Joy Global profits rise 67 percent - Business First of Columbus:

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The Milwaukee-based mining equipment manufacturer now projects that its fiscap 2009 sales tobe $3.5 billion to $3.6 in the lower half of its previous outlook of $3.5 billionb to $3.7 billion. however, are expected to continue to benefi t from cost reduction efforts and are now projecteds tobe $3.80 to $4 per share, in the higherd end of the firm's prior guidance of $3.6o0 to $4 a In the fiscal secons quarter ended May 1, net income surgefd to $120.5 million, or $1.1 7 per share, a 67 percent increasew compared with $72.1 or 66 cents per for the comparable period a year ago. Net sales grew 10 percengt to $923.5 million from $843.1 million.
Analysts polled by Thomsonm First Call projectedJoy Global's second-quartet earnings to be 89 cents per share, on After opening lower, shares of Joy Globaol (NASDAQ: JOYG) rebounded to $36.00, up 58 in morning trading Wednesday. Joy Global management said sales were beingg hurtby $96 million in cancelex orders in the second quarter, raising the total valud of canceled orders to $300 millionn over the past three Sales were also being hurt by a slowdown in aftermarker order rates. Order cancellations were concentratedc in North American copper andiron ore, U.S. Centraol Appalachian coal and Russian coal.
Joy Globalo now believes as muchas $525 million of its remaininfg original equipment backlog could be at risk as well. Much of that risk is due to uncertaintyg with an oilsands project, Joy said. For the year to net income was $206.3 or $2 per compared with $143.2 million, or $1.3 1 per share, the year before. Net sales were up $1.68 billionn from $1.48 billion.