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Aaron Spatz is the writer of SEC Live Filings Digest, detailing the news of companies trading on U.S. stock exchanges. The Filings Digest is but one component of the greater website SEC Live, which specializes in making SEC filings easy to read, research, navigate, and much more.
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  • Joy Global Net Sales Decrease To $1.3B 0 comments
    Aug 29, 2013 11:07 AM | about stocks: JOY

    Originally published at www.seclive.com

    Filing in Focus: Joy Global 8-K, August 28, 2013

    Joy Global, Inc. (NYSE: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.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Stocks: JOY
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