logo
  Join        Login             Stock Quote

Joy Global (JOY) Q1 Tops Estimates, Reaffirms 2013 Forecast

 February 27, 2013 07:52 AM


(By Balaseshan) Joy Global Inc. (NYSE: JOY) reported better-than-expected quarterly earnings, despite a fall in bookings. The provider of mining equipments reaffirmed its forecast for 2013 and expects flat volumes.

Earnings from continuing operations were $142.14 million or $1.33 per share for the first quarter, compared to $142.52 million or $1.33 per share in the comparable period of last year. Adjusted earnings per share (EPS) from continuing operations rose to $1.31 from $1.26.

Net sales increased 1.2 percent to $1.15 billion. Original equipment sales increased 3 percent, while aftermarket sales decreased 1 percent.

[Related -Joy Global Inc. (JOY) Q3 Earnings Preview: What To Watch?]

Wall Street analysts, on average, expected JOY to earn $1.14 per share on sales of $1.08 billion.

Bookings fell 29 percent in the first quarter as order fell in the company's legacy business. Aftermarket orders declined 21 percent and original equipment orders were down 44 percent.

At the end of the first quarter, backlog was $2.4 billion, down from $2.6 billion at the beginning of fiscal 2013.

Looking ahead for the full year 2013, the company reaffirmed its EPS guidance range of $5.75 to $6.35 on revenue between $4.9 billion and $5.2 billion. Analysts expect earnings of $6.19 per share on revenue of $5.07 billion.

"When all of these factors are considered, we expect our base order rates, before major projects, to remain effectively flat at recent run rates throughout this fiscal year. In addition, we feel confident that at least one or two major projects will add to 2013 bookings. We expect our aftermarket orders to recover from the first quarter levels, but they may not reach last year's level for the full year," the company said.

[Related -Stock Upgrades And Downgrades: BBBY, BHI, CTXS, FRX, MSFT, TSL, VMW]

JOY shares, which have been trading in the 52-week range of $47.69 to $93.15, closed at $59.96 on Tuesday.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageGoogle: Still Opportunities Ahead

Google (GOOGL) shares are finally recovering after announcing third-quarter earnings last week that were read on...

article imageThis Technical Indicator May Be The Simplest Way To Pick Winning Stocks

What's the first rule of successful real estate investing? Of course, you just said to yourself, "location, read on...

article imageUpdate On Crude Oil Markets

Crude prices came under pressure again today. According to Reuters (from last week), the Saudis “will read on...

article imageDelta Air Lines (DAL): Panic Selling Makes This Airline Stock Ripe For A Quick Pop

If there ever were a teaching moment in the stock market, it was this week. Earnings, trendlines and read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.