Joy Global reported third quarter fiscal 2015 results. Consolidated net sales totaled $792 million, a 10 percent decrease versus the third quarter of last year.
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Original equipment sales decreased 22 percent and service sales decreased 4 percent compared to the prior year. Current quarter net sales were reduced by $50 million from the impact of foreign currency exchange movements versus the year ago period.
When adjusting for foreign currency exchange, sales were down 4 percent compared to the third quarter of last year with original equipment sales down 15 percent and service sales flat.
Net sales for underground mining machinery decreased 4 percent in comparison to the third quarter of last year. Original equipment sales increased 2 percent compared to the prior year, with increases in Australia and Africa partially offset by decreases in all other regions.
Service sales decreased 6 percent compared to the prior year, with increases in Eurasia, China and Australia more than offset by decreases in all other regions with the most significant reduction in North America coal. Net sales for underground mining machinery were reduced by $39 million from the impact of foreign currency exchange compared to the prior year third quarter.
Net sales for surface mining equipment decreased 17 percent in comparison to the third quarter of last year. Original equipment sales decreased 53 percent compared to the prior year, with an increase in North America more than offset by declines in all other regions.
Service sales decreased 3 percent compared to the prior year, with increases in Latin America, Eurasia and China more than offset by declines in all other regions. Net sales for surface mining equipment were reduced by $11 million from the impact of foreign currency exchange compared to the third quarter of last year.
Consolidated bookings in the third quarter totaled $635 million, a decrease of 31 percent versus the third quarter of last year. Original equipment orders decreased 66 percent while service orders were down 16 percent compared to the prior year.
Bookings were reduced by $46 million from the impact of foreign currency exchange movements versus the year ago period, a $2 million decrease for original equipment and a $44 million decrease for service bookings. When adjusting for foreign currency exchange, orders were down 26 percent compared to the third quarter of last year, with original equipment orders down 65 percent and service orders down 9 percent.
Bookings for underground mining machinery decreased 26 percent in comparison to the third quarter of last year. Original equipment orders decreased 48 percent compared to the prior year. Original equipment orders declined in all regions except in Eurasia.
Service orders decreased 13 percent compared to the prior year, with decreases in all regions except Eurasia. The Montabert hard rock orders since acquisition totaled $17 million and are included in Eurasia service orders. Orders for underground mining machinery were reduced by $31 million from the impact of foreign currency exchange compared to the third quarter of last year.
Bookings for surface mining equipment decreased 33 percent in comparison to the prior year third quarter. Original equipment orders decreased 68 percent compared to the prior year. Original equipment orders decreased in all regions except North America and Eurasia.
Service orders decreased 18 percent compared to the prior year, with declines in all regions except Latin America, which was flat, and Africa. Orders for surface mining equipment were reduced by $15 million from the impact of foreign currency exchange compared to the third quarter of last year.
Backlog at the end of the third quarter was $1.12 billion, down from $1.33 billion at the beginning of the year. ■