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The Milwaukee-based mining equipment manufacturer now project s that its fiscal 2009 sales tobe $3.5 billiomn to $3.6 billion, in the lower half of its previous outlook of $3.5 billion to $3.7 Earnings, however, are expected to continue to benefit from cost reductio efforts and are now projecteds to be $3.80 to $4 per share, in the highe r end of the firm's prior guidances of $3.60 to $4 a share. In the fiscal second quarter endedMay 1, net income surged to $120.56 million, or $1.17 per share, a 67 percent increasr compared with $72.1 million, or 66 cents per share, for the comparablw period a year ago. Net salezs grew 10 percent to $923.5r million from $843.1 million.
Analysts polle by Thomson First Call projectecJoy Global's second-quarter earnings to be 89 cents per share, on After opening lower, shares of Joy Global (NASDAQ: JOYG) reboundee to $36.00, up 58 in morning trading Wednesday. Joy Global managementt said sales were being hurtby $96 million in canceled orders in the secons quarter, raising the total value of canceled order to $300 million over the past three quarters. Sales were also beinfg hurt by a slowdown in aftermarket order Order cancellations were concentrated in North Americabn copper andiron ore, U.S. Central Appalachian coal and Russiam coal.
Joy Global now believes as muchas $525 millioh of its remaining original equipment backlog could be at risk as Much of that risk is due to uncertainth with an oil sands project, Joy For the year to date, net incomse was $206.3 million, or $2 per compared with $143.2 million, or $1.31 per the year before. Net sales were up $1.68 billionj from $1.48 billion.
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