Joy sees the mining equipment market recovery unfolding

Joy Global has reported first quarter fiscal year 2010 results. “We delivered solid results that are in line with our expectations and are consistent with our outlook for our markets,” said Mike Sutherlin, President and CEO. “Orders were up from last year, and translated to a positive book to bill. We continue to see strength in the international and emerging markets for all commodities, and the US thermal coal market is correcting faster than expected. I was also pleased that we reduced our trade working capital during the first quarter as we continue to improve the efficiency of our processes. As a result, we are well positioned to take full advantage as the market recovery unfolds.” (more…)