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Audio – A little less joy down the road for Joy Global
Mining and construction equipment maker Joy Global actually had a pretty good week for itself.
The company released its first-quarter results last Wednesday, which topped Wall Street’s expectations and sent the shares up more than 15 percent.
Company Chief Executive Michael Sutherlin, speaking as the kick-off guest to the Reuters Global Mining and Steel Summit, said it seems that Joy Global should be able to hit its numbers in 2009.
However, Sutherlin said 2010 provides a less clear picture, which will likely cause the company to rethink its size and staffing levels for the short term. Sutherlin said the company was reviewing its structure now and expects to have more to say about jobs and plants by the middle of the year.
Joy Global, which makes giant shovels, drills and draglines to extract coal, copper, iron ore, oil sands and other minerals, said new aftermarket orders received and booked for the surface and underground businesses rose 13 percent in the quarter.
Sutherlin was one of the featured speakers at the summit, which continues through Thursday in New York, London and Sydney. The Summit program is in its fifth year, and in 2009 will include top-level executives from industries and sectors including everything from Infrastructure; to Global technology; to Investing in India, China, Japan and Russia; to Food and Beverages.