[The fiscal year ended 10/28/11 (the last Friday in October). The ticker symbol changed from JOYG to JOY on 12/6/11 with the move from Nasdaq to the NYSE. Since the takeover of BUCY by CAT, JOY is the largest pure mining-equipment company.]
Joy Global Inc.'s fiscal-fourth-quarter earnings rose 18% as the mining-equipment maker registered stronger revenue and bookings, with a boost from acquisitions.
For the quarter ended Oct. 28, Joy Global reported a profit of $172.4 million, or $1.61 a share, up from $146.3 million, or $1.39, a year earlier. Excluding acquistion-related and other charges, earnings from continuing operations rose to $1.82 from $1.46.
Revenue increased 27% to $1.34 billion, including $101.6 million from its LeTourneau acquisition. Analysts polled by Thomson Reuters most recently forecast earnings of $1.86 on revenue of $1.35 billion.
Gross margin edged up to 33.8% from 33.5%.
"Bookings were strong as our customers continue to move ahead with mine-expansion projects," President and Chief Executive Mike Sutherlin said. "We expect demand to grow at a more moderate rate in 2012, and our focus will be on long-term growth and efficiencies."
For the just-started fiscal year, Joy Global forecast per-share earnings of $7 to $7.40 on revenue of $5.3 billion to $5.5 billion. Analysts polled by Thomson Reuters recently expected $7.19 and $5.36 billion, respectively.
Milwaukee-based Joy Global has been expanding through acquisitions this year, such as its $1.1 billion acquisition of Rowan Cos.' LeTourneau manufacturing operations, giving it exposure to oil- and gas-drilling equipment. It also is seeking growth in China as it acquires International Mining Machinery Holdings Ltd., which is expected to provide access to smaller mine operators that typically do business with Chinese manufacturers.
Mr. Sutherlin said Joy Global expects to move ahead with capacity upgrades and expansion plans, and raised its capital-spending budget to $200 million, up from the $150 million budgeted and the $111 million spent in the past fiscal year.
Fourth-quarter sales in the underground-mining-equipment business increased 15%, while sales were up 21% at the company's smaller surface-mining segment.
Order bookings were up by a third to $1.39 billion at the end of the quarter.‹
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