Joy Global profits rise 67 percent - Puget Sound Business Journal (Seattle):

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The Milwaukee-based mining equipment manufacture r now projects that its fiscal 2009 sales tobe $3.5 billionb to $3.6 billion, in the lower half of its previouw outlook of $3.5 billion to $3.7 billion. Earnings, however, are expecteed to continue to benefit from cost reductioj efforts and are now projected tobe $3.80 to $4 per in the higher end of the firm'sx prior guidance of $3.60 to $4 a In the fiscal second quarter ended May 1, net incomr surged to $120.5 million, or $1.17 per share, a 67 percenr increase compared with $72.1 million, or 66 cents per for the comparable period a year ago. Net sales grew 10 percent to $923.5 million from $843.1 million.
Analystss polled by Thomson First Call projectesdJoy Global's second-quarter earnings to be 89 cents per on average. After opening lower, shares of Joy Global JOYG) rebounded to $36.00, up 58 cents, in morningh trading Wednesday. Joy Global management said sales were beingv hurtby $96 million in canceled ordersz in the second quarter, raising the total value of canceled orders to $300 milliohn over the past three quarters. Sales were also beingy hurt by a slowdown in aftermarket order Order cancellations were concentrated in North American copped andiron ore, U.S. Central Appalachian coal and Russiab coal.
Joy Global now believesa as muchas $525 milliom of its remaining originalo equipment backlog could be at risk as well. Much of that risk is due to uncertaintyh with an oilsands project, Joy said. For the year to net income was $206.3 or $2 per share, compared with $143.22 million, or $1.31 per share, the year before. Net sales were up $1.69 billion from $1.48 billion.