today reported results for the second quarter of fiscal 2011.
Second quarter bookings increased 46 percent to $1.5 billion and net sales increased 19 percent to $1.1 billion, compared to
the same period last year. Operating income of $234 million was 22 percent of sales, compared to operating income of $181
million, or 20 percent of sales, in the second quarter of fiscal 2010. Net income for the second quarter was $162 million or
$1.52 per fully diluted share, compared to $120 million or $1.15 per share in the second quarter of last year.
today announced that it has entered into a definitive agreement to acquire a 100 percent ownership interest in LeTourneau
Technologies Inc. ("LeTourneau") from Rowan Companies, Inc. ("Rowan") (NYSE: RDC) for $1.1 billion in cash. LeTourneau
designs, builds and supports equipment for the mining and oil and gas drilling industries, and has been a leader in the
earthmoving equipment industry since the 1920s. The transaction has been approved by both companies' boards of directors.
Completion of the transaction is subject to the receipt of necessary regulatory approvals and other customary closing
conditions and is expected to occur within 60 days.
MILWAUKEE--(BUSINESS WIRE)-- Joy Global Inc. (NASDAQ: JOYG), a worldwide leader in high-productivity mining solutions,
today reported first quarter fiscal year 2011 results. Bookings in the first quarter of fiscal 2011 were up 52 percent from a year
ago to $1.2 billion and net sales were up 19 percent to $870 million. Operating income of $154 million was 18 percent of sales
compared to $118 million, or 16 percent of sales, in the first quarter of last year. Net income for the quarter was $102 million or
$0.96 per fully diluted share compared to $76 million or $0.73 per share in the prior year first quarter.