Joy Global Inc., a Milwaukee-based mining equipment manufacturer, today reported fiscal third quarter net income of $124 million, or $1.21 per share, up from $113 million, or $1.03 per share, in the same period a year ago.
The company's net sales for the quarter increased by 6 percent to $956 million, compared with $904 million in the third quarter of last year.
"We are very pleased that our third quarter demonstrates our ability to deliver continued operating and financial results at exceptional levels," said Mike Sutherlin, president and chief executive officer. "It is also extremely gratifying to see payoff from the efforts that we have invested over the past couple of years, with profitability benefiting from the continued deployment of our Operational Excellence programs, from improved supply chain management, from strong cost control, and from better pricing finally flowing through backlog into shipments. Our third quarter also delivered balanced performance that goes beyond profitability. Our efforts to improve inventory velocity have been slowing the rate of inventory growth. We have achieved a substantial reduction in inventory this quarter and expect this momentum to carry forward. These high levels of financial performance and operational efficiency will serve us well going forward."
Joy Global reports strong quarter
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