Joy Global Inc Lowers FY 2012 Guidance

Joy Global Inc announced that the current softness in the U.S. aftermarket orders is not expected to be completely offset by strength in the international markets, and therefore the aftermarket bookings rate is expected to adversely impact revenues by $100 million for fiscal 2012. This will reduce this year's earnings per share by $0.18. In addition, it excluded the excess first year purchase accounting charges for IMM from prior guidance because it had not started accounting valuation process. The IMM excess first year purchase accounting charges are now estimated to be $0.17 per share for the year, of which $0.14 was recognized in the second quarter. In combination, these two items will reduce fiscal 2012 revenues by $100 million and earnings per fully diluted share by $0.35. As a result, the Company is adjusting guidance for fiscal 2012, and now expect earnings per fully diluted share (EPS) to be between $7.15 and $7.45 on revenues between $5.5 to $5.7 billion.