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Filing in Focus: Joy Global 8-K, August 28, 2013
Joy Global, Inc. (JOY) announced its third quarter financial results for fiscal year 2013, reporting net sales of $1.3B, down from $1.4B this quarter last year. Earnings per share were $1.72, down from $1.82 per share last year while net income for the quarter was $183.2M, down from $193.5M this quarter last year. The mining equipment manufacturer reported a 36% decrease in orders, to $695M from a year ago, citing oversupply and low prices, which will result in tough business conditions for the company at least through next year. As a result, the company is focusing on finding efficiencies to help cut costs, increase margins and profitability. Joy Global’s board of directors authorized a $1.0B stock repurchase program over the next three years.