SmarTrend(R) News Watch: Joy Global Reports Fiscal Q1 Results, Reaffirms Guidance

Wed. March 04, 2009; Posted: 07:24 AM

Mar 04, 2009 (SmarTrend(R) News Watch via COMTEX) -- JOYG | Quote | Chart | News | PowerRating -- Joy Global (NASDAQ:JOYG) reported fiscal Q1 EPS of 83 cents, topping consensus estimates of 76 cents. Revenues in the quarter rose 18% year-over-year to $755.0 million, but were below consensus estimates of $782.3 billion. The company said it expects booking rates for its original equipment to remain "substantially below" year-ago levels. The company affirmed its fiscal 2009 revenue guidance of $3.5-$3.7 billion (vs. $3.45 billion consensus) and affirmed its fiscal 2009 EPS guidance of $3.60-$4.00 (vs. $3.51 consensus). President and CEO Mike Sutherlin said "The challenges going forward are represented in the order bookings. We incurred $161 million of cancellations in the first quarter as we continue to work with our customers to adjust to the realities of our markets in ways that best enhance the short- and long-term value of our business. These cancellations are within the backlog risk categories we previously disclosed, and therefore did not come as a complete surprise. They also will not affect our guidance for 2009. New original equipment orders received and booked this quarter, before cancellations and foreign exchange rate impact, were down significantly due to demand and were also impacted by the timing of some potential orders in process. More importantly, new aftermarket orders received and booked for the surface and underground businesses were up 13 percent from last year, reflecting the strength of our aftermarket infrastructure and programs. The aftermarket will be critical to managing the uncertainty and volatility we see ahead, especially in the original equipment market."

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For full details on Joy Global Inc (JOYG) click here. Joy Global Inc (JOYG) has Short Term PowerRatings of 5. Details on Joy Global Inc (JOYG) Short Term PowerRatings is available at This Link.

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