Joy Global’s profits hold steady; Modine trims losses
Joy Global’s profits hold steady
Milwaukee-based Joy Global Inc. reported second quarter net income of $120 million, almost equaling its 2009 second quarter net income of $121 million. The company’s net sales for the quarter were $896 million, compared with $924 million a year ago, a decrease of 3 percent.
Mike Sutherlin, president and chief executive officer of Joy Global, which manufactures mining equipment, said he is pleased with the company’s performance in the quarter, considering the economic challenges that remain in the wake of the Great Recession.
“Our results for the second quarter were again exceptional under current market conditions, and reflect improved fundamentals in our markets combined with our continued focus on strategy and execution,” Sutherlin said.
Joy Global is seeing signs that the company is entering a period of multi-year sustainable growth, Sutherlin said.
“We expect the market outlook and company performance to continue to be strong in the second half and will give us good momentum going into 2011,” he said. “The current original equipment orders are coming from projects that were previously put on hold and from brown field expansions. We expect orders from these sources to maintain their pace in the second half of our fiscal 2010. We are confident that industry fundamentals will translate into robust demand over the longer term, but also expect some near term uncertainty.”
Modine trims losses
Racine-based Modine Manufacturing Co. is still losing money, but much less than it was losing a year ago.
The company reported a net loss of $12.1 million for the fourth quarter of its 2010 fiscal year, which was a significant improvement from a net loss of $47.1 million for the fourth quarter of fiscal 2009.
For the entire fiscal year, the company had a net loss of $29.3 million, a major improvement compared to its 2009 fiscal year net loss of $108.6 million.
“Given the overall business climate and the headwinds we had anticipated heading into the fourth quarter, we are pleased with our overall results as we finished out fiscal 2010,” said Modine president and chief executive officer Thomas Burke. “We are proud of the efforts of our 6,000 global employees, who significantly contributed to the improved financial results in fiscal 2010. Through their commitment and effort, Modine has established a solid foundation on which to build in fiscal 2011.”
The company’s sales increased 28 percent year over year and rose seven percent compared to the third quarter of fiscal 2010. Modine executives said they expect to see even more improvements in sales volumes during its 2011 fiscal year.
