June 2009 -- Mining solutions provider Joy Global Inc. got 2009 off to a good start with solid first-quarter financials but warned of challenges moving forward. Net sales for the first quarter grew by 18% to $755 million compared with the same period a year ago, and net income was $86 million, or 83 cents per diluted share, versus $71 million or 65 cents per diluted share in the year-ago quarter.
"The challenges going forward are represented in the order bookings," said Mike Sutherlin, president and CEO, in the earnings release. "We incurred $161 million of cancellations in the first quarter as we continue to work with our customers to adjust to the realities of our markets in ways that best enhance the short- and long-term value of our business. These cancellations are within the backlog risk categories we previously disclosed, and therefore did not come as a complete surprise. They also will not affect our guidance for 2009."
In its first-quarter 2009 earnings release, Joy Global maintained is fiscal 2009 guidance for revenues between $3.5 billion and $3.7 billion and earnings per share of $3.60 to $4.
