- Joy Global (JOY) mitigated a bit of the damage in its conference call today, after posting poor FQ3 bookings and a weak outlook earlier.
- The company disclosed details of an expanded cost-cutting effort, with CFO Jim Sullivan noting the company anticipates around $65M in reduced expenses from phase 2, mostly over the next FY - versus a prior target of about $40M.
- Despite the gloomy revenue outlook, phase 3 of its cost-cutting effort is still expected to be triggered, which should trim another $15M out of the coming year's expense line.
- The company feels that these efforts, in concert with further in-sourcing, of some manufacturing, will help JOY meet margin targets.
Joy Global says cost cutting efforts will continue despite gloomy outlook
Aug 28 2013, 17:49 ET