Net sales for the group, which includes Joy Mining Machinery and P&H Mining Equipment, were $378 million compared to $273 million in the fourth quarter of last year.

Original equipment sales increased significantly in the quarter in both underground and surface mining segments compared to the prior year. Net sales for fiscal 2003 totalled $1.22 billion, an increase of 6% from sales of $1.15 billion in fiscal 2002.

“We are very pleased with the strong results achieved in the quarter from both of our operations. Conditions continue to improve in many of the markets our customers serve. We anticipate that these improvements will result in increased demand for our aftermarket services and original equipment in fiscal 2004, although at a more measured pace than we experienced in the fourth quarter,” said CEO John Hanson.

Underground segment Joy Mining Machinery enjoyed net sales for the fourth quarter of $212 million compared to sales in the fourth quarter of 2002 of $170 million.

For fiscal 2003 in total, net sales were $686 million compared to sales of $746 million in the prior year, largely due to a year-to-year decline in the number of roof support system shipments.

Original equipment sales increased significantly in the quarter due in part to the shipment of a roof support order. Additionally, conventional mining equipment such as continuous miners showed some strength and aftermarket revenues also increased, both sequentially and quarter over quarter.

“Our results at Joy in the fourth quarter were very positive. Many of our major markets appeared to gain strength, including the critical U.S. underground coal market. Domestic coal production continues on a slow recovery path.

“Conditions remain positive for a solid recovery in this market in 2004, although there are a number of factors such as weather and economic activity which could result in the sporadic order patterns we saw in 2003 continuing for a period of time,” Hanson said.

The outlook remained positive for Joy Global with expected improved demand for equipment and services. However Hanson said he remained cautious in predicting the timing of a recovery, and when it will translate into increased orders for original equipment.

“The major commodity markets served by our customers, specifically U.S. coal and worldwide copper, are enjoying higher prices and increasing demand for their production. Tempering our expectations, however, is the fact that new orders in the fourth quarter were $28 million below quarterly shipments. Therefore, we expect our first quarter of 2004 to follow its seasonal pattern of weakness, and for overall 2004 results to continue to show quarter-to-quarter volatility,” he said.

Revenues for the next 12 months were predicted to be in the range of $1.25 to $1.40 billion.