Joy Global Inc. (JOY – Analyst Report) reported adjusted earnings of $1.25 per share in the fourth quarter of fiscal 2014, up 12.6% from $1.11 per share a year ago. Earnings also outpaced the Zacks Consensus Estimate of $1.14 by 9.6%.
Joy Global, Inc – Earnings Surprise | FindTheBest
Fiscal 2014 adjusted earnings were $3.29 per share, compared with $5.83 per share in fiscal 2013. However, earnings for the fiscal year were ahead of the Zacks Consensus Estimate of $3.17.
GAAP earnings per share for the fourth quarter were $1.38 and for the fiscal were $3.28. The difference between GAAP and operating earnings in the fiscal year emanated from the impact of unusual items and acquisition activities.
Total Revenue
Joy Global reported net sales of $1,133.6 million in the fourth quarter of fiscal 2014, down 4.1% from $1,181.8 million in the year-ago quarter.
Revenues were however ahead of the Zacks Consensus Estimate of $1,050 million.
Joy Global reported net sales of $3,778.3 million for fiscal 2014, down 24.6% from $5,012.7 million in fiscal 2013. Revenues were marginally higher than the Zacks Consensus Estimate of $3,707 million.
The downside was due to lower contributions from its Underground Mining Machinery and Surface Mining Equipment segments, while eliminations dragged down total revenue marginally.
Fiscal 2014 Highlights
Joy Global's operating profit in fiscal 2014 declined 37.1% to $517.1 million from $821.7 million in the prior fiscal.
Total bookings at Joy Global during the fiscal year were $3.61 billion, down 8% from the prior year-end level of $3.92 billion. A 20% decline in orders from Joy Global's legacy underground business was marginally offset by an 8% increase in bookings from surface businesses.
