EmailJoy Global (JOYG $86.93 +4.39) reported third quarter earnings of
$1.61 per share, $0.07 better than the Capital IQ Consensus Estimate of $1.54.
Revenues rose 33.7% year/year to $1.14 billion versus the $1.21 billion
consensus.
In fiscal year 2011, the company issued earnings guidance of $5.70 to $6.00
versus the $5.78 Capital IQ Consensus Estimate, an increase of $0.40 over prior
guidance; sees revenues of $4.3 billion to $4.5 billion versus the $4.58 billion
Capital IQ Consensus Estimate, an increase of $200 million over prior guidance.
Backlog at the end of the third quarter was $3.2 billion, compared to $1.8
billion at the beginning of fiscal 2011. The increase reflected positive book to
bill ratios for both surface and underground business segments. Backlog at the
end of the third quarter increased $227 million as a result of the LeTourneau
acquisition, including orders booked in the quarter.
Commenting further, co states: There is increasing evidence that slowing is
underway in economies worldwide, and that growth in the U.S. and Europe may
remain structurally lower for several years. Various indicators of economic
growth are declining and moving toward neutral. Worldwide trade, measured by new
export orders, remained close to the neutral level in July with the slowing of
exports from China, Germany and Japan....Growth also slowed in India, Brazil and
Russia."
than one year.
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