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
“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.”