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TheStreet Open House

Joy Global Announces Second Quarter Fiscal 2014 Operating Results

Stocks in this article: JOY

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)            
Quarter Ended

May 2,

April 26, %

2014

2013 Change
Segment:
Underground Mining Machinery $ 488.0 $ 711.6 (31.4 )%
Surface Mining Equipment 600.5 446.9 34.4 %
Eliminations (40.9 ) (29.7 )    
Total Bookings by Segment $ 1,047.6   $ 1,128.8   (7.2 )%
 
Product:
Service $ 697.0 $ 648.0 7.6 %
Original Equipment 350.6   480.8   (27.1 )%
Total Bookings by Product $ 1,047.6   $ 1,128.8   (7.2 )%
 

Consolidated bookings in the second quarter totaled $1,048 million, a decrease of 7 percent versus the second quarter of last year. Original equipment orders decreased 27 percent while service orders increased 8 percent compared to the prior year. Current quarter bookings were reduced by $2 million from the impact of foreign exchange movements versus the year ago period, a $13 million increase for original equipment and a $15 million decrease for service bookings. When adjusting for foreign exchange, orders were down 7 percent compared to the second quarter of last year, with original equipment orders down 30 percent and service orders up 10 percent.

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