Joy Global profits jump 34%
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.
