Joy Global reports 13% decrease in sales

Freeman Staff

June 4, 2015

MILWAUKEE — Joy Global Inc. reported Thursday a 13 percent decline in net sales and a 29 percent decrease in bookings during the second quarter, both compared to last year.

The worldwide leader in high-productivity mining solutions said bookings were $745 million in the second quarter, down 29 percent from a year ago. In addition, service bookings $595 million for the most recent period, down 15 percent from a year ago, and net sales were $810 million, down 13 percent from a year ago. Earnings per diluted share were $0.40, compared to $0.73 a year ago.

Another highlight of the second quarter was the completed acquisition of Montabert in June for €110 million.

“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, in a statement. “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 customers’ needs and are taking steps to accelerate the optimization of our global manufacturing and service footprint.”