Joy Global Inc., a Milwaukee-based mining equipment company, reported operating income of $333 million in the second quarter of 2012, compared to operating income of $234 million in the second quarter of fiscal 2011, while income from continuing operations was $218 million or $2.04 per fully diluted share for the second quarter, compared to income from continuing operations of $162 million, or $1.52 per fully diluted share in the second quarter of 2011.
Quarterly bookings were $1.2 billion, compared to $1.5 billion in the second quarter of last year, a decrease of 19%.
Due to softness in the U.S. market, and the expectation that it will not be completely offset by strength in the international markets, the company estimated that earnings per share would be reduced by $0.18.
Due to this market condition and accounting charges, Joy Global’s 2012 revenue will decline by an estimated $100 million and earnings per fully diluted share will drop by $0.35.
Joy Global is adjusting its guidance for 2012, and now expect earnings per fully diluted share to be between $7.15 and $7.45 on revenues between $5.5 to $5.7 billion.
Read the full article
