This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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

“As a result of these original equipment and aftermarket factors, our outlook is for order run rates to be higher than those experienced this quarter. However, the current outlook is unlikely to support annual revenue above $4 billion.”

“Our shipments in fiscal 2013 have remained above incoming order rates as we continue to make our delivery commitments to our customers. However, we are nearing the end of backlog depletion capability, and our fourth quarter will reflect the transition to lower volumes. As such, it will not be the strongest quarter of the year, as has been our tradition. However, we expect to finish the year within our prior guidance, and therefore reiterate earnings per fully diluted share of $5.60 to $5.80 on revenues of $4.9 to $5.0 billion. Excluding restructuring charges and other unusual items, full year earnings per fully diluted share are expected to be between $5.75 and $5.95.”

“After a strong third quarter, our year to date cash flow is on track and we have historically demonstrated our ability to generate strong cash flows though the cycle. In addition, we have more than sufficient growth capacity in place, and therefore our capex spend will continue to decline from its peak level of $240 million in fiscal year 2012 to a sustaining run rate of $125 million per year. Our U.S. pension plans are nearing fully funded status, and this will allow us to reduce pension funding by approximately $115 million in fiscal year 2014. This gives us a solid position from which to execute a share repurchase program, and I am pleased to announce that our Board of Directors has authorized us to repurchase up to $1 billion of our shares over the next three years.”

Quarterly Conference Call

Management will host a quarterly conference call to discuss the Company’s third quarter results at 11:00 a.m. EDT on August 28, 2013. Interested parties can listen to the call by dialing 888-504-7966 in the United States or 719-325-2437 outside of the United States, access code #7285398, at least 15 minutes prior to the 11:00 a.m. EDT start time of the call. A rebroadcast of the call will be available until the close of business on September 18, 2013 by dialing 888-203-1112 or 719-457-0820, access code #7285398.

8 of 11

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.18 1.64%
FB $117.43 -0.96%
GOOG $692.36 -0.84%
TSLA $232.32 -3.92%
YHOO $36.01 -1.42%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,063.37 -18.06 -0.87%
NASDAQ 4,763.2240 -54.37 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs