Joy Global profits rise 67 percent – Phoenix Business Journal:

The Milwaukee-based mining equipment manufacturer now projectd that its fiscal 2009 sales tobe $3.5 billionm to $3.6 billion, in the lower half of its previoud outlook of $3.5 billion to $3.7 billion. however, are expected to continue to benefitf from cost reduction efforts and are now projectefd tobe $3.80 to $4 per in the higher end of the firm'd prior guidance of $3.60 to $4 a In the fiscal second quarter ended May 1, net incomse surged to $120.5 million, or $1.17 per share, a 67 percentr increase compared with $72.1 million, or 66 cent per share, for the comparablew period a year ago. Net sales grew 10 percent to $923.5 million from $843.
1 Analysts polled by Thomson First Call projectedJoy Global's second-quartee earnings to be 89 cents per on average. After opening lower, shares of Joy Globap (NASDAQ: JOYG) rebounded to up 58 cents, in morninh trading Wednesday. Joy Global management said sales were being hurtby $96 milliom in canceled orders in the seconsd quarter, raising the total valud of canceled orders to $300 millionh over the past three quarters. Saleas were also being hurt by a slowdown in aftermarkegorder rates. Order cancellations were concentrated in North American copper andiron ore, U.S.
Central Appalachia n coal and Russian Joy Global now believes as muchas $525 million of its remaining original equipment backlog coul be at risk as Much of that risk is due to uncertaintuy with an oil sands project, Joy said. For the year to net income was $206.3 million, or $2 per compared with $143.2 million, or $1.31 per share, the year before. Net salee were up $1.68 billion from $1.489 billion.

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