reports
Joy Global Announces Payment of Consent Fee in Connection with Its Con...
MILWAUKEE--(BUSINESS WIRE)-- Joy Global Inc. (NYSE: JOY), a worldwide leader in high-productivity mining solutions (the “Company”), today announced to the holders of its 5.125% Senior Notes due 2021 and 6.625% Senior Notes due 2036 (collectively, the “Notes”) issued under the indenture governing the Notes (the “Indenture”) that following the expiration of the consent solicitation on January 23, 2017 and the satisfaction of all conditions described in the consent solicitation statement dated January 10, 2017 and the related letter of ...
Joy Global Inc. Declares Quarterly Dividend of $0.01 Per Share
MILWAUKEE--(BUSINESS WIRE)-- Joy Global Inc. (NYSE: JOY), a worldwide leader in high-productivity mining solutions, announces that its board of directors has declared a quarterly dividend in the amount of $0.01 per share payable on March 31, 2017 to shareholders of record as of the close of business on March 17, 2017, provided that the company’s proposed merger with Komatsu America Corp. does not close before the close of business on March 17, 2017. Joy Global Inc. is a worldwide leader in mining equipment and services ...
Joy Global Announces First Quarter Fiscal 2017 Operating Results
MILWAUKEE--(BUSINESS WIRE)-- Joy Global Inc. (NYSE: JOY), a worldwide leader in high-productivity mining solutions, today reported first quarter fiscal 2017 results. First Quarter Summary Bookings $615 million, up 12 percent from a year ago Service bookings $524 million, increased 21 percent from a year ago Net sales $498 million, down 5 percent from a year ago Loss per diluted share $0.00, compared to $(0.41) a year ago Adjusted loss per dil...
Joy Global Inc. Announces Fiscal First Quarter 2017 Earnings Release I...
MILWAUKEE--(BUSINESS WIRE)-- Joy Global Inc. (NYSE: JOY) announced today that it will release fiscal first quarter 2017 earnings results prior to the opening of business on Thursday, March 2, 2017. Pending Merger with Komatsu America Corp. On July 21, 2016, we entered into an Agreement and Plan of Merger with Komatsu America, Pine Solutions Inc. (“Merger Sub”) and (solely for the purposes specified in the merger agreement) Komatsu Ltd., providing for the merger of Merger Sub with and into Joy Global, with Joy Global ...
Joy Global Inc. Announces Results of Consent Solicitation
MILWAUKEE--(BUSINESS WIRE)-- Joy Global Inc. (NYSE: JOY), a worldwide leader in high-productivity mining solutions (the “Company”), today announced that it had received, as of 5:00 p.m., New York City time, consents from the holders of a majority of its 5.125% Senior Notes due 2021 and 6.625% Senior Notes due 2036 (collectively, the “Notes”), voting together as a single class, to the Company’s proposed amendments (the “Amendments”) to the indenture governing the Notes (the “Indenture”). The terms and conditions of the consent solicita...
- Please Change Name Zubets-Anderson
- Keith Schoonmaker
- CFA
Continued challenges in the mining markets have eroded Joy Global's mo...
We reiterate our $28.30 fair value estimate for no-moat Joy Global. Although the company suspended updating guidance after announcing a sale to Komatsu, full-year results were in line with prior guidance for $2.4 billion-$2.6 billion of sales, $0.10-$0.50 of EPS, and $200 million of free cash flow. Actual results were for $2.4 billion of sales, $0.13 of adjusted EPS, and $211 million of free cash flow, or $ $264 million when including $53 million of sales proceeds from restructuring-oriented pla...
Joy Global Inc. Announces Commencement of Consent Solicitation
MILWAUKEE--(BUSINESS WIRE)-- Joy Global Inc. (NYSE: JOY), a worldwide leader in high-productivity mining solutions, today announced the commencement of a consent solicitation relating to $500,000,000 aggregate principal amount of its 5.125% Senior Notes due 2021 (the “2021 Notes”) and $150,000,000 aggregate principal amount of its 6.625% Senior Notes due 2036 (the “2036 Notes” and, together with the 2021 Notes, the “Notes”). As of January 9, 2017, $650,000,000 aggregate principal amount of Notes were outstanding. As pr...
Ford Equity US Rating and Forecast Report
Ford Equity Research covers more than 4,000 stocks using a proprietary quantitative model that evaluates a company’s earnings strength, its relative valuation and recent price movement. Ford’s five recommendation ratings include strong buy, buy, hold, sell, strong sell. For all stocks in our coverage universe, ratings are generated each week and reflect the fundamental and price data as of the last trading day of the week.
- Kwame Webb
Sales of Mining Equipment Remain Under Pressure for Joy; Sale to Komat...
We reiterate our $28.30 fair value estimate for no-moat Joy Global. Although the company suspended updating guidance after announcing a sale to Komatsu, full-year results were in line with prior guidance for $2.4 billion-$2.6 billion of sales, $0.10-$0.50 of EPS, and $200 million of free cash flow. Actual results were for $2.4 billion of sales, $0.13 of adjusted EPS, and $211 million of free cash flow, or $ $264 million when including $53 million of sales proceeds from restructuring-oriented pla...
Joy Global Inc. Declares Quarterly Dividend of $0.01 Per Share
MILWAUKEE--(BUSINESS WIRE)-- Joy Global Inc. (NYSE: JOY), a worldwide leader in high-productivity mining solutions, announces that its board of directors has declared a quarterly dividend in the amount of $0.01 per share to be paid on January 13, 2017 to shareholders of record on December 30, 2016. Joy Global Inc. is a worldwide leader in mining equipment and services for surface and underground mining. JOY-G View source version on businesswire.com: http://www.businesswire.com/news/home/20161214005343/en/
Joy Global Announces Fourth Quarter and Fiscal 2016 Operating Results
MILWAUKEE--(BUSINESS WIRE)-- Joy Global Inc. (NYSE: JOY), a worldwide leader in high-productivity mining solutions, today reported fourth quarter and fiscal 2016 results. Fourth Quarter and Full Year Summary Fourth quarter bookings of $559 million, down 9 percent; full year bookings of $2.3 billion, down 14 percent from a year ago Loss per diluted share; fourth quarter $(0.09) compared to $(13.49) in prior year, full year $(0.65) compared to $(12.08) in prior year Adj...
Joy Global Inc. Announces Fourth Quarter and Fiscal Year 2016 Earnings...
MILWAUKEE--(BUSINESS WIRE)-- Joy Global Inc. (NYSE: JOY) announced today that it will release fourth quarter and fiscal year 2016 earnings results prior to the opening of business on Wednesday, December 14, 2016. On July 21, 2016, the company announced that it had entered into an Agreement and Plan of Merger under which Komatsu America Corp., a subsidiary of Komatsu Ltd., will acquire the company. In light of the pending merger, the company will not hold a conference call following issuance of its four quarter and fiscal year...
- Kwame Webb
Industrials After Trump's Election: Greater Uncertainty but Defense Li...
It’s challenging to predict what will happen following the election of Donald Trump as president, because he may lack the full support of the Republican Congress and may refine his policies as his team gathers information from business and labor leaders, but we can say with confidence that the near-term cone of uncertainty surrounding the performance of many industrial stocks just increased. Trump’s anti-free-trade rhetoric and policy uncertainty has led to an initially weaker U.S. dollar, w...
Joy Global Stockholders Overwhelmingly Approve Acquisition by Komatsu
MILWAUKEE--(BUSINESS WIRE)-- Joy Global (NYSE: JOY), a worldwide leader in high-productivity mining solutions, today announced that Joy Global stockholders overwhelmingly voted to approve the company’s pending acquisition by Komatsu America Corp., (“Komatsu”), a subsidiary of Komatsu Ltd. (TYO: 6301). “We are pleased with the outcome of today’s vote and appreciate the support we have received from Joy Global stockholders for the Komatsu transaction,” said Ted Doheny, President and CEO of Joy Global. “Stockholder approv...
Komatsu and Joy Global CEOs Talk Commitment to Mining Innovation at MI...
LAS VEGAS--(BUSINESS WIRE)-- Tetsuji (Ted) Ohashi, President and CEO of Komatsu Ltd. (TYO: 6301), and Ted Doheny, President and CEO of Joy Global Inc. (NYSE: JOY), met today at MINExpo INTERNATIONAL®2016 in Las Vegas. Both companies have a major presence at this year’s show, the premier exposition of mining equipment and services in the world. This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20160926006527/en/ Tetsuji (Ted) Ohashi, President and CEO of Komatsu Ltd., and Ted Dohen...
- Kwame Webb
Joy Global’s Soft Earnings Report Takes a Back Seat to the Pending S...
We are maintaining our $28.30 fair value estimate for no-moat Joy Global. Concurrent with the announced sale to Komatsu, Joy Global is no longer providing financial guidance, which was previously anticipated to be $2.4 billion-$2.6 billion of sales, $0.10-$0.50 of EPS, and $200 million of free cash flow. In the near term, the company is now focused on maintaining its debt covenants, which allow up to a 4.5 times debt/EBITDA ratio, and successfully closing its sale to Komatsu. Overall results rem...
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