Shares of Joy Global, Inc. (JOYG) are surging today after the company reported earnings. JOYG stock is up 5% to $90.10 and is seeing heavy volume. JOYG will hit resistance around $92.
Joy Global Inc. Announces Fiscal Second Quarter 2011 Operating Results
Second quarter bookings increased 46 percent to $1.5 billion and net sales increased 19 percent to $1.1 billion, compared to the same period last year. Operating income of $234 million was 22 percent of sales, compared to operating income of $181 million, or 20 percent of sales, in the second quarter of fiscal 2010. Net income for the second quarter was $162 million or $1.52 per fully diluted share, compared to $120 million or $1.15 per share in the second quarter of last year.
"We had another outstanding quarter, reaching record levels of performance in order bookings, shipments, operating profit margins and earnings per share," said Mike Sutherlin, President and Chief Executive Officer. "The balance in our performance across this range of metrics is more satisfying than the records, and it demonstrates our drive to improve all areas of our business through our Operational Excellence programs. In addition, we continue to see solid fundamentals based on the capital investment decisions of our customers. They continue to move forward with mine expansion plans based on the strong belief that current capacity must be increased significantly to keep up with demand growth, even if the demand pace moderates. And finally, the pending acquisition of LeTourneau will add to our growth prospects by giving us the mining industry's leading wheel loader to compliment our electric rope shovels and from its drilling products that will benefit from the recent strong start to a major construction phase for new drilling rigs. As a result, we are very pleased with our second quarter for both the results we delivered and the steps we have taken to execute our business strategy."
http://investors.joyglobal.com/releasedetail.cfm?ReleaseID=582358
Joy Global Inc. Announces Fiscal Second Quarter 2011 Operating Results
Second quarter bookings increased 46 percent to $1.5 billion and net sales increased 19 percent to $1.1 billion, compared to the same period last year. Operating income of $234 million was 22 percent of sales, compared to operating income of $181 million, or 20 percent of sales, in the second quarter of fiscal 2010. Net income for the second quarter was $162 million or $1.52 per fully diluted share, compared to $120 million or $1.15 per share in the second quarter of last year.
"We had another outstanding quarter, reaching record levels of performance in order bookings, shipments, operating profit margins and earnings per share," said Mike Sutherlin, President and Chief Executive Officer. "The balance in our performance across this range of metrics is more satisfying than the records, and it demonstrates our drive to improve all areas of our business through our Operational Excellence programs. In addition, we continue to see solid fundamentals based on the capital investment decisions of our customers. They continue to move forward with mine expansion plans based on the strong belief that current capacity must be increased significantly to keep up with demand growth, even if the demand pace moderates. And finally, the pending acquisition of LeTourneau will add to our growth prospects by giving us the mining industry's leading wheel loader to compliment our electric rope shovels and from its drilling products that will benefit from the recent strong start to a major construction phase for new drilling rigs. As a result, we are very pleased with our second quarter for both the results we delivered and the steps we have taken to execute our business strategy."
http://investors.joyglobal.com/releasedetail.cfm?ReleaseID=582358
