaled $278 million in the current third quarter compared to $309 million in the prior period and return on sales before unusual items was 21.0 percent in the current quarter compared to 22.3 percent in the third quarter of 2012. Restructuring activities continued in the quarter to align the company's cost structure with anticipated demand and we will continue to review our manufacturing footprint and our brand portfolio.

Earnings Per Share Reconciliation
Quarter Ended
July 26, 2013   July 27, 2012
Dollars   Fully Dollars   Fully
in Diluted in Diluted
millions EPS millions EPS
Operating Profit $ 274.3 $ 299.5
Interest expense, net 13.6 16.8
Income tax expense   77.5   88.3
Income from continuing operations, attributable
to Joy Global Inc., as reported 183.2 $ 1.71 194.4 $ 1.82
Excess purchase accounting, net of tax - - 7.1 0.06
Restructuring charges, net of tax 2.2 0.02 - -
Net discrete tax benefits   3.5   0.03   0.6   0.01
Income from continuing operations attributable
to Joy Global Inc., before acquisition activities and unusual items $ 181.9 $ 1.70 $ 200.9 $ 1.87

Fully diluted earnings per share for the third quarter of fiscal 2013 totaled $1.71 compared to $1.82 in the third quarter of fiscal 2012. Excluding unusual items, fully diluted earnings per share in the current quarter totaled $1.70 compared to $1.87 in the prior year quarter.

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