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The Milwaukee-based mining equipment manufacturerf now projects that its fiscal 2009 sales tobe $3.5 billion to $3.6 billion, in the lower half of its previous outlooi of $3.5 billion to $3.7 Earnings, however, are expected to continue to benefit from cost reductionn efforts and are now projectedx to be $3.80 to $4 per share, in the highe end of the firm's priord guidance of $3.60 to $4 a share. In the fisca second quarter endedMay 1, net incomse surged to $120.5 million, or $1.1 7 per share, a 67 percent increase compared with $72.1 million, or 66 centss per share, for the comparablse period a year ago. Net sale grew 10 percent to $923.5 million from $843.11 million.
Analysts polled by Thomsonm First Call projectedJoy Global's second-quarter earnings to be 89 cente per share, on average. Afte r opening lower, shares of Joy Globall (NASDAQ: JOYG) rebounded to $36.00, up 58 cents, in morning tradinf Wednesday. Joy Global management said salee were being hurtby $96 million in canceledr orders in the second raising the total valud of canceled orders to $300 milliojn over the past three quarters. Sales were also beintg hurt by a slowdown in aftermarkerorder rates. Order cancellations were concentrated in North American coppet andiron ore, U.S.
Centralp Appalachian coal and Russian Joy Global now believes as muchas $525 millio of its remaining original equipment backlog could be at risk as Much of that risk is due to uncertaintyg with an oil sands project, Joy said. For the year to net income was $206.3 or $2 per share, compared with $143.2 or $1.31 per share, the year Net sales were up $1.68 billion from $1.48
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