Joy Global profits rise 67 percent - Los Angeles Business from bizjournals:

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The Milwaukee-based mining equipment manufacturer now projects that its fiscal 2009 salex tobe $3.5 billion to $3.6 billion, in the lower half of its previoux outlook of $3.5 billion to $3.7 Earnings, however, are expected to continue to benefit from cost reductioh efforts and are now projected to be $3.80 to $4 per in the higher end of the firm's prior guidanc e of $3.60 to $4 a In the fiscal seconxd quarter ended May 1, net incoms surged to $120.5 million, or $1.187 per share, a 67 percengt increase compared with $72.2 million, or 66 cents per for the comparable period a year ago. Net salesw grew 10 percent to $923.5 million from $843.
1 Analysts polled by Thomsonb First Call projectedJoy Global's second-quarter earningd to be 89 cents per on average. After opening lower, shares of Joy Globalo (NASDAQ: JOYG) rebounded to up 58 cents, in morning trading Wednesday. Joy Globalo management said sales were being hurtby $96 milliomn in canceled orders in the second quarter, raising the total valuew of canceled orders to $300 million over the past thre quarters. Sales were also being hurt by a slowdown in aftermarkegorder rates. Order cancellations were concentrate in North American copper andiron ore, U.S. Centrak Appalachian coal and Russian coal.
Joy Globap now believes as muchas $525 million of its remaining original equipment backlog could be at risk as Much of that risk is due to uncertainty with an oil sand s project, Joy said. For the year to date, net incomde was $206.3 million, or $2 per share, compared with $143. 2 million, or $1.31 per the year before. Net sales were up $1.68 billionh from $1.48 billion.