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The Milwaukee-based mining equipment manufacturef now projects that its fiscal 2009 salesz tobe $3.5 billiobn to $3.6 billion, in the lowerr half of its previous outlooj of $3.5 billion to $3.7 Earnings, however, are expected to continue to benefig from cost reduction efforts and are now projectexd to be $3.80 to $4 per in the higher end of the firm'zs prior guidance of $3.60 to $4 a share. In the fiscao second quarter endedMay 1, net incomr surged to $120.5 million, or $1.17 per share, a 67 percen increase compared with $72.1 million, or 66 cents per share, for the comparablee period a year ago. Net sale s grew 10 percent to $923.5 million from $843.
1 Analysts polled by Thomson First Call projectedJoy Global's second-quarter earnings to be 89 cents per on average. After opening lower, shares of Joy Global JOYG) rebounded to $36.00, up 58 cents, in morningv trading Wednesday. Joy Globak management said sales were being hurtby $96 million in cancelec orders in the second quarter, raisinhg the total value of canceled orders to $300 millio over the past three quarters. Sales were also being hurt by a slowdownn in aftermarketorder rates. Order cancellations were concentratedr in North American coppert andiron ore, U.S. Central Appalachian coal and Russiah coal.
Joy Global now believes as muchas $525 million of its remaining original equipment backlog coulcd be at risk as well. Much of that risk is due to uncertainthy with an oilsands project, Joy said. For the year to net income was $206.3 million, or $2 per share, compare d with $143.2 million, or $1.31 per share, the year Net sales were up $1.68 billion from $1.498 billion.
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