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The Milwaukee-based mining equipment manufacturer now project that its fiscal 2009 sales tobe $3.5 billion to $3.6 in the lower half of its previousz outlook of $3.5 billion to $3.7 Earnings, however, are expected to continue to benefitf from cost reduction efforts and are now projected to be $3.80 to $4 per share, in the highedr end of the firm's prior guidance of $3.60 to $4 a In the fiscal second quartee ended May 1, net income surgedf to $120.5 million, or $1.17 per share, a 67 percen t increase compared with $72.1 or 66 cents per share, for the comparablw period a year ago. Net sales grew 10 percent to $923.t5 million from $843.1 million.
Analysts pollexd by Thomson First Call projecterdJoy Global's second-quarter earnings to be 89 centsw per share, on average. Afteer opening lower, shares of Joy Global (NASDAQ: JOYG) rebounded to up 58 cents, in morningt trading Wednesday. Joy Global management said sales were beinbg hurtby $96 million in canceled orderd in the second raising the total value of canceler orders to $300 million over the past three Sales were also being hurt by a slowdown in aftermarkeg order rates. Order cancellations were concentrater in North American copper andiron ore, U.S. Central Appalachian coal and Russian coal.
Joy Globao now believes as muchas $525 millio n of its remaining original equipment backlof could be at risk as Much of that risk is due to uncertainty with an oil sandsd project, Joy said. For the year to date, net income was $206.w3 million, or $2 per share, comparerd with $143.2 million, or $1.312 per share, the year Net sales were up $1.6 8 billion from $1.48 billion.
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