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Joy Global releases results

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World Coal,

Joy Global Inc. has reported second quarter fiscal 2015 results.

Second Quarter Summary

  • Bookings of US$745 million, down 29% from a year ago
  • Service bookings of US$595 million, down 15% from a year ago
  • Net sales of US$810 million, down 13% from a year ago
  • Earnings per diluted share of US$0.40, compared to US$0.73 a year ago
  • Excluding pension settlement and restructuring charges of US$24 million, adjusted earnings per diluted share US$0.59, compared to US$0.76 a year ago
  • Completed €110 million acquisition of Montabert in June, an underground hard rock mining equipment and service provider

Second Quarter Operating Results
"The company's fiscal second quarter results reflect increasing pressure on our end-markets from continued oversupplied conditions and sequentially declining commodity pricing," said Ted Doheny, President and Chief Executive Officer.

"While our operational execution in the quarter was in line with our expectations, the incoming order rate, in particular in the U.S. coal and global copper markets slowed as customers further reduced capital expenditures and deferred maintenance on their mining equipment fleets. We continue to invest in our service business to respond quickly and more efficiently to our customer's needs and are taking steps to accelerate the optimisation of our global manufacturing and service footprint."

Adapted from press release by Joseph Green

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