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Joy Global (JOY) Misses on Q4 Earnings, Beats on Revenues
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Joy Global Inc. reported adjusted earnings of 17 cents per share in the fourth quarter of fiscal 2016, lagging the Zacks Consensus Estimate of 18 cents by 5.6% and down 60.5% from the year-ago quarter figure of 43 cents.
On a GAAP basis, the company reported a loss of 9 cents for the quarter, significantly narrower than the year-ago loss of $13.49. The difference between the GAAP and operating figures was due to restructuring charges of 10 cents, pension charges of 16 cents, merger costs of 3 cents and discrete tax charges of 6 cents, which were partially offset by a tax benefit of 8 cents from pension charges and tax benefit of a penny on merger costs.
Joy Global reported net sales of $656.6 million in the fourth quarter of fiscal 2016, down 24.2% from the year-ago figure of $866 million, which however, topped the Zacks Consensus Estimate of $628 million by 4.6%.
The year-over-year decline in revenues was due to lower contributions from the Underground Mining Machinery and the Surface Mining Equipment segments.
Highlights of the Release
Total bookings at Joy Global during the fourth quarter of fiscal 2016 were $559 million, down 9.4% from $617 million a year ago. A 21% decline in orders for Joy Global’s legacy underground business and a 2% reduction in bookings from the surface mining businesses led to the decline.
Joy Global’s total backlog at the end of the fiscal fourth quarter was $819 million, down 6.2% from $873 million at the beginning of fiscal 2016.
Product development, selling and administrative expenses in the reported quarter were $135.3 million, down 30% year over year.
Net interest expense in the quarter was $10.9 million, down 19.3% from $13.5 million in the fourth quarter of fiscal 2015.
Cash and cash equivalents as of Oct 28, 2016 were $276.7 million, compared with $102.9 million as of Oct 30, 2015.
Cash from operating activities during fourth-quarter fiscal 2016 was $74.9 million, down substantially from $186.6 million in the prior-year quarter.
Capital expenditure was $11 million, compared with $14 million a year ago.
Price Movement
Shares of Joy Global has gained 144.9% over the last 12 months, significantly outperforming the Zacks categorized Manufacturing - Construction and Mining industry’s gain of 42.3%.
Joy Global’s cost-saving initiatives, non-core asset sales, production from lower-cost facilities, decision to defer non-critical capital expenditures and investment in other commodity lines are boosting its performance.
Peer Releases
Caterpillar Inc.’s (CAT - Free Report) third-quarter 2016 adjusted earnings of 85 cents per share beat the Zacks Consensus Estimate of 75 cents but were down 19% from the prior-year quarter.
Astec Industries, Inc. (ASTE - Free Report) posted earnings of 30 cents per share in third-quarter 2016, up 200% year over year, which however, fell short of the Zacks Consensus Estimate of 37 cents.
The Manitowoc Company, Inc. (MTW - Free Report) reported third-quarter 2016 adjusted loss per share of 28 cents per share, wider than both the Zacks Consensus Estimate of a loss of 26 cents and the year-ago quarter loss of 26 cents.
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Joy Global (JOY) Misses on Q4 Earnings, Beats on Revenues
Joy Global Inc. reported adjusted earnings of 17 cents per share in the fourth quarter of fiscal 2016, lagging the Zacks Consensus Estimate of 18 cents by 5.6% and down 60.5% from the year-ago quarter figure of 43 cents.
On a GAAP basis, the company reported a loss of 9 cents for the quarter, significantly narrower than the year-ago loss of $13.49. The difference between the GAAP and operating figures was due to restructuring charges of 10 cents, pension charges of 16 cents, merger costs of 3 cents and discrete tax charges of 6 cents, which were partially offset by a tax benefit of 8 cents from pension charges and tax benefit of a penny on merger costs.
Total Revenue
Joy Global reported net sales of $656.6 million in the fourth quarter of fiscal 2016, down 24.2% from the year-ago figure of $866 million, which however, topped the Zacks Consensus Estimate of $628 million by 4.6%.
The year-over-year decline in revenues was due to lower contributions from the Underground Mining Machinery and the Surface Mining Equipment segments.
Highlights of the Release
Total bookings at Joy Global during the fourth quarter of fiscal 2016 were $559 million, down 9.4% from $617 million a year ago. A 21% decline in orders for Joy Global’s legacy underground business and a 2% reduction in bookings from the surface mining businesses led to the decline.
Joy Global’s total backlog at the end of the fiscal fourth quarter was $819 million, down 6.2% from $873 million at the beginning of fiscal 2016.
Product development, selling and administrative expenses in the reported quarter were $135.3 million, down 30% year over year.
Net interest expense in the quarter was $10.9 million, down 19.3% from $13.5 million in the fourth quarter of fiscal 2015.
JOY GLOBAL INC Price, Consensus and EPS Surprise
JOY GLOBAL INC Price, Consensus and EPS Surprise | JOY GLOBAL INC Quote
Financial Condition
Cash and cash equivalents as of Oct 28, 2016 were $276.7 million, compared with $102.9 million as of Oct 30, 2015.
Cash from operating activities during fourth-quarter fiscal 2016 was $74.9 million, down substantially from $186.6 million in the prior-year quarter.
Capital expenditure was $11 million, compared with $14 million a year ago.
Price Movement
Shares of Joy Global has gained 144.9% over the last 12 months, significantly outperforming the Zacks categorized Manufacturing - Construction and Mining industry’s gain of 42.3%.
Joy Global’s cost-saving initiatives, non-core asset sales, production from lower-cost facilities, decision to defer non-critical capital expenditures and investment in other commodity lines are boosting its performance.
Peer Releases
Caterpillar Inc.’s (CAT - Free Report) third-quarter 2016 adjusted earnings of 85 cents per share beat the Zacks Consensus Estimate of 75 cents but were down 19% from the prior-year quarter.
Astec Industries, Inc. (ASTE - Free Report) posted earnings of 30 cents per share in third-quarter 2016, up 200% year over year, which however, fell short of the Zacks Consensus Estimate of 37 cents.
The Manitowoc Company, Inc. (MTW - Free Report) reported third-quarter 2016 adjusted loss per share of 28 cents per share, wider than both the Zacks Consensus Estimate of a loss of 26 cents and the year-ago quarter loss of 26 cents.
Zacks Rank
Joy Global carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Best Place to Start Your Stock Search
Today, you are invited to download the full list of 220 Zacks Rank #1 "Strong Buy" stocks – absolutely free of charge. Since 1988, Zacks Rank #1 stocks have nearly tripled the market, with average gains of +26% per year. Plus, you can access the list of portfolio-killing Zacks Rank #5 "Strong Sells" and other private research. See these stocks free >>