|
Joy Global Announces First Quarter Fiscal 2016 Operating Results
Joy Global Inc. (NYSE: JOY), a worldwide leader in
high-productivity mining solutions, today reported first quarter fiscal
2016 results.
First Quarter Summary
-
Bookings $550 million, down 21 percent from a year ago
-
Service bookings $432 million, down 18 percent from a year ago
-
Net sales $526 million, down 25 percent from a year ago
-
(Loss) Earnings per diluted share $(0.41), compared to $0.31 a year ago
-
Adjusted (loss) earnings per diluted share $(0.23), compared to $0.29
a year ago
-
Cash from operations $109 million, up $127 million from a year ago
First Quarter Operating Results
"While market conditions took another step down this quarter, our
results were in-line with the company’s expectations heading into the
quarter," said Ted Doheny, President and Chief Executive Officer. "Our
customers are taking unprecedented actions on their equipment fleets to
conserve cash as commodity prices have weakened. This has adversely
impacted our incoming order rate, particularly in the U.S. coal and
copper markets. In the face of these difficult conditions, we continued
to aggressively reduce costs and tightly control trade working capital
and capital expenditures, resulting in another quarter of strong cash
generation."
"I am very proud of the resiliency of the Joy Global team. These market
conditions require tough, decisive action on costs and our team
continues to deliver on this challenge while remaining intensely focused
on helping our customers solve their toughest operational challenges.
The ultimate result of these actions will make us a stronger company
that is able to respond to both current and future demand."
|
Bookings - (in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
|
|
|
January 29,
|
|
January 30,
|
|
%
|
|
|
|
|
|
2016
|
|
2015
|
|
Change
|
|
Segment:
|
|
|
|
|
|
|
|
|
|
Underground
|
|
|
|
$
|
281
|
|
|
$
|
407
|
|
|
(31
|
)%
|
|
Surface
|
|
|
|
286
|
|
|
311
|
|
|
(8
|
)%
|
|
Eliminations
|
|
|
|
(17
|
)
|
|
(18
|
)
|
|
|
|
Total Bookings by Segment
|
|
|
|
$
|
550
|
|
|
$
|
700
|
|
|
(21
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
Product:
|
|
|
|
|
|
|
|
|
|
Service
|
|
|
|
$
|
432
|
|
|
$
|
524
|
|
|
(18
|
)%
|
|
Original Equipment
|
|
|
|
118
|
|
|
176
|
|
|
(33
|
)%
|
|
Total Bookings by Product
|
|
|
|
$
|
550
|
|
|
$
|
700
|
|
|
(21
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated bookings in the first quarter totaled $550 million, a
decrease of 21 percent versus the first quarter of last year. Original
equipment orders decreased 33 percent while service orders were down 18
percent compared to the prior year. Current quarter bookings were
reduced by $50 million from the impact of foreign currency exchange
movements versus the year ago period, a $15 million decrease for
original equipment and a $35 million decrease for service bookings.
After adjusting for foreign currency exchange, orders were down 14
percent compared to the first quarter of last year, with original
equipment orders down 24 percent and service orders down 11 percent.
Bookings for underground mining machinery decreased 31 percent in
comparison to the first quarter of last year. Original equipment orders
decreased 39 percent compared to the prior year. Original equipment
orders declined in all regions except in Eurasia and Africa. Service
orders decreased 27 percent compared to the prior year, with decreases
in all regions except Eurasia and Australia. Orders for underground
mining machinery were reduced by $39 million from the impact of foreign
currency exchange compared to the first quarter of last year.
Bookings for surface mining equipment decreased 8 percent in comparison
to the prior year first quarter. Original equipment orders decreased 19
percent compared to the prior year. Original equipment orders decreased
in all regions except Australia. Service orders decreased 6 percent
compared to the prior year, with declines in all regions except Latin
America, which was flat, Eurasia and Australia. Orders for surface
mining equipment were reduced by $11 million from the impact of foreign
currency exchange compared to the first quarter of last year.
Backlog at the end of the first quarter was $897 million, up from $873
million at the beginning of the year.
|
Net Sales - (in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
|
|
|
January 29,
|
|
January 30,
|
|
%
|
|
|
|
|
|
2016
|
|
2015
|
|
Change
|
|
Segment:
|
|
|
|
|
|
|
|
|
|
Underground
|
|
|
|
$
|
274
|
|
|
$
|
385
|
|
|
(29
|
)%
|
|
Surface
|
|
|
|
277
|
|
|
347
|
|
|
(20
|
)%
|
|
Eliminations
|
|
|
|
(25
|
)
|
|
(28
|
)
|
|
|
|
Total Net Sales by Segment
|
|
|
|
$
|
526
|
|
|
$
|
704
|
|
|
(25
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
Product:
|
|
|
|
|
|
|
|
|
|
Service
|
|
|
|
$
|
410
|
|
|
$
|
515
|
|
|
(20
|
)%
|
|
Original equipment
|
|
|
|
116
|
|
|
189
|
|
|
(39
|
)%
|
|
Total Net Sales by Product
|
|
|
|
$
|
526
|
|
|
$
|
704
|
|
|
(25
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated net sales totaled $526 million, a 25 percent decrease
versus the first quarter of last year. Original equipment sales
decreased 39 percent and service sales decreased 20 percent compared to
the prior year. Current quarter net sales were reduced by $31 million
from the impact of foreign currency exchange movements versus the year
ago period, a $4 million decrease for original equipment and a $27
million decrease for service sales. When adjusting for foreign currency
exchange, sales were down 21 percent compared to the first quarter of
last year with original equipment sales down 36 percent and service
sales down 15 percent.
Net sales for underground mining machinery decreased 29 percent in
comparison to the first quarter of last year. Original equipment sales
decreased 43 percent compared to the prior year, with declines in all
regions except Eurasia. Service sales decreased 22 percent compared to
the prior year, with an increase in Eurasia and a slight increase in
Australia more than offset by decreases in all other regions. The most
significant reduction was from North America coal. Net sales for
underground mining machinery were reduced by $20 million from the impact
of foreign currency exchange compared to the prior year first quarter.
Net sales for surface mining equipment decreased 20 percent in
comparison to the first quarter of last year. Original equipment sales
decreased 33 percent compared to the prior year, with an increase in
North America more than offset by declines in all other regions. Service
sales decreased 16 percent compared to the prior year, with declines in
all regions with the most significant reduction coming from North
America. Net sales for surface mining equipment were reduced by $11
million from the impact of foreign currency exchange compared to the
first quarter of last year.
|
Operating (Loss) Income - (in millions)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
|
|
|
|
|
January 29,
2016
|
|
January 30,
2015
|
|
Return on Sales
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
Underground
|
|
|
|
$
|
(38.5
|
)
|
|
$
|
42.2
|
|
|
(14.0
|
)%
|
|
11.0
|
%
|
|
Surface
|
|
|
|
7.8
|
|
|
31.3
|
|
|
2.8
|
%
|
|
9.0
|
%
|
|
Corporate Expenses
|
|
|
|
(7.5
|
)
|
|
(8.7
|
)
|
|
|
|
|
|
Eliminations
|
|
|
|
(6.9
|
)
|
|
(6.4
|
)
|
|
|
|
|
|
Operating (Loss) Income
|
|
|
|
(45.1
|
)
|
|
58.4
|
|
|
(8.6
|
)%
|
|
8.3
|
%
|
|
Restructuring charges
|
|
|
|
26.7
|
|
|
0.7
|
|
|
5.1
|
%
|
|
0.1
|
%
|
|
Mark to market pension income
|
|
|
|
—
|
|
|
(3.2
|
)
|
|
—
|
%
|
|
(0.4
|
)%
|
|
Excess purchase accounting
|
|
|
|
—
|
|
|
0.2
|
|
|
—
|
%
|
|
—
|
%
|
|
Adjusted Operating (Loss) Income
|
|
|
|
$
|
(18.4
|
)
|
|
$
|
56.1
|
|
|
(3.5
|
)%
|
|
8.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss for the first quarter of fiscal 2016 totaled $45 million,
compared to operating income of $58 million in the first quarter of
fiscal 2015. The first quarter of fiscal 2016 included an aggregate
negative impact of $27 million from restructuring charges compared to a
cumulative net $2 million positive impact in the first quarter of fiscal
2015 for restructuring charges, mark to market pension income and excess
purchase accounting charges. The $75 million year over year decrease in
adjusted operating income in the quarter, was due to the loss of margin
on lower sales volumes, unfavorable product mix, and lower manufacturing
absorption which was partially offset by savings from the company's cost
reduction programs and lower incentive based compensation.
During the first quarter, we continued restructuring activities to align
the company's workforce and overall cost structure with current and
anticipated levels of future demand. The restructuring activities in the
current quarter of $27 million were primarily in the underground North
America and China regions, and consisted mainly of employee severance
and termination costs and accelerated depreciation. Additional
restructuring charges in the range of $20 million to $30 million are
expected in fiscal 2016 as the company continues to reduce staffing
levels and optimize its global manufacturing and service footprint.
|
Adjusted (Loss) Earnings per Share Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
January 29, 2016
|
|
January 30, 2015
|
|
|
|
Dollars
|
|
Fully
|
|
Dollars
|
|
Fully
|
|
|
|
in millions
|
|
Diluted EPS
|
|
in millions
|
|
Diluted EPS
|
|
Operating (loss) income
|
|
$
|
(45.1
|
)
|
|
|
|
$
|
58.4
|
|
|
|
|
Interest expense, net
|
|
12.1
|
|
|
|
|
12.9
|
|
|
|
|
Income tax (benefit) expense
|
|
(17.0
|
)
|
|
|
|
15.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income and (loss) earnings per share
|
|
(40.2
|
)
|
|
$
|
(0.41
|
)
|
|
30.5
|
|
|
$
|
0.31
|
|
|
Restructuring charges, net of tax
|
|
18.7
|
|
|
0.19
|
|
|
0.5
|
|
|
—
|
|
|
Mark to market pension income, net of tax
|
|
—
|
|
|
—
|
|
|
(2.3
|
)
|
|
(0.02
|
)
|
|
Excess purchase accounting, net of tax
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
Net discrete tax (benefits) charge
|
|
(0.9
|
)
|
|
(0.01
|
)
|
|
0.4
|
|
|
—
|
|
|
Adjusted net (loss) income and adjusted (loss) earnings per share
|
|
$
|
(22.4
|
)
|
|
$
|
(0.23
|
)
|
|
$
|
29.2
|
|
|
$
|
0.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fully diluted loss per share for the first quarter of fiscal 2016
totaled $0.41. This compared to fully diluted earnings per share of
$0.31 in the first quarter of fiscal 2015. The first quarter of fiscal
2016 included a net negative impact of $0.18 per share for restructuring
charges and a net discrete tax benefit, compared to a positive net
impact of $0.02 per share in the first quarter of fiscal 2015. Fully
diluted loss per share for the first quarter of fiscal 2016 does not
give effect to dilution from the effect of outstanding equity awards
because doing so would have been antidilutive.
The effective income tax rate was 29.7 percent for the first quarter of
fiscal 2016. Excluding restructuring charges and net discrete tax
benefits in the first quarter of fiscal 2016, the effective income tax
rate was 26.7 percent. The effective income tax rate for the year will
be negatively impacted by an increase in the amount of losses with no
current recognizable benefit.
Liquidity
Cash provided by continuing operations was $109 million for the first
quarter of fiscal 2016, compared to $18 million used by continuing
operations in the first quarter of fiscal 2015. The increase in cash
from continuing operations during the first quarter versus the year ago
period was primarily due to increased cash from trade working capital,
which was partially offset by lower earnings.
Capital expenditures were $8 million in the first quarter of fiscal
2016, compared to $22 million in the prior year first quarter.
As of the end of the fiscal first quarter 2016, we had $708 million
available for borrowings under our credit agreement. In December 2015,
the credit agreement was amended to increase the maximum consolidated
leverage ratio starting in the second quarter of 2016 and continuing
through to the first quarter of 2018, with a maximum ratio of 4.5x for
the fourth quarter of 2016 through the second quarter of 2017. As of the
end of the first quarter of 2016, we are comfortable with our ability to
meet the amended covenants.
During the first quarter, we did not repurchase any shares of our common
stock. Since inception of the share repurchase program in the fourth
quarter of fiscal 2013, we have repurchased 9.8 million shares of common
stock for $533 million, leaving $467 million available under the current
Board authorization.
Adjusted sales, adjusted net (loss) income and adjusted diluted (loss)
earnings per share metrics are non-GAAP measures that remove the effect
of certain items and are provided to present consistency to aid
investors in comparing our operating results across periods. These
measures are not purported to be alternatives to diluted earnings per
share or net income presented in accordance with GAAP.
Market Outlook
Despite the expectation for marginal global growth improvement in 2016,
weakening Chinese and emerging market demand have cast a shadow on
global markets. While supply curtailments were beginning to rebalance
some commodity markets, a broad-based weakening of commodity demand has
exacerbated the situation and resulted in commodity prices falling over
10 percent on average during our fiscal first quarter.
Nowhere have headwinds increased more than in the U.S. coal market. In
addition to ongoing regulatory forces, U.S. coal is facing a number of
market-based challenges. Strong natural gas production and elevated
inventories are driving sustained gas prices well below $2.50/mmBtu
which is pressuring coal burn. Additionally, mild weather and reduced
coal burn demand has seen coal inventories rise to historic levels,
which will need to be reduced before production returns. These factors
are likely to result in U.S. coal production falling upwards of 100
million tons in 2016, which is greater than previously expected. Coal
burn throughout the remainder of the year will continue to hinge on
weather and natural gas pricing. However, it is expected that U.S. coal
burn will decline upwards of 65mt as utility inventories are reduced
from current historic levels.
While there have been recent signs of supply rationalization in seaborne
thermal coal markets, seaborne demand, particularly from China, is
slowing at a quicker pace, which has resulted in seaborne prices
drifting lower towards $45 per tonne. Given the weakening demand outlook
from increasing headwinds to global growth, further supply curtailments
will be necessary to rebalance the market.
Increasing concerns regarding the strength of Chinese copper demand have
driven prices lower over the last several months with spot prices
averaging just $2.05 per pound thus far in 2016. Copper prices are
expected to remain under pressure near-term as new supply enters the
market and demand remains relatively weak.
After declining by 3 percent in 2015, global steel production is
expected to be relatively flat in 2016 as capacity cuts and reduced
output from China continues. The health of the global steel market
remains the driving force behind seaborne met coal and iron ore markets.
Current met coal prices are down around 30 percent from a year-ago with
the current quarterly contract of $81 per tonne at an all-time low.
While curtailment announcements continue, seaborne supply has been slow
to react.
Similarly, the seaborne iron ore market remains well supplied amidst a
declining demand environment. The combination of these factors has
reduced iron ore prices to approximately $40 per tonne. While Chinese
production is off nearly 10 percent from peak levels, new low-cost
supply additions have exceeded higher-cost production curtailments.
These factors combined with weaker demand will likely result in iron ore
prices trending at or below $40 per tonne.
With limited scope for an improvement in commodity prices, mining
companies are being forced to take unprecedented measures to defer
spending on equipment maintenance and procurement. Strained cash flows
among our customers are expected to drive further delays in maintenance
work and original equipment purchases.
Company Outlook
"We will continue to control those factors which we can," continued
Doheny. "With the increased challenges in some of our end markets, we
are further leveraging our footprint optimization and other operational
excellence strategies across the business and are now targeting over
$100 million in cost reductions for the year. We will also remain
focused on driving additional cash gains through improved working
capital performance and monetization of non-core assets.
"Our key product development programs are moving forward and we are
seeing successes in field trials on our hybrid excavator and our
underground hard rock loader. We believe that these organically
developed machines will deliver significant value to our customers and
we look forward to delivering them to the market place later this year
and into 2017. Providing customers with highly differentiated equipment
and service systems solutions to improve safety and lower their cost per
ton is the core of our strategy.
“Taking into account current weaker market conditions, we now expect
sales and earnings for the year excluding restructuring charges and mark
to market pension adjustments to be towards the middle of our previous
guidance range of $2.4 billion to $2.6 billion for sales and $0.10 to
$0.50 for adjusted earnings per fully diluted share. With regard to
phasing across the fiscal year, we expect all of our adjusted earnings
will come in the second half of the fiscal year."
Quarterly Conference Call
Management will host a quarterly conference call to discuss the
Company's first quarter results at 11:00 a.m. Eastern time on March 3,
2016. Interested parties can listen to the call by dialing 888-504-7966
in the United States or 719-325-2437 outside of the United States,
access code #7285398, at least 15 minutes prior to the 11:00 a.m.
Eastern start time of the call. A rebroadcast of the call will be
available until the close of business on March 24, 2016 by dialing
888-203-1112 or 719-457-0820, access code #7285398.
Alternatively, interested parties can listen to a live webcast of the
call on the Joy Global Inc. website at http://investors.joyglobal.com/events.cfm.
To listen, please register and download audio software on the site at
least 15 minutes prior to the start of the call. A replay of the webcast
will be available until the close of business on May 2, 2016.
About Joy Global Inc.
Joy Global Inc. is a worldwide leader in mining equipment and services
for surface and underground mining.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Terms
such as “anticipate,” “believe,” “could,” “estimate,” “expect,”
“forecast,” “indicate,” “intend,” “may be,” “objective,” “plan,”
“potential” “predict,” “should,” “will be,” and similar expressions are
intended to identify forward-looking statements. The forward-looking
statements in this press release are based on our current expectations
and assumptions and are subject to risks and uncertainties that may
cause actual results to differ materially from any forward-looking
statement. In addition, certain market outlook information and other
market statistical data contained herein is based on third party sources
that we cannot independently verify, but that we believe to be reliable.
Forward-looking statements contained herein are made only as to the date
of this press release and we undertake no obligation to update
forward-looking statements to reflect new information. We cannot assure
you the projected results or events will be achieved. Because
forward-looking statements involve risks and uncertainties, they are
subject to change at any time. Important factors that could cause our
actual results to differ materially from the results anticipated by the
forward-looking statements include (i) risks associated with general
economic conditions and cyclical economic conditions affecting the
global mining industry, (ii) risks associated with the international and
U.S. commodity markets for coal, copper and other materials mined by our
customers, (iii) risks of international operations, including currency
fluctuations, (iv) risks associated with acquisitions, (v) risks
associated with indebtedness, (vi) risks associated with access to major
purchased items, such as steel, castings, forgings and bearings, and
(vii) risks associated with labor markets and other risks, as well as
the risks, uncertainties and cautionary statements set forth in our
public filings with the Securities and Exchange Commission.
JOY-F
|
|
|
JOY GLOBAL INC.
|
|
SUMMARY OF CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(Unaudited)
|
|
(In thousands, except per share data)
|
|
|
|
|
|
Quarter Ended
|
|
|
|
January 29,
|
|
January 30,
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
526,300
|
|
|
$
|
703,873
|
|
|
Costs and expenses:
|
|
|
|
|
|
Cost of sales
|
|
438,256
|
|
|
517,569
|
|
|
Product development, selling and administrative expenses
|
|
110,413
|
|
|
130,394
|
|
|
Restructuring charges
|
|
26,659
|
|
|
665
|
|
|
Other income
|
|
(3,941
|
)
|
|
(3,213
|
)
|
|
Operating (loss) income
|
|
(45,087
|
)
|
|
58,458
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
12,116
|
|
|
12,957
|
|
|
(Loss) income before income taxes
|
|
(57,203
|
)
|
|
45,501
|
|
|
|
|
|
|
|
|
(Benefit) provision for income taxes
|
|
(16,982
|
)
|
|
14,976
|
|
|
Net (loss) income
|
|
$
|
(40,221
|
)
|
|
$
|
30,525
|
|
|
|
|
|
|
|
|
Basic (loss) earnings per share
|
|
$
|
(0.41
|
)
|
|
$
|
0.31
|
|
|
|
|
|
|
|
|
Diluted (loss) earnings per share
|
|
$
|
(0.41
|
)
|
|
$
|
0.31
|
|
|
|
|
|
|
|
|
Dividends per share
|
|
$
|
0.01
|
|
|
$
|
0.20
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
Basic
|
|
97,851
|
|
|
97,547
|
|
|
Diluted
|
|
97,851
|
|
|
98,138
|
|
|
|
|
|
|
|
|
|
Note - For complete information, including footnote disclosures, please
refer to the Company's Form 10-Q filing with the SEC.
|
|
|
JOY GLOBAL INC.
|
|
SUMMARY CONSOLIDATED BALANCE SHEETS
|
|
(In thousands)
|
|
|
|
|
|
January 29,
|
|
October 30,
|
|
|
|
2016
|
|
2015
|
|
|
|
(Unaudited)
|
|
(Audited)
|
|
ASSETS
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
139,933
|
|
|
$
|
102,885
|
|
Accounts receivable, net
|
|
650,931
|
|
|
812,073
|
|
Inventories
|
|
962,663
|
|
|
1,007,925
|
|
Other current assets
|
|
110,879
|
|
|
145,559
|
|
Total current assets
|
|
1,864,406
|
|
|
2,068,442
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
752,448
|
|
|
792,032
|
|
Other intangible assets, net
|
|
249,678
|
|
|
255,710
|
|
Goodwill
|
|
354,627
|
|
|
354,621
|
|
Deferred income taxes
|
|
149,641
|
|
|
118,913
|
|
Other assets
|
|
109,934
|
|
|
122,728
|
|
Total assets
|
|
$
|
3,480,734
|
|
|
$
|
3,712,446
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Short-term borrowings, including current portion of long-term
obligations
|
|
$
|
29,532
|
|
|
$
|
26,321
|
|
Trade accounts payable
|
|
216,408
|
|
|
275,789
|
|
Employee compensation and benefits
|
|
78,743
|
|
|
90,335
|
|
Advance payments and progress billings
|
|
235,508
|
|
|
229,470
|
|
Accrued warranties
|
|
50,518
|
|
|
52,146
|
|
Other accrued liabilities
|
|
211,368
|
|
|
225,277
|
|
Current liabilities of discontinued operations
|
|
11,582
|
|
|
11,582
|
|
Total current liabilities
|
|
833,659
|
|
|
910,920
|
|
|
|
|
|
|
|
Long-term obligations
|
|
992,740
|
|
|
1,060,643
|
|
|
|
|
|
|
|
Other liabilities:
|
|
|
|
|
|
Liability for postretirement benefits
|
|
17,296
|
|
|
19,540
|
|
Accrued pension costs
|
|
178,513
|
|
|
175,699
|
|
Other non-current liabilities
|
|
114,108
|
|
|
125,635
|
|
Total other liabilities
|
|
309,917
|
|
|
320,874
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
1,344,418
|
|
|
1,420,009
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
$
|
3,480,734
|
|
|
$
|
3,712,446
|
|
|
|
|
|
|
|
|
|
Note - For complete information, including footnote disclosures, please
refer to the Company's Form 10-Q filing with the SEC.
|
|
|
JOY GLOBAL INC.
|
|
SUMMARY OF CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(Unaudited)
|
|
(In thousands)
|
|
|
|
|
|
Quarter Ended
|
|
|
|
January 29,
|
|
January 30,
|
|
|
|
2016
|
|
2015
|
|
Operating Activities:
|
|
|
|
|
|
Net (loss) income
|
|
$
|
(40,221
|
)
|
|
$
|
30,525
|
|
|
Depreciation and amortization
|
|
40,087
|
|
|
33,679
|
|
|
Other adjustments to continuing operations, net
|
|
17,021
|
|
|
8,322
|
|
|
Changes in working capital items attributed to continuing operations:
|
|
|
|
|
|
Accounts receivable, net
|
|
146,678
|
|
|
138,034
|
|
|
Inventories
|
|
26,917
|
|
|
(113,544
|
)
|
|
Trade accounts payable
|
|
(54,900
|
)
|
|
(65,315
|
)
|
|
Advance payments and progress billings
|
|
8,957
|
|
|
42,497
|
|
|
Other working capital items
|
|
(35,950
|
)
|
|
(92,553
|
)
|
|
Net cash provided (used) by operating activities of continuing
operations
|
|
108,589
|
|
|
(18,355
|
)
|
|
|
|
|
|
|
|
Investing Activities:
|
|
|
|
|
|
Property, plant, and equipment acquired
|
|
(8,103
|
)
|
|
(22,258
|
)
|
|
Proceeds from sale of property, plant and equipment
|
|
9,167
|
|
|
756
|
|
|
Other investing activities, net
|
|
122
|
|
|
141
|
|
|
Net cash provided (used) by investing activities
|
|
1,186
|
|
|
(21,361
|
)
|
|
|
|
|
|
|
|
Financing Activities:
|
|
|
|
|
|
Common stock issued
|
|
—
|
|
|
273
|
|
|
Dividends paid
|
|
(997
|
)
|
|
(19,489
|
)
|
|
Financing fees
|
|
(1,011
|
)
|
|
—
|
|
|
Treasury stock purchased
|
|
—
|
|
|
(50,000
|
)
|
|
Payments on credit agreement
|
|
(58,600
|
)
|
|
—
|
|
|
Changes in short term and other long term obligations, net
|
|
(6,194
|
)
|
|
—
|
|
|
Other financing activities, net
|
|
—
|
|
|
440
|
|
|
Net cash used by financing activities
|
|
(66,802
|
)
|
|
(68,776
|
)
|
|
|
|
|
|
|
|
Effect of Exchange Rate Changes on Cash and Cash Equivalents
|
|
(5,925
|
)
|
|
(9,373
|
)
|
|
|
|
|
|
|
|
Increase (Decrease) in Cash and Cash Equivalents
|
|
37,048
|
|
|
(117,865
|
)
|
|
Cash and Cash Equivalents at the Beginning of Period
|
|
102,885
|
|
|
270,191
|
|
|
Cash and Cash Equivalents at the End of Period
|
|
$
|
139,933
|
|
|
$
|
152,326
|
|
|
|
|
|
|
|
|
Supplemental cash flow information:
|
|
|
|
|
|
Interest paid
|
|
$
|
8,421
|
|
|
$
|
15,098
|
|
|
Income taxes (refunded) paid
|
|
(8,108
|
)
|
|
22,773
|
|
|
Depreciation and amortization by segment:
|
|
|
|
|
|
Underground
|
|
$
|
22,420
|
|
|
$
|
19,188
|
|
|
Surface
|
|
16,741
|
|
|
13,789
|
|
|
Corporate
|
|
926
|
|
|
702
|
|
|
Total depreciation and amortization
|
|
$
|
40,087
|
|
|
$
|
33,679
|
|
|
|
|
|
|
|
|
|
|
|
Note - For complete information, including footnote disclosures, please
refer to the Company's Form 10-Q filing with the SEC.
|
|
|
JOY GLOBAL INC.
|
|
SUPPLEMENTAL FINANCIAL DATA
|
|
(Unaudited)
|
|
(In thousands)
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
|
|
|
January 29,
|
|
January 30,
|
|
|
|
|
|
2016
|
|
2015
|
|
Change
|
|
Net Sales By Segment:
|
|
|
|
|
|
|
|
|
|
Underground
|
|
$
|
274,494
|
|
|
$
|
384,663
|
|
|
$
|
(110,169
|
)
|
|
(29
|
)%
|
|
Surface
|
|
276,572
|
|
|
347,036
|
|
|
(70,464
|
)
|
|
(20
|
)%
|
|
Eliminations
|
|
(24,766
|
)
|
|
(27,826
|
)
|
|
3,060
|
|
|
|
|
Total Sales By Segment
|
|
$
|
526,300
|
|
|
$
|
703,873
|
|
|
$
|
(177,573
|
)
|
|
(25
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales By Product:
|
|
|
|
|
|
|
|
|
|
Service
|
|
$
|
410,620
|
|
|
$
|
515,180
|
|
|
$
|
(104,560
|
)
|
|
(20
|
)%
|
|
Original Equipment
|
|
115,680
|
|
|
188,693
|
|
|
(73,013
|
)
|
|
(39
|
)%
|
|
Total Sales By Product
|
|
$
|
526,300
|
|
|
$
|
703,873
|
|
|
$
|
(177,573
|
)
|
|
(25
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales By Geography:
|
|
|
|
|
|
|
|
|
|
United States
|
|
$
|
139,022
|
|
|
$
|
248,361
|
|
|
$
|
(109,339
|
)
|
|
(44
|
)%
|
|
Rest of World
|
|
387,278
|
|
|
455,512
|
|
|
(68,234
|
)
|
|
(15
|
)%
|
|
Total Sales By Geography
|
|
$
|
526,300
|
|
|
$
|
703,873
|
|
|
$
|
(177,573
|
)
|
|
(25
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
Operating (Loss) Income By Segment:
|
|
|
|
|
|
% of Net Sales
|
|
Underground
|
|
$
|
(38,450
|
)
|
|
$
|
42,230
|
|
|
(14.0
|
)%
|
|
11.0
|
%
|
|
Surface
|
|
7,788
|
|
|
31,346
|
|
|
2.8
|
%
|
|
9.0
|
%
|
|
Corporate
|
|
(7,529
|
)
|
|
(8,662
|
)
|
|
|
|
|
|
Eliminations
|
|
(6,896
|
)
|
|
(6,456
|
)
|
|
|
|
|
|
Total Operating (Loss) Income
|
|
$
|
(45,087
|
)
|
|
$
|
58,458
|
|
|
(8.6
|
)%
|
|
8.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note - For complete information, including footnote disclosures, please
refer to the Company's Form 10-Q filing with the SEC.
|
|
|
JOY GLOBAL INC.
|
|
SUPPLEMENTAL FINANCIAL DATA
|
|
(Unaudited)
|
|
(In thousands)
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
|
|
|
January 29,
|
|
January 30,
|
|
|
|
|
|
2016
|
|
2015
|
|
Change
|
|
Bookings By Segment:
|
|
|
|
|
|
|
|
|
|
Underground
|
|
$
|
280,879
|
|
|
$
|
406,909
|
|
|
$
|
(126,030
|
)
|
|
(31
|
)%
|
|
Surface
|
|
285,953
|
|
|
310,799
|
|
|
(24,846
|
)
|
|
(8
|
)%
|
|
Eliminations
|
|
(17,018
|
)
|
|
(17,558
|
)
|
|
540
|
|
|
|
|
Total Bookings By Segment
|
|
$
|
549,814
|
|
|
$
|
700,150
|
|
|
$
|
(150,336
|
)
|
|
(21
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
Bookings By Product:
|
|
|
|
|
|
|
|
|
|
Service
|
|
$
|
431,672
|
|
|
$
|
524,145
|
|
|
$
|
(92,473
|
)
|
|
(18
|
)%
|
|
Original Equipment
|
|
118,142
|
|
|
176,005
|
|
|
(57,863
|
)
|
|
(33
|
)%
|
|
Total Bookings By Product
|
|
$
|
549,814
|
|
|
$
|
700,150
|
|
|
$
|
(150,336
|
)
|
|
(21
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note - For complete information, including footnote disclosures, please
refer to the Company's Form 10-Q filing with the SEC.
|
|
|
JOY GLOBAL INC.
|
|
SUPPLEMENTAL FINANCIAL DATA
|
|
(Unaudited)
|
|
(In thousands)
|
|
|
|
|
|
Amounts as of:
|
|
|
|
January 29,
|
|
October 30,
|
|
July 31,
|
|
May 1,
|
|
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
Backlog By Segment:
|
|
|
|
|
|
|
|
|
|
Underground
|
|
$
|
548,262
|
|
|
$
|
541,877
|
|
|
$
|
693,473
|
|
|
$
|
765,580
|
|
|
Surface
|
|
403,391
|
|
|
394,010
|
|
|
477,555
|
|
|
514,497
|
|
|
Eliminations
|
|
(54,660
|
)
|
|
(62,407
|
)
|
|
(48,775
|
)
|
|
(16,184
|
)
|
|
Total Backlog By Segment
|
|
$
|
896,993
|
|
|
$
|
873,480
|
|
|
$
|
1,122,253
|
|
|
$
|
1,263,893
|
|
|
|
|
|
|
|
|
|
|
|
|
Backlog By Product:
|
|
|
|
|
|
|
|
|
|
Service
|
|
$
|
414,685
|
|
|
$
|
393,633
|
|
|
$
|
528,581
|
|
|
$
|
568,372
|
|
|
Original Equipment
|
|
482,308
|
|
|
479,847
|
|
|
593,672
|
|
|
695,521
|
|
|
Total Backlog By Product
|
|
$
|
896,993
|
|
|
$
|
873,480
|
|
|
$
|
1,122,253
|
|
|
$
|
1,263,893
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note - For complete information, including footnote disclosures, please
refer to the Company's Form 10-Q filing with the SEC.
|
|
|
JOY GLOBAL INC.
|
|
SUPPLEMENTAL FINANCIAL DATA
|
|
(Unaudited)
|
|
(In thousands)
|
|
|
|
|
|
Quarter Ended January 29, 2016
|
|
|
|
Underground
|
|
Surface
|
|
Corporate
|
|
Eliminations
|
|
Total
|
|
Operating (Loss) Income by Segment:
|
|
|
|
|
|
|
|
|
|
|
|
Operating (Loss) Income
|
|
$
|
(38,450
|
)
|
|
$
|
7,788
|
|
|
$
|
(7,529
|
)
|
|
$
|
(6,896
|
)
|
|
$
|
(45,087
|
)
|
|
Restructuring charges
|
|
25,700
|
|
|
564
|
|
|
395
|
|
|
—
|
|
|
26,659
|
|
|
Adjusted Operating (Loss) Income
|
|
$
|
(12,750
|
)
|
|
$
|
8,352
|
|
|
$
|
(7,134
|
)
|
|
$
|
(6,896
|
)
|
|
$
|
(18,428
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended January 30, 2015
|
|
|
|
Underground
|
|
Surface
|
|
Corporate
|
|
Eliminations
|
|
Total
|
|
Operating (Loss) Income by Segment:
|
|
|
|
|
|
|
|
|
|
|
|
Operating (Loss) Income
|
|
$
|
42,230
|
|
|
$
|
31,346
|
|
|
$
|
(8,662
|
)
|
|
$
|
(6,456
|
)
|
|
$
|
58,458
|
|
|
Restructuring charges
|
|
446
|
|
|
219
|
|
|
—
|
|
|
—
|
|
|
665
|
|
|
Mark to market pension income
|
|
—
|
|
|
—
|
|
|
(3,177
|
)
|
|
—
|
|
|
(3,177
|
)
|
|
Excess purchase accounting
|
|
152
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
152
|
|
|
Adjusted Operating (Loss) Income
|
|
$
|
42,828
|
|
|
$
|
31,565
|
|
|
$
|
(11,839
|
)
|
|
$
|
(6,456
|
)
|
|
$
|
56,098
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160303005257/en/ Copyright Business Wire 2016
Source: Business Wire
(March 3, 2016 - 6:00 AM EST)
News by QuoteMedia
www.quotemedia.com
|
