Key Developments: Joy Global Inc (JOY)
56.74USD
17 May 2013
$0.16 (+0.28%)
$56.58
$56.73
$57.03
$56.42
1,799,673
2,360,914
$69.19
$47.69
Latest Key Developments (Source: Significant Developments)
Joy Global Inc Announces Leadership Succession Plans
Joy Global Inc announced that Michael W. Sutherlin, President and Chief Executive Officer, has set plans to retire at the end of this year. In accordance with the Company`s succession plan, the board has designated Edward ("Ted") L. Doheny II, currently President and Chief Operating Officer of the Underground Mining Equipment division, to succeed Mr. Sutherlin. At that time, the Company will create a new position of corporate Chief Operating Officer to be assumed by Randal W. Baker, currently President and Chief Operating Officer of the Surface Mining Equipment division. In this role, Mr. Baker will oversee both the Surface Mining Equipment and the Underground Mining Equipment divisions. Full Article
Joy Global Inc Issues FY 2013 Guidance In Line With Analysts' Estimates-Conference Call
Joy Global Inc announced that for fiscal 2013, it expects revenues to be in the range of $4.9-$5.2 billion and earnings per share (EPS) to be in the range of $5.75-$6.35. According to I/B/E/S estimates, analysts were expecting the Company to report revenue of $5.07 billion and EPS of $6.20 for fiscal 2013. Full Article
Joy Global Inc Declares Quarterly Dividend Of $0.175 Per Share
Joy Global Inc announced that its board of directors has declared a quarterly dividend in the amount of $0.175 per share to be paid on March 18, 2013 to shareholders of record on March 4, 2013. Full Article
Joy Global Inc Appoints CFO-Form 8-K
Joy Global Inc reported in its Form 8-K that on September 21, 2012, Michael S. Olsen, the Company’s Executive Vice President and Chief Financial Officer (CFO), notified the Company of his intention to retire on February 1, 2013. The Form 8-K also disclosed that James M. Sullivan would join the Company as an Executive Vice President on October 1, 2012 and that the Board of Directors expected to appoint Mr. Sullivan as Chief Financial Officer (CFO) following the completion of the Company’s fiscal 2012 reporting process and prior to Mr. Olsen’s retirement date. On December 18, 2012, following completion of the Company’s fiscal 2012 reporting process and the filing of the Company’s Annual Report on Form 10-K for its year ended October 26, 2012, Mr. Sullivan was appointed the Company’s Chief Financial Officer (CFO). Mr. Sullivan will continue to serve as an Executive Vice President of the Company. Mr. Olsen will remain an Executive Vice President of the Company until his retirement date, during which time he will assist in the completion of the Chief Financial Officer (CFO) transition process. Full Article
Joy Global Inc Issues FY 2013 Guidance
Joy Global Inc announced that for fiscal 2013, it expects earnings per fully diluted share to be between $5.90 and $6.50 on revenues of $4.9 billion to $5.2 billion. The Company will continue restructuring in 2013, with the focus on balancing and optimizing our global manufacturing footprint. These costs are expected to be approximately $25 million, including the disposition or write-down of related assets. The timing of the projects is concentrated in the second half of 2013, and the expected payback is 9 months. As a result, almost all of the savings will be realized in fiscal 2014. Incorporating these restructuring costs, the fiscal 2013 guidance becomes $5.75 to $6.35 of earnings per fully diluted share on the same revenues of $4.9 billion to $5.2 billion. Full Article
Joy Global Inc Declares Quarterly Dividend of $0.175 Per Share
Joy Global Inc announced that it has declared a quarterly dividend in the amount of $0.175 per share to be paid on December 18, 2012 to shareholders of record on December 4, 2012. Full Article
Joy Global Inc Announces Retirement Of CFO, And Names Replacement
Joy Global Inc announced that Michael S. Olsen, Executive Vice President and Chief Financial Officer (CFO), will retire on February 1, 2013. Mike’s career with Joy Global has spanned more than 30 years. James Sullivan is joining Joy Global as Executive Vice President, and is expected to be elected as Chief Financial Officer after the reporting processes for fiscal 2012 have been completed. Full Article
Joy Global Inc Lowers FY 2012 Guidance; Sees Q4 2012 Charge Guidance
Joy Global Inc announced that it expects to experience greater lumpiness in original equipment bookings going forward. To put this in context, the Company did not have any major contracts in second or third quarter bookings, but continue to work several projects that are expected to become bookings in the next few months. The Company expects these factors to reduce revenue by approximately $100 million from previous guidance, and total fiscal 2012 revenue will be between $5.450 billion and $5.550 billion. As a result of the decrease in expected fiscal 2012 revenue, earnings per fully diluted share (EPS) are expected to be between $7.05 and $7.20, before restructuring charges. Cost reduction actions will accelerate in the fourth quarter 2012 and anticipates incurring restructuring charges of up to $20 million, reducing fully diluted earnings per share by $0.13. These actions will result in approximately $40 million of annual cost savings in fiscal 2013 and are part of a program to transform operations of the Company in line with future markets. Including $20 million of fourth quarter 2012 restructuring charges, fiscal 2012 earnings per fully diluted share will be between $6.92 and $7.07. Full Article
Joy Global Inc Declares Quarterly Dividend Of $0.175 Per Share
Joy Global Inc announced that its board of directors has declared a quarterly dividend in the amount of $0.175 per share to be paid on September 18, 2012 to shareholders of record on September 4, 2012. Full Article
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. Full Article
UPDATE 3-Joy Global says starting to see big mining projects come back
* Forecasts flat full-year orders, reaffirms earnings view
Earnings vs. 
Estimates
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