--> JOY - no pre-market for now
Joy Global beats by $0.03, reports revs in-line; guides FY15 EPS in-line, revs in-line, at lower end of prior guidance
Reports Q2 (Apr) earnings of $0.59 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.56; revenues fell 12.8% year/year to $810.5 mln vs the $803.05 mln consensus.
"While our operational execution in the quarter was in line with our expectations, the incoming order rate, in particular in the U.S. coal and global copper markets slowed as customers further reduced capital expenditures and deferred maintenance on their mining equipment fleets..."
Guidance
Co issues in-line guidance for FY15, sees EPS of low end of prior guidance $2.50-3.00, excluding non-recurring items, vs. $2.55 Capital IQ Consensus Estimate; sees FY15 revs of low end of prior guidance of $3.3-3.6 bln vs. $3.32 bln Capital IQ Consensus Estimate.
Guidance Commentary:
"Notwithstanding restructuring actions taken in the quarter to reduce our cost position and the acceleration of our manufacturing and service optimization plan, the further step down in our key commodity end markets, in particular with U.S. coal and global copper, has resulted in reduced production forecasts and further deferred maintenance on our installed base of equipment with our customers. We now expect sales and earnings for the year, excluding restructuring, pension settlement and acquisition related charges, to be at the low end of our previous guidance range..."
- Bookings $745 million, down 29 percent from a year ago
- Service bookings $595 million, down 15 percent from a year ago
"While our operational execution in the quarter was in line with our expectations, the incoming order rate, in particular in the U.S. coal and global copper markets slowed as customers further reduced capital expenditures and deferred maintenance on their mining equipment fleets..."
Guidance
Co issues in-line guidance for FY15, sees EPS of low end of prior guidance $2.50-3.00, excluding non-recurring items, vs. $2.55 Capital IQ Consensus Estimate; sees FY15 revs of low end of prior guidance of $3.3-3.6 bln vs. $3.32 bln Capital IQ Consensus Estimate.
Guidance Commentary:
"Notwithstanding restructuring actions taken in the quarter to reduce our cost position and the acceleration of our manufacturing and service optimization plan, the further step down in our key commodity end markets, in particular with U.S. coal and global copper, has resulted in reduced production forecasts and further deferred maintenance on our installed base of equipment with our customers. We now expect sales and earnings for the year, excluding restructuring, pension settlement and acquisition related charges, to be at the low end of our previous guidance range..."