Joy Global 1Q profit rises 21 percent

Joy Global Inc., which makes mining equipment, said Wednesday its fiscal first-quarter profit rose 21 percent on higher original equipment sales and margin improvements.

For the quarter ended Jan. 30, Joy Global earned $85.7 million, or 83 cents per share, compared with $71.1 million, or 65 cents per share, for the same quarter in 2008. The prior-year period's results included earnings of 1 cent per share in discontinued operations.

Sales rose 18 percent to $754.9 million from $640.3 million in the 2008 quarter.

Analysts surveyed by Thomson Reuters expected a profit of 76 cents per share on $782.3 million in revenue.

Excluding conveyor sales and the foreign exchange impact, original equipment sales rose 26 percent during the quarter while aftermarket sales rose 9 percent.

Both Joy Global's surface and underground businesses posted margins of more than 20 percent for the first time, the company said.

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The company incurred $161 million in cancelations during the quarter, but said the cancelations didn't come as a complete surprise and shouldn't effect its guidance for the fiscal year.

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First-quarter bookings fell to $538 million from $870 million in the same quarter last year, the company said, citing the cancelations and $84 million in foreign exchange effects, along with lower demand from original equipment manufacturers.

The company backed its fiscal-year guidance, but warned that it expects market conditions to remain uncertain and volatile for the near term.