The heavy machinery maker expects market conditions to remain weak through 2017.
Joy Global Inc. Mining News
The results, which surpassed Wall Street expectations, come on the back of a modest increase in service sales and aggressive cost cuts.
Shares in the equipment and services provided soared almost 16% in early trading in New York.
The mining equipment maker said business conditions continue to be tough mostly due to a slower-than-expected recovery in the global economy and weak commodity prices.
The Milwaukee-based equipment maker warns weak commodity prices and falling industry investment in new machinery will live on.
The SEC is looking into Joy's acquisition of International Mining Machinery Holdings Ltd of China for about $1 billion and related accounting matters.
Fiscal third-quarter profit dropped 61% to $71.3 million, or 71 cents a share, down from $183.2 million, or $1.71 a share, a year earlier.
About 6.2 million shares changed hands by 10:45 a.m. Wednesday, significantly more than the daily average of 1.3 million shares a day.
The firmj's bookings, an indication of future sales, fell by 7.2% to $1.05 billion from $1.13 billion in the same period of 2013.
The firm blamed mainly coal miners’ ongoing struggles with oversupply and spending for the gloomy results.
This video by mining equipment manufacturer Job Global, more educational than promotional, gives an excellent overview of longwall, versus room and pillar underground coal mining.
Joy Mining Machinery and JH Fletcher have announced the signing of an exclusive distribution and authorised service provider agreement.
Joy Global Inc. announces tender offer for remaining shares of China-based International Mining Machinery Holdings Ltd.
Joy Global Inc. (NYSE:JOY) ("Joy Global") a worldwide leader in high productivity mining solutions today announced the commencement of a tender offer for the remaining outstanding shares of International Mining Machinery Holdings Ltd. (HKSE:1683) ("IMM"), a leading designer and manufacturer of underground mining equipment in China.
Joy Global Inc. announces acquisition of controlling interest in China-based International Mining Machinery Holdings Limited
MILWAUKEE--(BUSINESS WIRE)-- Joy Global Inc. (NYSE:JOY) ("Joy Global") a worldwide leader in high productivity mining solutions today announced that it completed the acquisition of approximately 41.1% of the outstanding common stock of International Mining Machinery Holdings Limited (HKSE:1683) ("IMM"), a leading designer and manufacturer of underground mining equipment in China.
Joy Global Inc. (NYSE: JOY), a worldwide leader in high-productivity mining solutions, announced today that John T. Gremp, Chairman, Chief Executive Officer and President of FMC Technologies, Inc. (NYSE:FTI), has been elected to its board of directors.
Mining equipment maker Joy Global, Inc. (JOYG: News ) is close to acquiring Chinese coal-mining equipment maker International Mining Machinery Ltd. (ICMHF.PK), according to Bloomberg on Wednesday.
Joy Global Inc. had a successful second quarter. The mining equipment manufacturer reported net income of $162 million for the second quarter of 2011, or $1.52 per share, compared to $120 million, or $1.15 per share, for the same period last year. Second quarter bookings were up 46% to $1.5 billion, while net sales jumped 19%. "We had another outstanding quarter, reaching record levels of performance in order bookings, shipments, operating profit margins and earnings per share,” said Mike Sutherlin, President and Chief Executive Officer. Sutherlin pointed to Joy Global's recent $1 billion acquisition of LeTourneau Technologies as an important complement to its rope shovel capability, by expanding into the wheel loader and drilling products markets. Image by Joy Global Inc.
Joy Global Inc. (NASDAQ:JOYG), a worldwide leader in high-productivity mining solutions, today announced that it has entered into a definitive agreement to acquire a 100 percent ownership interest in LeTourneau Technologies Inc. (“LeTourneau”) from Rowan Companies, Inc. (“Rowan”) (NYSE: RDC) for $1.1 billion in cash. LeTourneau designs, builds and supports equipment for the mining and oil and gas drilling industries, and has been a leader in the earthmoving equipment industry since the 1920s. The transaction has been approved by both companies’ boards of directors. Completion of the transaction is subject to the receipt of necessary regulatory approvals and other customary closing conditions and is expected to occur within 60 days.
Joy Global Inc.'s fiscal first-quarter earnings rose 34%, but the mining-equipment company's sales and profit were lower than expected, partly because of flooding in Australia that disrupted mine operations. According to a report in The Wall Street Journal, Chief Executive Mike Sutherlin said a 20-25% increase in steel prices will be offset by higher equipment prices. "We're looking at higher input prices," Mr. Sutherlin said during a conference call Wednesday with analysts. "I don't think it's a significant, unmanageable risk though." The Milwaukee -based company's profits and orders for new equipment and service have been improving in recent quarters on rising prices for mined commodities, such as coal, iron ore and copper.