Joy Global Announces Third Quarter Fiscal 2016 Operating Results
MILWAUKEE–(BUSINESS WIRE)– Joy Global Inc. (NYSE: JOY), a worldwide leader in high-productivity mining solutions, today reported third quarter fiscal 2016 results.
Third Quarter Summary
- Bookings $527 million, down 17 percent from a year ago
- Service bookings $474 million, down 12 percent from a year ago
- Net sales $587 million, down 26 percent from a year ago
- Earnings per diluted share $0.00, compared to $0.52 a year ago
- Adjusted earnings per diluted share $0.10, compared to $0.59 a year ago
- Cash from operations $26 million, down $90 million from a year ago
Third Quarter Operating Results
“Although market conditions and our incoming order rate remain extremely challenged, our team delivered financial results for the quarter in line with expectations,” said Ted Doheny, President and Chief Executive Officer. “We continue to drive our strategic growth objectives and surpass our cost savings targets. Our focus in these areas has allowed us to deliver on our commitments to shareholders and customers.”
Pending Merger with Komatsu America Corp.
On July 21, 2016, Joy Global entered into an Agreement and Plan of Merger with Komatsu America Corp. (“Komatsu America”), Pine Solutions Inc. (“Merger Sub”) and (solely for the purposes specified in the merger agreement) Komatsu Ltd., providing for the merger of Merger Sub with and into Joy Global, with Joy Global surviving the merger as a wholly owned subsidiary of Komatsu America. At the effective time of the merger, each outstanding share of Joy Global common stock (other than dissenting shares and shares owned by Joy Global, Komatsu America or any of their respective subsidiaries) will be cancelled and converted into the right to receive $28.30 per share in cash, without interest. The completion of the transaction is subject to customary closing conditions, including approval by Joy Global shareholders, the expiration or termination of the applicable waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976 and regulatory approvals in certain other jurisdictions. The companies expect that this transaction will be completed by mid-2017.