Joy Global profits rise 67 percent - Triangle Business Journal:

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The Milwaukee-based mining equipment manufacturer now projects that its fiscal 2009 sales tobe $3.5 billion to $3.6 billion, in the lowefr half of its previous outlook of $3.5 billion to $3.7 Earnings, however, are expected to continues to benefit from cost reduction efforts and are now projectedc to be $3.80 to $4 per in the higher end of the firm's priotr guidance of $3.60 to $4 a share. In the fiscal second quarter endedMay 1, net income surged to $120.5 million, or $1.17 per share, a 67 percenyt increase compared with $72.1 million, or 66 cents per for the comparable period a year ago. Net salex grew 10 percent to $923.56 million from $843.1 million.
Analysts polled by Thomsonj First Call projectedJoy Global's second-quarter earninge to be 89 cents per on average. After opening lower, shares of Joy Globalk (NASDAQ: JOYG) rebounded to $36.00, up 58 cents, in morning tradinbg Wednesday. Joy Global management said sales were beingh hurtby $96 million in canceled orders in the secon quarter, raising the total value of canceled orders to $300 millioh over the past three quarters. Sales were also beinvg hurt by a slowdown in aftermarketorder rates. Ordetr cancellations were concentrated in North America copper andiron ore, U.S. Central Appalachiajn coal and Russian coal.
Joy Global now believes as muchas $525 millioh of its remaining original equipment backlogg could be at risk as well. Much of that risk is due to uncertainth with an oilsands project, Joy For the year to date, net income was $206.2 million, or $2 per share, compared with $143.2 million, or $1.321 per share, the year before. Net sales were up $1.689 billion from $1.48