Reports Q2 $0.59 v $0.55e, R$810 v $841Me
- Lowers FY Revenue $3.3B-3.6B (Prior $3.6-3.8B)
- Bookings $745M -29% y/y
- Service Bookings $595M -15% y/y
- Completed acquisition of Montabert for €110M in June
CEO: "The company`s fiscal second quarter results reflect increasing pressure on our end-markets from continued oversupplied conditions and sequentially declining commodity pricing, 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. We continue to invest in our service business to respond quickly and more efficiently to our customer`s needs and are taking steps to accelerate the optimization of our global manufacturing and service footprint."