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

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The Milwaukee-based mining equipment manufacturer now projects that its fiscao 2009 sales tobe $3.5 billion to $3.6 in the lower half of its previous outlook of $3.5 billio n to $3.7 billion. Earnings, are expected to continue to benefit from cost reductionb efforts and are now projected tobe $3.80 to $4 per in the higher end of the firm's priord guidance of $3.60 to $4 a share. In the fiscal secone quarter endedMay 1, net incomre surged to $120.5 million, or $1.17 per a 67 percent increase compared with $72.1 million, or 66 centxs per share, for the comparable period a year ago. Net salezs grew 10 percent to $923.5 million from $843.1 million.
Analysts polled by Thomson First Call projectesJoy Global's second-quarter earnings to be 89 cents per on average. After opening lower, shares of Joy Global JOYG) rebounded to $36.00, up 58 cents, in morninb trading Wednesday. Joy Global management said sales were bein g hurtby $96 million in canceleed orders in the second quarter, raising the total valure of canceled orders to $300 million over the past thred quarters. Sales were also being hurt by a slowdowjn in aftermarketorder rates. Order cancellationa were concentrated in North American copper andiron ore, U.S. Centralp Appalachian coal and Russian coal.
Joy Global now believed as muchas $525 million of its remaining original equipment backlog could be at risk as Much of that risk is due to uncertainty with an oil sand project, Joy said. For the year to net income was $206.34 million, or $2 per share, compared with $143.2 or $1.31 per share, the year before. Net sales were up $1.688 billion from $1.48 billion.