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Joy Global Announces First Quarter Fiscal 2014 Operating Results

Joy Global Inc. (NYSE: JOY), a worldwide leader in high-productivity mining solutions, today reported first quarter fiscal 2014 results.

First Quarter Summary
  • Bookings $861 million, down 16 percent from a year ago.
  • Net sales $839 million, down 27 percent from a year ago.
  • Earnings per diluted share $0.48, compared to $1.33 a year ago. Excluding unusual items, earnings per diluted share $0.49, compared to $1.31 a year ago.
  • Cash provided by continuing operations $65 million, compared to $92 million a year ago.
  • Repurchased 2.3 million shares at a cost of $122 million.

First Quarter Operating Results

"While comparison with the first quarter of fiscal 2013 is difficult, I am pleased with our team's execution against plan in what is expected to be our slowest quarter of the fiscal year," said Ted Doheny, President and Chief Executive Officer. "During the quarter we continued to move forward on our cost reduction programs which will help mitigate the impact from lower volumes during the year. In addition, our continued execution of operational excellence and One Joy Global initiatives will position us well when market demand increases and provides us with the ability to generate improved leverage on future growth opportunities," said Doheny.
Bookings - (in millions)
    Quarter Ended    
January 31,     January 25, %
2014 2013 Change
Underground Mining Machinery $ 451.0 $ 598.8 (24.7 )%
Surface Mining Equipment 433.5 502.9 (13.8 )%
Eliminations (24.0 ) (77.0 )  
Total Bookings by Segment $ 860.5   $ 1,024.7   (16.0 )%
Service $ 610.4 $ 588.5 3.7 %
Original Equipment 250.1   436.2   (42.7 )%
Total Bookings by Product $ 860.5   $ 1,024.7   (16.0 )%

Consolidated bookings in the first quarter totaled $861 million, a decrease of 16 percent versus the first quarter of last year. Original equipment orders decreased 43 percent while service orders increased 4 percent compared to the prior year. Current quarter bookings were reduced by $62 million from the impact of foreign exchange movements versus the year ago period, $20 million for original equipment and $42 million for service bookings. When adjusting for foreign exchange, orders were down 10 percent compared to the first quarter of last year, with original equipment orders down 38 percent and service orders up 11 percent.

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