Joy Global (JOY) Tops Q2 EPS by 1c

Joy Global (NYSE: JOY) reported Q2 EPS of $0.59, $0.01 better than the analyst estimate of $0.58. Revenue for the quarter came in at $810 million versus the consensus estimate of $815.24 million.

Consolidated bookings in the second quarter totaled $745 million, a decrease of 29 percent versus the second quarter of last year. Original equipment orders decreased 57 percent while service orders were down 15 percent compared to the prior year. Current quarter bookings were reduced by $33 million from the impact of foreign currency exchange movements versus the year ago period, a $9 million decrease for original equipment and a $24 million decrease for service bookings. When adjusting for foreign currency exchange, orders were down 26 percent compared to the second quarter of last year, with original equipment orders down 55 percent and service orders down 11 percent.

Bookings for underground mining machinery decreased 10 percent in comparison to the second quarter of last year. Original equipment orders decreased 11 percent compared to the prior year. Original equipment orders increased in North America and Africa, but were more than offset by declines in all other regions. Service orders decreased 10 percent compared to the prior year, with increases in Australia and China more than offset by decreases in all other regions. Orders for underground mining machinery were reduced by $25 million from the impact of foreign currency exchange compared to the second quarter of last year.

Bookings for surface mining equipment decreased 43 percent in comparison to the second quarter of last year. Original equipment orders decreased 87 percent compared to the prior year, which included a multiple shovel order for an oil sands customer. Original equipment orders decreased in all regions except Eurasia. Service orders decreased 18 percent compared to the prior year, with declines in all regions except Latin America, which was flat, and China. Orders for surface mining equipment were reduced by $8 million from the impact of foreign currency exchange compared to the second quarter of last year.

Backlog at the end of the second quarter was $1.26 billion, down from $1.33 billion at the beginning of the year.

For earnings history and earnings-related data on Joy Global (JOY) click here.

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