Joy Global Corp.'s (JOYG) fiscal first-quarter net income rose 19% as sales climbed amid demand sparked by the continuing commodities boom abroad and "improving conditions" in the U.S. coal market.
The company boosted its fiscal-year earnings outlook, saying due to high coal prices the outlook for mining equipment looks "robust." Joy said global capacity constraints leave the U.S. the only country with the potential to substantially boost coal output - just as markets around the world are begging for more. "The U.S. has gone from being a regional market to being the swing supplier to the international coal market," the company said. U.S. coal exports rose 10 million tons in 2007, and Joy expects that rise to continue.
The heavy-mining equipment manufacturer reported net income for the quarter ended Feb. 1 of $71.1 million, or 65 cents a share, compared with $59.7 million, or 51 cents a share a year earlier. The latest quarter's results included 1 cent in earnings from discontinued operations. Revenue rose 14% to $640.3 million.
The mean per-share earnings estimate of analysts polled by Thomson Financial was 65 cents on revenue of $639 million.
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