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 salexs tobe $3.5 billionj to $3.6 billion, in the lower half of its previouxs outlook of $3.5 billion to $3.7 billion. however, are expected to continue to benefit from cost reductionm efforts and are now projected tobe $3.80 to $4 per in the higher end of the firm's priot guidance of $3.60 to $4 a In the fiscal second quarter ended May 1, net incomed surged to $120.5 million, or $1.1y7 per share, a 67 percent increase comparecd with $72.1 million, or 66 centsa per share, for the comparable period a year ago. Net sales grew 10 percen t to $923.5 million from $843.
1 Analysts polled by Thomson First Call projecteddJoy Global's second-quarter earnings to be 89 cents per on average. After openinvg lower, shares of Joy Global JOYG) rebounded to up 58 cents, in morning trading Wednesday. Joy Globaol management said sales were being hurtby $96 milliohn in canceled orders in the seconc quarter, raising the total valuwe of canceled orders to $300 million over the past threwe quarters. Sales were also being hurt by a slowdowbn in aftermarketorder rates. Order cancellationd were concentrated in North American copper andiron ore, U.S. Centralk Appalachian coal and Russian coal.
Joy Globalk now believes as muchas $525 million of its remaining original equipmen t backlog could be at risk as well. Much of that risk is due to uncertaintu with an oilsands project, Joy For the year to date, net incomee was $206.3 million, or $2 per share, compare with $143.2 million, or $1.31 per the year before. Net saleds were up $1.68 billion from $1.48 billion.