http://www.morningstar.com/earnings/33346720-joy-global-inc-joy-q4-2011.aspx

Joy Global Inc JOY
Q4 2011 Earnings Call Transcript

Transcript Call Date 12/14/2011

Operator: Good day, and welcome to the Joy Global Incorporated Fourth Quarter 2011 Earnings Conference Call. Today's conference is being recorded.

At this time, I would like to turn the conference over to Mr. Mike Olsen, Executive Vice President and Chief Financial Officer. Please go ahead, Sir.

Michael S. Olsen - EVP, CFO and Treasurer: Thank you. Good morning, and welcome, everyone. Thank you for participating in today's conference call and for your continued interest in our Company. Joining me on the call this morning is Mike Sutherlin, President and Chief Executive Officer; and Sean Major, Executive Vice President, General Counsel and Secretary.

This morning I will begin with some brief comments, which expand upon our press release and which would provide some additional background on the results for our fourth quarter. Mike Sutherlin will then provide an overview of our operations and our market outlook. After Mike's comments, we will conduct the question-and-answer session.

During this session, we ask you to limit yourself to one question and one follow-up question before going to the back of the queue. This will allow us to accommodate as many questioners as possible.

During the call today, we will be making forward-looking statements. These statements should be considered along with the various risk factors detailed in our press release and other SEC filings. We encourage you to read and become familiar with these risk factors. We may also be referring to a number of non-GAAP measures, which we believe are important to the understanding of our business. For a reconciliation of non-GAAP metrics to GAAP, as well as for other investor information, we refer you to our website at www.joyglobal.com.

Now, let's spend a few moments reviewing the fourth quarter of the 2011 fiscal year. The fourth quarter and the full year results include a number of items, which make a comparison to the prior year periods difficult. In the press release, we've provided information in a format that allows the reader to compare the current quarter and fiscal year with the prior year periods on a consistent basis. My comments this morning will address current quarter results for the most part on an historical basis, excluding the LeTourneau mining results, acquisition transaction costs, the international mining machinery equity income and incremental interest expense. I will then summarize these items at the end of my remarks.

Bookings in the fourth quarter were $1.3 billion and were 22% higher than they were last year. This increase in bookings was a result of the 25% increase in original equipment bookings and a 20% increase in aftermarket orders. The increase in aftermarket bookings continues the trend we have seen for the last nine quarters. The increase in aftermarket bookings was very bright with the 24% increase for the underground mining equipment business and a 16% increase in surface mining equipment. The increase in original equipment orders was not as broad-based, with surface mining equipment original equipment bookings more than doubling its orders being received across the most geographic regions and for all commodities.

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