Joy Global Inc.
Jun 5, 2014

Joy Global Announces Second Quarter Fiscal 2014 Operating Results

MILWAUKEE--(BUSINESS WIRE)-- Joy Global Inc. (NYSE: JOY), a worldwide leader in high-productivity mining solutions, today reported second quarter fiscal 2014 results.

Second Quarter Summary

Second Quarter Operating Results

"The Joy Global team continues to execute well despite significant market headwinds," said Ted Doheny, President and Chief Executive Officer. "The continued stabilization of our service business, strong cash generation and a multi-shovel order for the Canadian oil sands were highlights in the quarter," said Doheny. "Additionally, the recent closing of the Mining Technologies International Inc. transaction will add to our underground hard rock mining growth prospects. As a result, we are pleased with our second quarter performance and the steps we have taken to advance the execution of our business strategy."

Bookings - (in millions)            
Quarter Ended

May 2,

April 26, %

2014

2013 Change
Segment:
Underground Mining Machinery $ 488.0 $ 711.6 (31.4 )%
Surface Mining Equipment 600.5 446.9 34.4 %
Eliminations (40.9 ) (29.7 )    
Total Bookings by Segment $ 1,047.6   $ 1,128.8   (7.2 )%
 
Product:
Service $ 697.0 $ 648.0 7.6 %
Original Equipment 350.6   480.8   (27.1 )%
Total Bookings by Product $ 1,047.6   $ 1,128.8   (7.2 )%
 

Consolidated bookings in the second quarter totaled $1,048 million, a decrease of 7 percent versus the second quarter of last year. Original equipment orders decreased 27 percent while service orders increased 8 percent compared to the prior year. Current quarter bookings were reduced by $2 million from the impact of foreign exchange movements versus the year ago period, a $13 million increase for original equipment and a $15 million decrease for service bookings. When adjusting for foreign exchange, orders were down 7 percent compared to the second quarter of last year, with original equipment orders down 30 percent and service orders up 10 percent.

Bookings for underground mining machinery decreased 31 percent in comparison to the second quarter of last year. Original equipment orders decreased 60 percent compared to the prior year, largely due to a longwall system order received into the U.S. in the prior year. Original equipment orders declined in all regions except Eurasia. Service orders increased 2 percent compared to the prior year, led by stronger rebuild activity in all regions. Orders for underground mining machinery were increased by $6 million from the impact of foreign exchange compared to the second quarter of last year.

Bookings for surface mining equipment increased 34 percent in comparison to the second quarter of last year. Original equipment orders increased 102 percent compared to the prior year, largely due to a multiple shovel order for a greenfield expansion project in the Canadian oil sands with deliveries in 2016. Original equipment orders increased in all regions except Africa. Service orders increased 13 percent compared to the prior year, with increases in North America, South America and Eurasia that were partially offset by reductions in Australia, China and Africa. Orders for surface mining equipment were reduced by $8 million from the impact of foreign exchange compared to the second quarter of last year.

Backlog at the end of the second quarter was $1.6 billion, compared to $1.5 billion at the beginning of the year.

Net Sales - (in millions)            
Quarter Ended

May 2,

April 26, %

2014

2013 Change
Underground Mining Machinery $ 517.9 $ 681.9 (24.1 )%
Surface Mining Equipment 443.6 712.8 (37.8 )%
Eliminations (31.8 ) (34.3 )    
Total Net Sales $ 929.7   $ 1,360.4   (31.7 )%
 

Consolidated net sales totaled $930 million, a 32 percent decrease versus the second quarter of last year. Original equipment sales decreased 58 percent and service sales decreased 8 percent compared to the prior year. Current quarter net sales were reduced by $35 million from the impact of foreign exchange versus the year ago period. When adjusting for foreign exchange, sales were down 29 percent compared to the second quarter of last year.

Net sales for underground mining machinery decreased 24 percent in comparison to the second quarter of last year. Original equipment sales decreased 47 percent compared to the prior year, with decreases in all regions. Service sales decreased 5 percent compared to the prior year, with a decline in China partially offset by increases in all other regions.

Net sales for surface mining equipment decreased 38 percent in comparison to the second quarter of last year. Original equipment sales decreased 66 percent compared to the prior year, with declines in all regions. Service sales decreased 11 percent compared to the prior year, with declines in all regions.

Operating Profit - (in millions)      
        Quarter Ended

May 2,
2014

April 26,
2013

Return on Sales
2014 2013
Underground Mining Machinery $ 71.3 $ 142.9 13.8 % 21.0 %
Surface Mining Equipment 83.5 165.6 18.8 % 23.2 %
Corporate Expenses (13.6 ) (16.5 )
Eliminations (10.2 ) (7.6 )        
Subtotal, Before Unusual Items 131.0 284.4 14.1 % 20.9 %
Restructuring charges (4.7 ) (5.6 )

Acquisition costs

(0.6 ) (0.2 )        
Total Operating Profit $ 125.7   $ 278.6   13.5 % 20.5 %
 

Operating profit for the second quarter of fiscal 2014 totaled $126 million, compared to $279 million in the second quarter of fiscal 2013. Excluding the unusual items listed in the table above, operating profit for the second quarter of fiscal 2014 totaled $131 million, compared to $284 million in the second quarter of fiscal 2013, and return on sales before unusual items was 14.1 percent for the second quarter of fiscal 2014, compared to 20.9 percent in the second quarter of fiscal 2013. The decrease in operating profit, before unusual items, was due to lower sales volumes, unfavorable product mix and lower manufacturing cost absorption.

Earnings Per Share Reconciliation          
Quarter Ended
May 2, 2014 April 26, 2013
Dollars Fully Dollars Fully
in millions Diluted EPS in millions Diluted EPS
Operating profit $ 125.7 $ 278.6
Interest expense, net 13.8 15.2
Income tax expense 37.9   81.6  
Income from continuing operations 74.0 $ 0.73 181.8 $ 1.69
Add:
Restructuring charges, net of tax 3.1 0.03 3.9 0.04
Acquisition costs, net of tax 0.4 0.1
Deduct:
Net discrete tax benefits 0.6      
Income from continuing operations before unusual items and acquisition activities $ 76.9   $ 0.76   $ 185.8   $ 1.73
 

Fully diluted earnings per share for the second quarter of fiscal 2014 totaled $0.73, compared to $1.69 in the second quarter of fiscal 2013. Excluding unusual items, fully diluted earnings per share for the second quarter of fiscal 2014 totaled $0.76, compared to $1.73 in the second quarter of fiscal 2013.

The effective income tax rate was 33.9 percent for the second quarter of fiscal 2014, compared to 31.0 percent in the second quarter of fiscal 2013. The increase in the effective tax rate for the quarter was primarily attributable to a change in geographical mix of projected earnings and a change in the net operating losses of certain foreign subsidiaries without a currently recognizable tax benefit.

Cash provided by continuing operations was $142 million for the second quarter of fiscal 2014, compared to $1 million provided by continuing operations in the second quarter of fiscal 2013. The increase in cash provided by continuing operations during the second quarter was primarily due to collection of accounts receivable, reduced pension contributions and timing of tax payments, partially offset by lower earnings.

Capital expenditures were $18 million in the second quarter of fiscal 2014, down from $32 million in the second quarter of fiscal 2013.

During the second quarter, the company repurchased approximately 138 thousand shares of its common stock for $7 million. Since inception of its share repurchase program in the fourth quarter of fiscal 2013, the company has repurchased 6.5 million shares of its common stock for $344 million, leaving $656 million available under the current Board authorization.

Market Outlook

Economic and commodity indicators presented a mixed picture during the first calendar quarter of 2014. Improving economic activity in the Eurozone was met by sluggish growth in the U.S. that was impacted by unusually severe weather. At the same time, Chinese economic activity continued to slow, but showed signs of stabilizing at a 7.5 percent growth rate. Despite the slowdown in China, global growth is trending at the second strongest level in two years and is expected to reach 3.5 percent in 2014. While improving economic conditions should drive increased demand, commodities remain oversupplied with prices in some cases at multi-year lows that continue to delay capital decisions.

Thermal coal market fundamentals in the US strengthened through April as power plant inventories reached their lowest levels since 2006 and are approaching the 100 million ton level. An extremely cold winter season along with natural gas prices averaging $4.97/mmBtu through May, have driven a nearly 20 million ton increase in coal burn in the first calendar quarter. While production is flat year-to-date, the need to replenish depleted inventories should drive production increases of 35 to 45 million tons during the second half of the year with much of this increase coming from the Illinois and Powder River Basins.

Seaborne thermal coal markets remain challenged as supply is outpacing demand growth. While demand has remained strong from China, India and Japan, limited supply reductions have driven spot pricing for seaborne thermal coal to the mid-$70's per tonne level and resulted in the annual thermal coal benchmark being set at $81.80 per tonne, down nearly 14 percent from a year-ago. Despite improving economic conditions and the expected 3 percent increase in seaborne demand in 2014, continuing supply conditions are expected to leave prices range bound between $75 and $85 per tonne.

Chinese coal market conditions remained challenged during the first calendar quarter of 2014 as a depressed pricing environment weighed on many large producers. While China is aiming to cut coal's share of energy use to 65 percent in 2014, coal demand is still expected to grow at 3 percent, however, there appears to be limited upside for pricing improvement as seaborne coal prices continue to pressure domestic China producers.

Facing similar pressures, met coal markets drifted lower during the first calendar quarter of 2014 with the recent $120 per tonne quarterly contract representing the weakest pricing environment since 2009. Despite steel production increasing nearly 4 percent through April, limited supply rationalization has driven met coal prices lower with current spot prices trending around $115 per tonne. Recently announced supply curtailments appear to indicate that the early stages of supply rationalization may have begun.

Again, notwithstanding the global steel production increase in the first quarter, iron ore prices have also declined and averaged $111 per tonne over the last two months largely owed to supply increases hitting the market. The slope of the seaborne iron ore cost curve provides support at the $100 to $110 level and should support prices for the remainder of the year given the expectation for global steel demand to increase above 3 percent in 2014.

After seeing an estimated market deficit of 270,000 tonnes in 2013, the global refined copper market is expected to move into surplus for the first time in four years with a projected 2014 surplus of 400,000 tonnes. The expected surpluses are a result of production increases hitting the market after several years of development. However, global copper inventories remain 27 percent below the March 2013 peak and expectations are that copper prices should average $3.10 per pound during 2014. Copper prices have held steady over the last several months as supply and demand conditions have remained relatively balanced.

The economics of oil sands remain strong as oil prices have averaged over $90 per barrel since 2010. Sustained prices at these levels continue to stimulate investment in the oil sands region given the average cost of production in the $50 to $80 range.

While global economic conditions are improving, commodity supply rationalization has yet to meaningfully materialize. As such, the backdrop of weak commodity prices continues to influence mining capital expenditure decisions. There have been some signs of stabilization, however, the current market landscape remains difficult and continues to present near-term headwinds to the mining industry.

Company Outlook

"Challenging market conditions continue to impact our business despite incremental positive signs on the horizon," continued Doheny. "When looking at seaborne coal markets, current prices are pressuring over 30 percent and 50 percent of thermal and met coal producers, respectively. The recent decline in iron ore prices has also begun to pressure the upper 20 percent of the global cost curve, which is primarily high-cost producers in China. Copper continues to have the strongest fundamentals of the major commodities we serve, with nearly 95 percent of global producers recognizing positive cash generation.

"While U.S. coal market fundamentals have improved, there is generally a lagged effect between that improvement and our bookings and this appears to be playing out now. Our company-wide service bookings increased for the second consecutive quarter versus the year ago period, however, our underground North American region was relatively flat from last year.

"One area we are seeing growth is in the oil sands market. We received a large order this quarter for several electric mining shovels which will add to our fleet currently working in the Canadian oil sands region. The Canadian oil sands represent the largest unconventional source of oil production over the next 20 years and we remain committed to the region and to providing world-class service to our fleet of equipment operating there.

"As we continue to navigate the trough of this cycle, we remain committed to controlling costs and optimizing our global manufacturing footprint. During the quarter, we executed well on our planned 2014 restructuring actions and we remain focused on balancing further actions with market conditions.

"As we look at 2014 in context of our performance during the first half of the year, we are reconfirming our guidance of revenues between $3.6 billion and $3.8 billion with earnings per fully diluted share, excluding restructuring and unusual items, in the range of $3.10 to $3.50. We expect the second half performance to be weighted towards the end of the year, rather than spread equally among the remaining quarters. We continue to project cash from continuing operations for the fiscal year, excluding discretionary pension contributions, of approximately 15 percent of sales.

"We continue to be diligent in looking for ways to maximize returns for shareholders while executing on our overall growth strategies. One of these strategies is the expansion of our offerings in the underground hard rock mining market. We recently closed on the acquisition of certain assets of Mining Technologies International Inc. This represents a great opportunity for us to expand our product portfolio in underground hard rock mining and leverage our global service capabilities in bringing significant value to our hard rock mining customers and our shareholders.

"Overall, we remain focused on delivering innovative solutions through world-class products and direct service to our customers that help make mining safer and lower their total lifecycle costs."

Quarterly Conference Call

Management will host a quarterly conference call to discuss the Company's second quarter results at 11:00 a.m. EDT on June 5, 2014. Interested parties can listen to the call by dialing 888-504-7966 in the United States or 719-325-2437 outside of the United States, access code #7285398, at least 15 minutes prior to the 11:00 a.m. EDT start time of the call. A rebroadcast of the call will be available until the close of business on June 26, 2014 by dialing 888-203-1112 or 719-457-0820, access code #7285398.

Alternatively, interested parties can listen to a live webcast of the call on the Joy Global Inc. website at http://investors.joyglobal.com/events.cfm. To listen, please register and download audio software on the site at least 15 minutes prior to the start of the call. A replay of the webcast will be available until the close of business on July 7, 2014.

About Joy Global Inc.

Joy Global Inc. is a worldwide leader in mining equipment and services for surface and underground mining.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Terms such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "indicate," "intend," "may be," "objective," "plan," "potential" "predict," "should," "will be," and similar expressions are intended to identify forward-looking statements. The forward-looking statements in this press release are based on our current expectations and are made only as of the date of this press release. In addition, certain market outlook information and other market statistical data contained herein is based on third party sources that we cannot independently verify, but that we believe to be reliable. We undertake no obligation to update forward-looking statements to reflect new information. We cannot assure you the projected results or events will be achieved. Because forward-looking statements involve risks and uncertainties, they are subject to change at any time. Such risks and uncertainties, many of which are beyond our control, include, but are not limited to: (i) risks of international operations, including currency fluctuations, (ii) risks associated with acquisitions, (iii) risks associated with indebtedness, (iv) risks associated with the cyclical nature of our business, (v) risks associated with the international and U.S. coal and copper commodity markets, (vi) risks associated with access to major purchased items, such as steel, castings, forgings and bearings, and (vii) risks associated with labor markets and other risks, uncertainties and cautionary factors set forth in our public filings with the Securities and Exchange Commission.

JOY-F

 
 
JOY GLOBAL INC.
SUMMARY OF CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share data)
   
Quarter Ended Six Months Ended
May 2,
2014
  April 26,
2013
May 2,
2014
  April 26,
2013
 
Net sales $ 929,730 $ 1,360,435 $ 1,769,042 $ 2,510,312
Costs and expenses:
Cost of sales 651,592 909,179 1,255,770 1,682,328
Product development, selling and administrative expenses 154,534 172,953 307,563 330,234
Other income (2,138 ) (330 ) (5,278 ) (2,035 )
Operating income 125,742 278,633 210,987 499,785
 
Interest expense, net 13,848   15,185   27,668   30,338  
Income from continuing operations before income taxes 111,894 263,448 183,319 469,447
 
Provision for income taxes 37,943   81,669   60,507   145,529  
Income from continuing operations 73,951 181,779 122,812 323,918
 
Loss from discontinued operations, net of income taxes   (223 )   (225 )
Net income $ 73,951   $ 181,556   $ 122,812   $ 323,693  
 
Basic earnings per share:
Continuing operations $ 0.74 $ 1.71 $ 1.22 $ 3.05
Discontinued operations        
Net income $ 0.74   $ 1.71   $ 1.22   $ 3.05  
 
Diluted earnings per share:
Continuing operations $ 0.73 $ 1.69 $ 1.20 $ 3.02
Discontinued operations        
Net income $ 0.73   $ 1.69   $ 1.20   $ 3.02  
 
Dividends per share $ 0.175   $ 0.175   $ 0.35   $ 0.35  
 
Weighted average shares outstanding:
Basic 100,346   106,426   101,071   106,334  
Diluted 101,203   107,413   101,935   107,325  
 

Note - For complete information, including footnote disclosures, please refer to the Company's Form 10-Q filing with the SEC.

 
 
JOY GLOBAL INC.
SUMMARY CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
       

May 2,

October 25,

2014

2013
ASSETS
Current assets:
Cash and cash equivalents $ 385,790 $ 405,709
Accounts receivable, net 917,502 1,083,663
Inventories 1,128,891 1,139,744
Other current assets 201,838   193,328
Total current assets 2,634,021 2,822,444
 
Property, plant and equipment, net 893,649 912,642
Other intangible assets, net 322,701 331,812
Goodwill 1,492,689 1,480,519
Deferred income taxes 39,746 41,532
Other assets 194,928   200,633
Total assets $ 5,577,734   $ 5,789,582
 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term notes payable, including current portion of long term obligations $ 58,089 $ 58,669
Trade accounts payable 335,319 388,119
Employee compensation and benefits 111,713 130,555
Advance payments and progress billings 403,518 399,768
Accrued warranties 73,602 85,732
Other accrued liabilities 225,953 286,063
Current liabilities of discontinued operations 11,684   11,684
Total current liabilities 1,219,878 1,360,590
 
Long-term obligations 1,231,572 1,256,927
 
Liability for postretirement benefits 19,944 20,723
Accrued pension costs 139,196 149,805
Other non-current liabilities 152,328 143,168
 
Shareholders' equity 2,814,816   2,858,369
 
Total liabilities and shareholders' equity $ 5,577,734   $ 5,789,582
 

Note - For complete information, including footnote disclosures, please refer to the Company's Form 10-Q filing with the SEC.

 
 
JOY GLOBAL INC.
SUMMARY OF CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
       
Quarter Ended Six Months Ended

May 2,

  April 26,

May 2,

  April 26,

2014

2013

2014

2013
Operating Activities:
Net income $ 73,951 $ 181,556 $ 122,812 $ 323,693
Loss from discontinued operations 223 225
Depreciation and amortization 32,071 28,778 64,837 48,873
Other adjustments to continuing operations, net 4,254 (47,649 ) 12,742 (82,851 )
Changes in working capital items attributed to continuing operations:
Accounts receivable, net 50,098 (92,700 ) 166,177 7,705
Inventories 13,869 54,235 (15,577 ) 24,908
Trade accounts payable 50,125 42,478 (45,992 ) (14,239 )
Advance payments and progress billings (81,271 ) (117,969 ) 9,182 (74,157 )
Other working capital items (1,261 ) (47,742 ) (107,506 ) (140,882 )
Net cash provided by operating activities of continuing operations 141,836 1,210 206,675 93,275
Net cash used by operating activities of discontinued operations (182 ) (801 ) (115 ) (2,372 )
Net cash provided by operating activities 141,654   409   206,560   90,903  
 
Investing Activities:
Property, plant, and equipment acquired (17,649 ) (32,413 ) (44,304 ) (87,001 )
Other investing activities, net 2,079   (729 ) 4,139   2,117  
Net cash used by investing activities (15,570 ) (33,142 ) (40,165 ) (84,884 )
 
Financing Activities:
Common stock issued 4,596 2,215 6,581 5,227
Dividends paid (17,524 ) (18,588 ) (35,374 ) (37,130 )
Treasury stock purchased (7,468 ) (129,504 )
Other financing activities, net (12,651 ) 14,597   (26,694 ) (1,083 )
Net cash used by financing activities (33,047 ) (1,776 ) (184,991 ) (32,986 )
 
Effect of Exchange Rate Changes on Cash and Cash Equivalents 1,854   (511 ) (1,323 ) (2,031 )
 
Increase (Decrease) in Cash and Cash Equivalents 94,891 (35,020 ) (19,919 ) (28,998 )
 
Cash and Cash Equivalents at the Beginning of Period 290,899   269,895   405,709   263,873  
 
Cash and Cash Equivalents at the End of Period $ 385,790   $ 234,875   $ 385,790   $ 234,875  
 
Supplemental cash flow information:
Interest paid $ 15,485 $ 16,045 $ 31,336 $ 32,231
Income taxes paid 43,743 114,653 74,511 170,693
 
Depreciation and amortization by segment:
Underground Mining Machinery $ 17,478 $ 16,221 $ 36,212 $ 22,763
Surface Mining Equipment 13,917 11,837 27,209 24,679
Corporate 676   720   1,416   1,431  
Total depreciation and amortization $ 32,071   $ 28,778   $ 64,837   $ 48,873  
 

Note - For complete information, including footnote disclosures, please refer to the Company's Form 10-Q filing with the SEC.

 
 
JOY GLOBAL INC.
SUPPLEMENTAL FINANCIAL DATA
(Unaudited)
(In thousands)
     
Quarter Ended

May 2,
2014

 

April 26,
2013

Change
Net Sales By Segment:
Underground Mining Machinery $ 517,878 $ 681,914 $ (164,036 ) (24.1 )%
Surface Mining Equipment 443,625 712,796 (269,171 ) (37.8 )%
Eliminations (31,773 ) (34,275 ) 2,502  
Total Sales By Segment $ 929,730   $ 1,360,435   $ (430,705 ) (31.7 )%
 
Net Sales By Product Stream:
Service $ 656,104 $ 716,158 $ (60,054 ) (8.4 )%
Original Equipment 273,626   644,277   (370,651 ) (57.5 )%
Total Sales By Product Stream $ 929,730   $ 1,360,435   $ (430,705 ) (31.7 )%
 
Net Sales By Geography:
United States $ 357,890 $ 585,863 $ (227,973 ) (38.9 )%
Rest of World 571,840   774,572   (202,732 ) (26.2 )%
Total Sales By Geography $ 929,730   $ 1,360,435   $ (430,705 ) (31.7 )%
 
Operating Income By Segment: % of Net Sales
Underground Mining Machinery $ 67,532 $ 137,222 13.0 % 20.1 %
Surface Mining Equipment 82,613 165,643 18.6 % 23.2 %
Corporate (14,203 ) (16,647 )
Eliminations (10,200 ) (7,585 )
Total Operating Income $ 125,742   $ 278,633   13.5 % 20.5 %
 
Six Months Ended

May 2,
2014

April 26,
2013

Change
Net Sales By Segment:
Underground Mining Machinery $ 995,341 $ 1,272,024 $ (276,683 ) (21.8 )%
Surface Mining Equipment 844,321 1,318,279 (473,958 ) (36.0 )%
Eliminations (70,620 ) (79,991 ) 9,371  
Total Sales By Segment $ 1,769,042   $ 2,510,312   $ (741,270 ) (29.5 )%
 
Net Sales By Product Stream:

Service

$ 1,228,977 $ 1,342,041 $ (113,064 ) (8.4 )%

Original Equipment

540,065   1,168,271   (628,206 ) (53.8 )%
Total Sales By Product Stream $ 1,769,042   $ 2,510,312   $ (741,270 ) (29.5 )%
 
Net Sales By Geography:
United States $ 666,801 $ 1,013,255 $ (346,454 ) (34.2 )%
Rest of World 1,102,241   1,497,057   (394,816 ) (26.4 )%
Total Sales By Geography $ 1,769,042   $ 2,510,312   $ (741,270 ) (29.5 )%
         
Operating Income By Segment: % of Net Sales
Underground Mining Machinery $ 130,138 $ 249,105 13.1 % 19.6 %
Surface Mining Equipment 128,765 301,323 15.3 % 22.9 %
Corporate (28,425 ) (29,479 )
Eliminations (19,491 ) (21,164 )
Total Operating Income $ 210,987   $ 499,785   11.9 % 19.9 %
 

Note - For complete information, including footnote disclosures, please refer to the Company's Form 10-Q filing with the SEC.

 
 
JOY GLOBAL INC.
SUPPLEMENTAL FINANCIAL DATA
(Unaudited)
(In thousands)
         
Quarter Ended

May 2,
2014

 

April 26,
2013

Change
Bookings By Segment:
Underground Mining Machinery $ 488,052 $ 711,660 $ (223,608 ) (31.4 )%
Surface Mining Equipment 600,453 446,873 153,580 34.4 %
Eliminations (40,923 ) (29,729 ) (11,194 )
Total Bookings By Segment $ 1,047,582   $ 1,128,804   $ (81,222 ) (7.2 )%
 
Bookings By Product Stream:
Service $ 696,992 $ 647,981 $ 49,011 7.6 %
Original Equipment 350,590   480,823   (130,233 ) (27.1 )%
Total Bookings By Product Stream $ 1,047,582   $ 1,128,804   $ (81,222 ) (7.2 )%
           

Six Months Ended

May 2,
2014

April 26,
2013

Change

Bookings By Segment:
Underground Mining Machinery $ 939,103 $ 1,310,427 $ (371,324 ) (28.3 )%
Surface Mining Equipment 1,033,910 949,825 84,085 8.9 %
Eliminations (64,905 ) (106,756 ) 41,851  
Total Bookings By Segment $ 1,908,108   $ 2,153,496   $ (245,388 ) (11.4 )%
 
Bookings By Product Stream:
Service $ 1,307,391 $ 1,236,525 $ 70,866 5.7 %
Original Equipment 600,717   916,971   (316,254 ) (34.5 )%
Total Bookings By Product Stream $ 1,908,108   $ 2,153,496   $ (245,388 ) (11.4 )%
 

Note - For complete information, including footnote disclosures, please refer to the Company's Form 10-Q filing with the SEC.

 
 
JOY GLOBAL INC.
SUPPLEMENTAL FINANCIAL DATA
(Unaudited)
(In thousands)
     
Amounts as of:

May 2,
2014

 

January 31,
2014

 

October 25,
2013

 

July 26,
2013

Backlog By Segment:
Underground Mining Machinery $ 894,989 $ 924,815 $ 951,227 $ 1,017,911
Surface Mining Equipment 744,560 587,732 554,971 615,397
Eliminations (23,652 ) (14,502 ) (29,367 ) (50,781 )
Total Backlog By Segment $ 1,615,897   $ 1,498,045   $ 1,476,831   $ 1,582,527  
 
Backlog By Product Stream:
Service $ 633,252 $ 592,364 $ 554,838 $ 539,787
Original Equipment 982,645   905,681   921,993   1,042,740  
Total Backlog By Product Stream $ 1,615,897   $ 1,498,045   $ 1,476,831   $ 1,582,527  
 

Note - For complete information, including footnote disclosures, please refer to the Company's Form 10-Q filing with the SEC.

Joy Global Inc.
James M. Sullivan
Executive Vice President and Chief Financial Officer
+1 414-319-8509

Source: Joy Global Inc.

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