The Japanese firm has completed its $3.7bn takeover of the Milwaukee-based equipment maker.
Joy Global Mining News
Joy will pay a dividend of $0.01 per share by March 31, provided that the proposed merger with Komatsu America Corp. does not close before the close of business on March 17, 2017.
The company was all about the data at MINExpo 2016.
CAT said it remains committed to existing customers.
The deal still remains subject to closing conditions and regulatory clearances.
The heavy machinery maker expects market conditions to remain weak through 2017.
Mine services companies will increasingly target better-performing commodities and focus on technology research and development to help miners streamline operations and cut costs as the weak mineral price environment continues to weigh on profit margins.
The deal, Komatsu's biggest-ever acquisition, is set to boost its clout in the mining industry.
Product launch and acquisition are the key growth strategies adopted by the leading market players, such as Caterpillar and Komatsu, to strengthen their foothold in the market.
The results, which surpassed Wall Street expectations, come on the back of a modest increase in service sales and aggressive cost cuts.
Doug Eamer, Manager of Commercial and Product Management, talks about the firm's expanded hard rock line.
Shares in the equipment and services provided soared almost 16% in early trading in New York.
Despite the huge year-to-date decline and the stock down 85 percent from its all-time high, Tiss believes that Joy Global’s equity value is almost equal to its inventory levels.
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.
A survey of over 100 mining equipment buyers and decision-makers shows that 40% of them are still focused on cost cuts.
“It was kind of like a gut punch."
Markets are attempting to establish a trough.
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.
When we come out of this, Canadian miners will be well-positioned world wide.
The firm blamed mainly coal miners’ ongoing struggles with oversupply and spending for the gloomy results.