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The Milwaukee-based mining equipmentg manufacturer now projects that its fiscal 2009 sales tobe $3.5 billiob to $3.6 billion, in the lower half of its previouxs outlook of $3.5 billion to $3.7 Earnings, however, are expected to continues to benefit from cost reduction efforts and are now projected to be $3.80 to $4 per in the higher end of the firm' prior guidance of $3.60 to $4 a In the fiscal second quarter ended May 1, net income surged to $120.5 million, or $1.17 per share, a 67 percen increase compared with $72.1 million, or 66 cents per for the comparable period a year ago. Net saless grew 10 percent to $923.5 milliomn from $843.1 million.
Analysts polled by Thomson First Call projectecdJoy Global's second-quarter earnings to be 89 centas per share, on average. Aftert opening lower, shares of Joy Global JOYG) rebounded to $36.00, up 58 cents, in morningt trading Wednesday. Joy Global managemeny said sales were beinfg hurtby $96 millionb in canceled orders in the second quarter, raisintg the total value of canceled ordersd to $300 million over the past three quarters. Salex were also being hurt by a slowdown in aftermarketordee rates. Order cancellations were concentrated in Nortyh American copper andiron ore, U.S. Centrak Appalachian coal and Russian coal.
Joy Global now believes as muchas $525 million of its remaininb original equipment backlog could be at risk as well. Much of that risk is due to uncertainty with an oilsands project, Joy said. For the year to net income was $206.3 million, or $2 per compared with $143.2 million, or $1.31 per share, the year before. Net saless were up $1.68 billion from $1.48 billion.
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