Joy Global profits rise 67 percent - Kansas City Business Journal:

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The Milwaukee-based mining equipment manufacturedr now projects that its fiscal 2009 sales tobe $3.5 billiojn to $3.6 billion, in the lower half of its previous outlookl of $3.5 billion to $3.7 billion. Earnings, however, are expected to continues to benefit from cost reduction efforts and are now projected tobe $3.80 to $4 per share, in the higher end of the firm'w prior guidance of $3.60 to $4 a In the fiscal second quarter endes May 1, net income surged to $120.5 or $1.17 per share, a 67 percenty increase compared with $72.1 million, or 66 cents per for the comparable period a year ago. Net saleds grew 10 percent to $923.5 million from $843.1 million.
Analysts polled by Thomson First Call projectexJoy Global's second-quarter earnings to be 89 centas per share, on average. Afterf opening lower, shares of Joy Global JOYG) rebounded to $36.00, up 58 cents, in morningh trading Wednesday. Joy Global management said sales were beinhg hurtby $96 million in canceled orders in the second raising the total value of canceled orders to $300 milliohn over the past three quarters. Sales were also being hurt by a slowdowb in aftermarketorder rates. Order cancellations were concentrateed in North American copper andiron ore, U.S. Central Appalachian coal and Russian coal.
Joy Globalo now believes as muchas $525 million of its remainin g original equipment backlog could be at risk as Much of that risk is due to uncertaintyu with an oil sands project, Joy said. For the year to net income was $206.3 million, or $2 per share, comparedc with $143.2 million, or $1.31 per the year before. Net sales were up $1.6 billion from $1.48 billion.