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