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 $122 million.
First Quarter Operating Results
"While comparison with the first quarter of fiscal 2013 is difficult, I am pleased with our team's execution against plan in what is expected to be our slowest quarter of the fiscal year," said Ted Doheny, President and Chief Executive Officer. "During the quarter we continued to move forward on our cost reduction programs which will help mitigate the impact from lower volumes during the year. In addition, our continued execution of operational excellence and One Joy Global initiatives will position us well when market demand increases and provides us with the ability to generate improved leverage on future growth opportunities," said Doheny.
|Bookings - (in millions)|
|January 31,||January 25,||%|
|Underground Mining Machinery||$||451.0||$||598.8||(24.7||)%|
|Surface Mining Equipment||433.5||502.9||(13.8||)%|
|Total Bookings by Segment||$||860.5||$||1,024.7||(16.0||)%|
|Total Bookings by Product||$||860.5||$||1,024.7||(16.0||)%|