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TheStreet Open House

Joy Global Announces First Quarter Fiscal 2014 Operating Results

Stocks in this article: JOY

Bookings for underground mining machinery decreased 25 percent in comparison to the first quarter of last year. Original equipment orders decreased 52 percent compared to the prior year, with declines in all regions except Eurasia where the first low seam longwall system was booked in the current quarter. Service orders increased 2 percent compared to the prior year, led by stronger component and rebuild activity in North America and Eurasia partially offset by declines in all other regions. Orders for underground mining machinery were reduced by $46 million for the impact of foreign exchange compared to the first quarter of last year.

Bookings for surface mining equipment decreased 14 percent in comparison to the first quarter of last year. Original equipment orders decreased 43 percent compared to the prior year, with declines in all regions except South America and China. Service orders increased 4 percent compared to the prior year, with increases in South America, Eurasia, China and Africa that were partially offset by reductions in Australia and North America. Orders for surface mining equipment were reduced by $16 million for the impact of foreign exchange compared to the first quarter of last year.

Backlog at the end of the first quarter was $1.5 billion, consistent with the beginning of the first quarter.

 
Net Sales - (in millions)
    Quarter Ended    
January 31,     January 25, %
2014 2013 Change
Underground Mining Machinery $ 477.5 $ 590.1 (19.1 )%
Surface Mining Equipment 400.7 605.5 (33.8 )%
Eliminations (38.9 ) (45.7 )  
Total Net Sales $ 839.3   $ 1,149.9   (27.0 )%
 

Consolidated net sales totaled $839 million, a 27 percent decrease versus the first quarter of last year. Original equipment sales decreased 49 percent and service sales decreased 8 percent compared to the prior year. Current quarter net sales were reduced by $34 million for the impact of foreign exchange versus the year ago period. When adjusting for foreign exchange, sales were down 24 percent compared to the first quarter of last year.

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