Joy Global Inc. (NYSE: JOY), a worldwide leader in high-productivity mining solutions, today reported second quarter fiscal 2014 results.
Second Quarter Summary
- Bookings $1.0 billion, down 7 percent from a year ago
- Service bookings growth in the quarter 8% over 2013
- Net sales $930 million, down 32 percent from a year ago
- Earnings per diluted share $0.73, compared to $1.69 a year ago. Adjusted earnings per diluted share $0.76, compared to $1.73 a year ago
- Cash provided by continuing operations $142 million, compared to $1 million a year ago
- Closed MTI underground hard rock acquisition of certain assets on May 30, 2014
Second Quarter Operating Results
"The Joy Global team continues to execute well despite significant market headwinds," said Ted Doheny, President and Chief Executive Officer. "The continued stabilization of our service business, strong cash generation and a multi-shovel order for the Canadian oil sands were highlights in the quarter," said Doheny. “Additionally, the recent closing of the Mining Technologies International Inc. transaction will add to our underground hard rock mining growth prospects. As a result, we are pleased with our second quarter performance and the steps we have taken to advance the execution of our business strategy."
|Bookings - (in millions)|
|Underground Mining Machinery||$||488.0||$||711.6||(31.4||)%|
|Surface Mining Equipment||600.5||446.9||34.4||%|
|Total Bookings by Segment||$||1,047.6||$||1,128.8||(7.2||)%|
|Total Bookings by Product||$||1,047.6||$||1,128.8||(7.2||)%|