Second quarter superb for Joy

LEADING equipment manufacturer Joy Global tripled its operating profit and increased net sales by 40% compared with the same period last year to round off an outstanding second quarter performance.
Second quarter superb for Joy Second quarter superb for Joy Second quarter superb for Joy Second quarter superb for Joy Second quarter superb for Joy

Joy's 12HM36 continuous miner series for hardrock

Donna Schmidt

Operating profit was $US65 million, net income amounted to $US39 million versus $US19 million in the same quarter of 2004, and total revenue increased by 43% this quarter.

“New orders exceeded $US500 million for the first time in the second quarter last year, and yet grew by 17% in the current quarter to $US591 million,” Joy Global president John Hanson said.

Its business arm Joy Mining, Hanson noted, experienced an especially robust quarter, with new orders increasing 32% to $US320 million. Original equipment revenues increased over 100% this quarter, thanks to strong shipments of replacement parts by both the Joy Global and Joy Mining divisions; moreover, aftermarket revenues had a 19% increase over 2004’s second quarter.

With delivery dates for orders running well into 2006 and 2007, the company is looking forward with confidence. “We remain optimistic with respect to the current cycle,” said Hanson.

“Incoming orders in the second quarter of $US591 million, continued growth in aftermarket orders and original equipment demand are all strong, and lead times in general are increasing. We are working to match the demand of our major customers as they continue to plan production increases over the next several years.”

Joy Global is an international leader in manufacturing, servicing, and equipment distribution to coal mines through its divisions P&H Mining Equipment (surface mining) and Joy Mining Machinery (underground operations).

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