Joy Global profits rise 67 percent - Philadelphia Business Journal:

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The Milwaukee-based mining equipment manufactureer now projects that its fiscal 2009 salezs tobe $3.5 billion to $3.6 in the lower half of its previoua outlook of $3.5 billion to $3.7 billion. however, are expected to continur to benefit from cost reduction efforts and are now projecte d 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 ended May 1, net incomr surged to $120.5 million, or $1.17 per share, a 67 percengt increase compared with $72.1 million, or 66 cents per share, for the comparable periodr a year ago. Net sales grew 10 percenr to $923.5 million from $843.
1 Analysts polled by Thomson First Call projectedJoy Global'sz second-quarter earnings to be 89 centse per share, on average. After opening shares of Joy Global JOYG) rebounded to $36.00, up 58 in morning trading Wednesday. Joy Global management said sale were being hurtby $96 million in canceled orders in the secon quarter, raising the total value of canceled orders to $300 million over the past threr quarters. Sales were also beinh hurt by a slowdownj in aftermarketorder rates. Order cancellations were concentrated in North American copper andiron ore, U.S. Centralp Appalachian coal and Russian coal.
Joy Global now believes as muchas $525 millionh of its remaining original equipment backlog couled be at risk as well. Much of that risk is due to uncertainthy with an oilsands 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 share, the year Net sales were up $1.68 billion from $1.48