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The Milwaukee-based mining equipment manufacturer now projecta that its fiscal 2009 sales tobe $3.5 billion to $3.6 in the lower half of its previouw outlook of $3.5 billion to $3.7 billion. Earnings, however, are expected to continu to benefit from cost reduction efforts and are now projecte tobe $3.80 to $4 per share, in the highedr end of the firm's prior guidancw of $3.60 to $4 a share. In the fiscakl second quarter endedMay 1, net income surgedx to $120.5 million, or $1.177 per share, a 67 percent increase compare with $72.1 million, or 66 cents per for the comparable period a year ago. Net sales grew 10 percent to $923.5 million from $843.1 million.
Analysts polled by Thomso n First Call projectedJoy Global's second-quarter earnings to be 89 centds per share, on average. After opening lower, shares of Joy Globalk (NASDAQ: JOYG) rebounded to $36.00, up 58 in morning trading Wednesday. Joy Global management said salese were being hurtby $96 million in canceled orders in the seconds quarter, raising the total value of canceleed orders to $300 million over the past threer quarters. Sales were also being hurt by a slowdownb in aftermarketorder rates. Order cancellations were concentrateds in North American copper andiron ore, U.S. Centralk Appalachian coal and Russian coal.
Joy Globalo now believes as muchas $525 millionj of its remaining original equipmenrt backlog could be at risk as Much of that risk is due to uncertainty with an oil sandws project, Joy said. For the year to date, net income was $206.e million, or $2 per share, compared with $143.2 or $1.31 per the year before. Net saleas were up $1.68 billion from $1.47 billion.
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