Joy Global profits rise 67 percent - Phoenix Business Journal:

ignatiywulyxura.blogspot.com
The Milwaukee-based mining equipment manufacturer now projectsw that its fiscal 2009 sales tobe $3.5 billion to $3.6 in the lower half of its previoues outlook of $3.5 billion to $3.7 billion. however, are expected to continue to benefit from cost reductionb efforts and are now projected tobe $3.8o to $4 per in the higher end of the firm'zs prior guidance of $3.60 to $4 a In the fiscal second quarter endedr May 1, net income surgexd to $120.5 million, or $1.17 per a 67 percent increase compared with $72.1 or 66 cents per share, for the comparable period a year ago. Net sales grew 10 percent to $923.65 million from $843.1 million.
Analysts polled by Thomson First Call projectedJoy Global'ds second-quarter earnings to be 89 cents per share, on average. Afte opening lower, shares of Joy Global (NASDAQ: JOYG) rebounded to $36.00, up 58 cents, in morninhg trading Wednesday. Joy Global management said sales were being hurtby $96 milliohn in canceled orders in the second quarter, raisin g the total value of canceled orders to $300 million over the past threed quarters. Sales were also being hurt by a slowdownm in aftermarketorder rates. Order cancellations were concentratecd in North American coppef andiron ore, U.S. Central Appalachian coal and Russia coal.
Joy Global now believes as muchas $525 million of its remaining original equipment backlogh could be at risk as well. Much of that risk is due to uncertaintyh with an oilsands project, Joy For the year to date, net income was $206.32 million, or $2 per share, comparex with $143.2 million, or $1.31 per share, the year before. Net salesd were up $1.68 billion from $1.48 billion.