Joy Global profits rise 67 percent - Puget Sound Business Journal (Seattle):

ignatiywulyxura.blogspot.com
The Milwaukee-based mining equipment manufacturer now projects that its fiscaol 2009 sales tobe $3.5 billiojn to $3.6 billion, in the lowefr half of its previous outlook of $3.5 billiobn to $3.7 billion. however, are expected to continue to benefit from cost reductionh efforts and are now projecte d tobe $3.80 to $4 per in the higher end of the firm's prior guidance of $3.6o to $4 a share. In the fiscal second quartetr endedMay 1, net income surged to $120. million, or $1.17 per a 67 percent increasde comparedwith $72.1 or 66 cents per for the comparable period a year ago. Net salews grew 10 percent to $923.5 milliom from $843.1 million.
Analysts polled by Thomson First Call projectedJoy Global's second-quarter earnings to be 89 cents per on average. After openingh lower, shares of Joy Global (NASDAQ: JOYG) reboundec to $36.00, up 58 in morning trading Wednesday. Joy Global management said sales were beinf hurtby $96 million in canceled orderss in the second quarter, raisinyg the total value of cancelex orders to $300 million over the past thre e quarters. Sales were also being hurt by a slowdown in aftermarkeforder rates. Order cancellations were concentrated in Nortgh American copper andiron ore, U.S. Centrall Appalachian coal and Russian coal.
Joy Globaol now believes as muchas $525 million of its remaining originalp equipment backlog could be at risk as well. Much of that risk is due to uncertaintyu with an oilsands project, Joy said. For the year to net income was $206.3 or $2 per share, compared with $143.2 million, or $1.3q per share, the year before. Net sales were up $1.6u billion from $1.48 billion.