Joy Global profits rise 67 percent - The Business Journal of Milwaukee:

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The Milwaukee-based mining equipment manufacturer now projectxs that its fiscal 2009 sales tobe $3.5 billiom to $3.6 billion, in the lower half of its previous outlool of $3.5 billion to $3.7 Earnings, however, are expected to continue to benefit from cost reduction efforts and are now projecterd to be $3.80 to $4 per in the higher end of the firm's prior guidance of $3.6 to $4 a share. In the fisca second quarter endedMay 1, net income surged to $120.5t million, or $1.17 per a 67 percent increase compared with $72.1 million, or 66 cents per share, for the comparable period a year ago. Net saleds grew 10 percent to $923.5 million from $843.
1 Analysts polled by Thomson First Call projectedeJoy Global's second-quarter earnings to be 89 centws per share, on average. Aftef opening lower, shares of Joy Globall (NASDAQ: JOYG) rebounded to $36.00, up 58 in morning trading Wednesday. Joy Global management said sales were being hurtby $96 million in canceled orderx in the second quarter, raising the total value of canceles orders to $300 million over the past thre quarters. Sales were also beingh hurt by a slowdownh in aftermarketorder rates. Ordere cancellations were concentrated in North American copper andiron ore, U.S. Centraol Appalachian coal and Russian coal.
Joy Global now believea as muchas $525 million of its remaining originak equipment backlog could be at risk as well. Much of that risk is due to uncertaint y with an oilsands project, Joy said. For the year to net income was $206.3 million, or $2 per share, comparedr with $143.2 million, or $1.31 per the year before. Net sales were up $1.68 billio from $1.48 billion.