Joy Global 4Q profit up, sees lower 2013 volumes
MILWAUKEE (AP) — Joy Global's net income climbed 23 percent in its fiscal fourth quarter, but the coal mining equipment supplier foresees lower volumes in 2013.
The company said that it faced slowing demand for its products in 2012 in part because demand in China continued to weaken. It expects that current market conditions will continue next year.
Its shares rose 14 cents to $58.01 in early premarket trading.
Joy Global said Wednesday that it earned $212.6 million, or $1.99 per share, for the period ended Oct. 26. That's up from $172.3 million, or $1.62 per share, a year ago.
Removing restructuring charges and other items, earnings from continuing operations were $1.94 per share.
Analysts forecast earnings of $1.87 per share, according to a FactSet poll.
Revenue increased 19 percent to $1.59 billion from $1.34 billion. Wall Street expected revenue of $1.42 billion.
Bookings fell 5 percent to $1.3 billion from the prior-year period partly because of the stronger dollar, but were up 22 percent compared with the third quarter.
For the year, Joy Global Inc. earned $762 million, or $7.13 per share. In the prior year the Milwaukee company earned $609.7 million, or $5.72 per share. Annual revenue rose 29 percent to $5.66 billion from $4.4 billion.
Joy Global said that the outlook for its mining equipment continues to be weak partly because customers are being cautious in starting new projects. The Milwaukee company, which also services equipment for the mining industry, anticipates fiscal 2013 earnings between $5.90 and $6.50 per share on revenue in a range of $4.9 billion to $5.2 billion.
Analysts predict earnings of $6.66 per share on revenue of $5.18 billion.