Joy Global reports record mining equipment orders

Joy Global Inc., the Milwaukee-based parent company of P&H Mining Equipment, recently reported fiscal second quarter net income of $72.1 million, or 66 cents per share, which was down slightly from $77.6 million, or 70 cents per share, in the same period a year ago. The company’s quarterly net sales increased to $843.1 million from $629.2 million. During the second quarter, Joy Global acquired Continental, a worldwide leader in conveyor systems for bulk material handling in mining and other industrial applications. The purchase price of $254 million, net of cash acquired and debt assumed, was funded through cash, the company’s credit facility and a new $175 million term loan supplement to Joy Global’s existing credit facilities.