Joy Global reports flat quarter

Milwaukee-based Joy Global Inc. today reported fiscal first quarter net income of $142.1 million, down slightly from $142.5 million in the same period a year ago.

The mining equipment manufacturer’s quarterly earnings per share were flat at $1.33.

The company’s total quarterly sales also were flat at $1.1 billion.

“Our results for the first quarter demonstrate continued strong execution,” said Mike Sutherlin, president and chief executive officer of Joy Global. “We are also starting to see benefits from strategic actions to lower our cost base. Both are important as we continue to adjust to headwinds in the mining sector. Although there are growing examples that commodity fundamentals are beginning to turn positive, we expect some delay in translating that into increased mine expansion projects due to a much more cautionary stance on capital deployment by our customers. Despite the current challenges, we see this as an opportunity to streamline and improve the efficiency of our business, and that continues to be our focus. We have demonstrated our ability to respond to growth, and our focus on lowering our cost base will not cause us to miss upside opportunity.”

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