Joy Global Announces First Quarter Fiscal 2017 Operating Results

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 diluted share $(0.06), compared to $(0.23) a year ago
• Cash from operations $41 million, down $67 million from a year ago

First Quarter Operating Results

"Over the last several months we have seen further evidence of commodity
markets rebalancing, which has helped improve commodity pricing," said
Ted Doheny, President and Chief Executive Officer. "These pricing
improvements and increased production levels have strengthened cash
flows for many mining companies. This has led to increased rebuild
activity in what is typically a seasonally slower fiscal first quarter.
While we are encouraged by recent market developments, the level of
service bookings achieved in the first quarter is not expected to repeat
over the remainder of the year. The mining industry remains cautious
with overall capital expenditures still projected to decline in 2017."

Bookings - (in millions)
		Quarter Ended
		January 27,				January 29,				%
		2017				2016				Change
Segment:
Underground		$	321			$	281			14	%
Surface		319				286				12	%
Eliminations		(25		)		(17		)
Total Bookings by Segment		$	615			$	550			12	%
Product:
Service		$	524			$	432			21	%
Original Equipment		91				118				(23	)%
Total Bookings by Product		$	615			$	550			12	%

Consolidated bookings in the first quarter totaled $615 million, an
increase of 12 percent versus the first quarter of last year. Original
equipment orders decreased 23 percent while service orders increased 21
percent compared to the prior year. Current quarter bookings included a
$10 million favorable impact from foreign currency exchange movements
versus the year ago period, a $3 million increase for original equipment
and a $7 million increase for service bookings. After adjusting for
foreign currency exchange, orders were up 10 percent compared to the
first quarter of last year, with original equipment orders down 25
percent and service orders up 20 percent.

Bookings for underground mining machinery increased 14 percent in
comparison to the first quarter of last year. Original equipment orders
decreased 28 percent compared to the prior year, with declines in
Eurasia, China and Africa partially offset by increases in North America
and Australia. Service orders increased 29 percent compared to the prior
year, with increases in all regions except China. Orders for underground
mining machinery increased by $7 million from the impact of foreign
currency exchange compared to the first quarter of last year primarily
due to the strengthening of the Australian dollar and South African rand
relative to the U.S. dollar.

Bookings for surface mining equipment increased 12 percent in comparison
to the prior year first quarter. Original equipment orders increased 19
percent compared to the prior year with increases in North America,
Eurasia and China partially offset by declines in Latin America and
Australia. Service orders increased 10 percent compared to the prior
year, with increases in Latin America, North America and Africa
partially offset by declines in Eurasia, Australia and China. Orders for
surface mining equipment increased by $3 million from the impact of
foreign currency exchange compared to the first quarter of last year,
primarily due to the strengthening of the Australian dollar and South
African rand relative to the U.S. dollar.

Backlog at the end of the first quarter was $936 million, up from $819
million at the beginning of the fiscal year.

Net Sales - (in millions)
		Quarter Ended
		January 27,				January 29,				%
		2017				2016				Change
Segment:
Underground		$	252			$	274			(8	)%
Surface		267				277				(4	)%
Eliminations		(21		)		(25		)
Total Net Sales by Segment		$	498			$	526			(5	)%
Product:
Service		$	432			$	410			5	%
Original equipment		66				116				(43	)%
Total Net Sales by Product		$	498			$	526			(5	)%

Consolidated net sales totaled $498 million, a 5 percent decrease versus
the first quarter of last year. Original equipment sales decreased 43
percent and service sales increased 5 percent compared to the prior
year. Current quarter net sales included a $3 million favorable impact
from foreign currency exchange movements versus the year ago period for
service sales. When adjusting for foreign currency exchange, sales were
down 6 percent compared to the first quarter of last year with original
equipment sales down 43 percent and service sales up 4 percent.

Net sales for underground mining machinery decreased 8 percent in
comparison to the first quarter of last year. Original equipment sales
decreased 40 percent compared to the prior year, with decreases in all
regions except Africa. Service sales increased 2 percent compared to the
prior year, with increases in Africa, Eurasia and China partially offset
by declines in North America and Australia. Compared to the prior year
first quarter, the impact of foreign currency exchange on underground
mining machinery net sales was not meaningful.

Net sales for surface mining equipment decreased 4 percent in comparison
to the first quarter of last year. Original equipment sales decreased 30
percent compared to the prior year, with decreases in all regions except
China. Service sales increased 3 percent compared to the prior year,
with increases in all regions except Africa and Australia. Net sales for
surface mining equipment increased by $3 million from the impact of
foreign currency exchange compared to the first quarter of last year,
primarily due to the strengthening of the Australian dollar and Chilean
peso relative to the U.S. dollar.

Reconciliation of Operating Income (Loss) to Adjusted Operating Income
(Loss)
(in millions)		Quarter Ended
		January 27, 2017				January 29, 2016				Return on Sales
										2017			2016
Underground		$	(5.8	)		$	(38.5	)		(2.3	)%		(14.0	)%
Surface		20.7				7.8				7.7			2.8
Corporate Expenses		(12.2		)		(7.5		)
Eliminations		(4.4		)		(6.9		)
Operating Loss		(1.7		)		(45.1		)		(0.3	)%		(8.6	)%
Restructuring and related charges		4.0				26.7				0.8			5.1
Merger costs		2.5				—				0.5			—
Adjusted Operating Income (Loss)		$	4.8			$	(18.4	)		1.0	%		(3.5	)%

Operating loss for the first quarter of fiscal 2017 totaled $2 million,
compared to $45 million in the first quarter of fiscal 2016. The $43
million year-over-year decrease in operating loss in the quarter was due
to lower restructuring and related charges, lower manufacturing spending
costs net of absorption, increased service volumes, favorable product
mix and savings from the company's cost reduction programs. These items
were partially offset by lower original equipment volumes, merger costs,
and reduced other income. The first quarter of fiscal 2017 included an
aggregate negative impact of $7 million from restructuring and related
charges and merger costs compared to a net $27 million negative impact
in the first quarter of fiscal 2016 for restructuring and related
charges.

During the first quarter of fiscal 2017, we continued restructuring
activities to align the company's workforce and overall cost structure
with current and anticipated levels of demand. The restructuring
activities in the first quarter of fiscal 2017 were $4 million,
inclusive of $3 million of non-cash inventory charges directly related
to facility closures, primarily in China. Additional restructuring and
related charges of approximately $10 million, with estimated cash costs
of $6 million, are expected in the remainder of fiscal 2017 as the
company continues to optimize its global manufacturing footprint.

Reconciliation of Net Loss and Loss per Share to Adjusted Net
Loss and Adjusted Loss per Share
		Quarter Ended
		January 27, 2017								January 29, 2016
		Dollars				Fully				Dollars				Fully
		in millions				Diluted EPS				in millions				Diluted EPS
Operating loss		$	(1.7	)						$	(45.1	)
Interest expense, net		11.0								12.1
Income tax benefit		(12.5		)						(17.0		)
Net loss and loss per share		(0.2		)		$	0.00			(40.2		)		$	(0.41	)
Restructuring and related charges		4.0				0.04				26.7				0.27
Tax benefit on restructuring charges		(0.2		)		—				(8.0		)		(0.08		)
Merger costs		2.5				0.03				—				—
Tax benefit on merger costs		(0.6		)		(0.01		)		—				—
Net discrete tax benefit		(11.6		)		(0.12		)		(0.9		)		(0.01		)
Adjusted net loss and adjusted loss per share		$	(6.1	)		$	(0.06	)		$	(22.4	)		$	(0.23	)

Fully diluted loss per share for the first quarter of fiscal 2017
totaled $0.00, compared to fully diluted loss per share of $0.41 in the
first quarter of fiscal 2016. The first quarter of fiscal 2017 included
a net positive impact of $0.06 per share for restructuring and related
charges, merger costs and a net discrete tax benefit, compared to a net
negative impact of $0.18 per share in the first quarter of fiscal 2016
from restructuring and related charges and a net discrete tax benefit.

The effective income tax rate was 98 percent for the first quarter of
fiscal 2017, compared to 30 percent for the first quarter of fiscal
2016. Excluding restructuring charges, merger costs and a net discrete
tax benefit in the first quarter of fiscal 2017, the effective income
tax rate was 3 percent. In the first quarter of 2017 we recognized net
discrete tax benefits of $12 million, which were primarily attributable
to tax benefits resulting from the company's footprint rationalization
activities. The adjusted effective income tax rate for the quarter was
attributable to a less beneficial geographical mix of earnings.

Liquidity

Cash provided by continuing operations was $41 million for the first
quarter of fiscal 2017, compared to $109 million provided by continuing
operations in the first quarter of fiscal 2016. The decrease in cash
provided by continuing operations during the first quarter versus the
year ago period was primarily due to reduced cash from trade working
capital.

Capital expenditures were $7 million in the first quarter of fiscal
2017, compared to $8 million in the first quarter of fiscal 2016.
Non-core asset sales in the current quarter of $5 million included the
sale of certain assets associated with one of our electrical facilities.
This compared to non-core asset sales of $9 million in the first quarter
of fiscal 2016 primarily related to the sale of certain assets within
the underground segment.

As of the end of the fiscal first quarter 2017, we had $725 million
available for borrowings under our credit agreement. In December 2015,
the credit agreement was amended to increase the maximum consolidated
leverage ratio starting in the second quarter of 2016 and continuing
through to the first quarter of 2018, with a maximum ratio of 4.5x for
the fourth quarter of 2016 through the second quarter of 2017. We were
in compliance with all financial covenants under our credit agreement as
of the end of the first quarter of 2017.

Market Outlook

The global economy has maintained the momentum that started during the
calendar fourth quarter of 2016, as January macroeconomic indicators
suggested growth nearing a two-year high. Improved economic sentiment,
along with continued evidence of commodity markets rebalancing, have led
to most commodity prices improving since early November. Across the
markets served by the company, commodity prices have increased on
average 7 percent since November, although seaborne coal markets have
contracted from their November highs.

After seeing U.S. coal production decline 27 percent since 2014,
production was up nearly 16 percent through the first six weeks of 2017
with total production for the year expected to reach 750 million tons,
an increase of 3 percent from 2016. The primary drivers behind this
production improvement were elevated natural gas prices, which are
expected to average over $3.30/mmBtu this year, along with a U.S. coal
industry that is leaner and more efficient.

In a similar manner, copper prices have increased nearly 22 percent
since November as expectations of stronger global demand have driven
prices higher. Recently, copper markets have also seen a number of
supply disruptions that have contributed to the rise in copper prices.
The combination of an increasingly optimistic demand outlook, along with
potentially higher than normal supply disruptions are expected to result
in copper prices averaging approximately $2.50 per pound over the course
of 2017.

Seaborne metallurgical coal and thermal coal markets remain largely tied
to Chinese domestic production policy. After peaking in November at over
$300 per tonne, met coal prices have fallen towards $160 per tonne as
the 276-day Chinese production policy, aimed at cutting domestic
production by nearly 20 percent, was lifted over the last several
months. At the same time, weaker seasonal demand contributed to falling
prices. However, the beginning of construction season, various global
infrastructure programs, and the potential for the reinstatement of the
276-day production limit in China is expected to stabilize the met coal
market over the near term.

Although iron ore prices have averaged nearly $80 per tonne since
November, they are expected to pull back over the course of 2017
averaging $58 per tonne for the year. While the demand profile looks
stable given the global steel production outlook, new low-cost supply
coming online over the course of the year will likely put downward
pressure on prices. Given the concentration of global suppliers, the
ability to manage new supply will be the key determinant of iron ore
prices going forward.

Company Outlook

"As global economic activity continues to improve, there is increasing
sentiment that the mining industry is nearing a bottom. While there is
evidence the deferred maintenance cycle on installed equipment is coming
to an end, investment in new capacity remains slow. Only projects that
deliver a step change in productivity are proceeding," continued Doheny.
"Despite this hurdle, our teams remain focused on advancing our
strategic growth and operational excellence initiatives to position the
company for success as the mining industry recovers.

"The Company currently expects the Komatsu transaction to close by
mid-2017, or earlier, depending on the progress of the remaining
regulatory clearances. We are confident that through this transaction
our customers and other business partners will benefit from a broader
offering of products, systems and solutions across a wider scope of
mining and construction applications."

Non-GAAP Financial Measures

We include non-GAAP financial measures in this press release, including
adjusted net sales, adjusted operating loss from continuing operations,
adjusted net loss from continuing operations and adjusted diluted loss
per share from continuing operations, adjusted loss from continuing
operations before income taxes and adjusted effective income tax rate.
These measures remove the effect of certain items and are provided to
present consistency to aid investors in comparing our operating results
across periods. These measures are not purported to be alternatives to
net sales, operating income (loss) from continuing operations, net
income (loss) from continuing operations, diluted (loss) earnings per
share from continuing operations or effective income tax rate as
presented in accordance with GAAP. Reconciliations of the non-GAAP
financial measures to the Company's comparable GAAP financial measures
for the periods presented are set forth in this press release.

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
surviving the merger as a wholly owned subsidiary of Komatsu America
(the "Merger"). At the effective time of the Merger, each outstanding
share of our common stock (other than dissenting shares and shares owned
by certain Merger parties) will be canceled and converted into the right
to receive $28.30 per share in cash, without interest.

The consummation of the Merger is subject to satisfaction of customary
closing conditions, including among other things, the receipt of
stockholder approval and the expiration or termination of any waiting
period applicable to the Merger under the Hart-Scott-Rodino Antitrust
Improvements Acts of 1976 (the "HSR Act") and similar regulatory
clearances in certain other jurisdictions. On October 12, 2016, the
transaction received early termination of the waiting period under the
HSR Act and on October 19, 2016, the company's stockholders approved the
Merger.

The Company currently expects the transaction to close by mid-2017, or
earlier, depending on the progress of the remaining regulatory
clearances.

In light of the pending merger, the company will not hold a conference
call following issuance of its fiscal 2017 first quarter earnings
release. For more information related to the merger, please refer to the
company’s filings with the Securities and Exchange Commission.

About Joy Global

Joy Global Inc. is a worldwide leader in mining equipment and services
for surface and underground mining.

Additional Information and Where to Find it

Joy Global previously filed with the Securities and Exchange Commission
(SEC) a definitive proxy statement relating to the stockholders’ meeting
at which the Komatsu transaction was approved by the company’s
stockholders. Investors and security holders may obtain a free copy of
the definitive proxy statement and other documents filed with the SEC at
the SEC's website at www.sec.gov.

Forward-Looking Statements

This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Terms
such as "anticipate," "around," "believe," "could," "estimate,"
"expect," "forecast," "indicate," "intend," "may be," "objective,"
"plan," "potential," "predict," "project," "should," "will be," and
similar expressions are intended to identify forward-looking statements.
The forward-looking statements in this press release are based on our
current expectations and assumptions and are subject to risks and
uncertainties that may cause actual results to differ materially from
any forward-looking statement. Forward-looking statements contained
herein are made only as to the date of this press release and we
undertake no obligation to update forward-looking statements to reflect
new information. We cannot assure you the projected events will be
achieved. Because forward-looking statements involve risks and
uncertainties, they are subject to change at any time. Important factors
that could cause our actual results to differ materially from the events
anticipated by the forward-looking statements include risks and
uncertainties associated with the satisfaction of the remaining
conditions to closing with respect to our pending merger with Komatsu
America as well as other uncertainties and cautionary statements set
forth in our public filings with the SEC.

JOY-F

JOY GLOBAL INC.
SUMMARY OF CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
		Quarter Ended
		January 27,				January 29,
		2017				2016
Net sales		$	497,769			$	526,300
Costs and expenses:
Cost of sales		389,108				438,256
Product development, selling and administrative expenses		111,111				110,413
Restructuring charges		772				26,659
Other income		(1,472		)		(3,941		)
Operating loss		(1,750		)		(45,087		)
Interest expense, net		11,022				12,116
Loss before income taxes		(12,772		)		(57,203		)
Benefit for income taxes		(12,495		)		(16,982		)
Net loss		$	(277	)		$	(40,221	)
Basic loss per share		$	0.00			$	(0.41	)
Diluted loss per share		$	0.00			$	(0.41	)
Dividends per share		$	0.01			$	0.01
Weighted average shares outstanding:
Basic		98,913				97,851
Diluted		98,913				97,851

Note - For complete information, including footnote disclosures, please
refer to the Company's Form 10-Q filing with the SEC.

JOY GLOBAL INC.
SUMMARY CONSOLIDATED BALANCE SHEETS
(In thousands)
		January 27,				October 28,
		2017				2016
						(As adjusted)
		(Unaudited)				(Audited)
ASSETS
Current assets:
Cash and cash equivalents		$	321,909			$	276,709
Accounts receivable, net		639,881				683,958
Inventories		836,465				814,821
Other current assets		133,005				113,434
Assets held for sale		330				3,703
Total current assets		1,931,590				1,892,625
Property, plant and equipment, net		642,882				656,245
Other intangible assets, net		217,081				223,411
Goodwill		350,762				350,843
Deferred income taxes		179,539				171,775
Other non-current assets		123,650				128,401
Total assets		$	3,445,504			$	3,423,300
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term borrowings, including current portion of long-term obligations		$	43,006			$	41,611
Trade accounts payable		219,502				236,787
Employee compensation and benefits		72,532				91,224
Advance payments and progress billings		242,450				173,121
Accrued warranties		40,775				40,787
Other accrued liabilities		167,657				188,591
Total current liabilities		785,922				772,121
Long-term obligations		953,241				962,291
Other liabilities:
Liability for postretirement benefits		14,249				14,260
Accrued pension costs		169,471				175,120
Other non-current liabilities		127,930				117,802
Total other liabilities		311,650				307,182
Shareholders' equity		1,394,691				1,381,706
Total liabilities and shareholders' equity		$	3,445,504			$	3,423,300

Note - For complete information, including footnote disclosures, please
refer to the Company's Form 10-Q filing with the SEC.

JOY GLOBAL INC.
SUMMARY OF CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
		Quarter Ended
		January 27,				January 29,
		2017				2016
Operating Activities:
Net loss		$	(277	)		$	(40,221	)
Depreciation and amortization		26,217				40,087
Other adjustments to continuing operations, net		7,426				18,646
Changes in working capital items:
Accounts receivable, net		44,290				146,678
Inventories		(19,623		)		26,917
Trade accounts payable		(18,598		)		(54,900		)
Advance payments and progress billings		66,907				8,957
Other working capital items		(64,869		)		(37,575		)
Net cash provided by operating activities		41,473				108,589
Investing Activities:
Property, plant, and equipment acquired		(6,611		)		(8,103		)
Proceeds from sale of property, plant and equipment		4,900				9,167
Other investing activities, net		—				122
Net cash (used) provided by investing activities		(1,711		)		1,186
Financing Activities:
Common stock issued		10,668				—
Dividends paid		(1,009		)		(997		)
Financing fees		—				(1,011		)
Payments on credit agreement		—				(58,600		)
Repayments of term loan		(9,375		)		(4,687		)
Other financing activities, net		5,284				(1,507		)
Net cash provided (used) by financing activities		5,568				(66,802		)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(60		)		(5,925		)
Increase in cash, cash equivalents and restricted cash		45,270				37,048
Cash, cash equivalents and restricted cash at the beginning of period		278,219				102,885
Cash, cash equivalents and restricted cash at the end of period		$	323,489			$	139,933
Supplemental cash flow information:
Interest paid		$	8,113			$	8,421
Income taxes paid (refunded)		10,102				(8,108		)
Depreciation and amortization by segment:
Underground		$	13,041			$	22,420
Surface		12,460				16,741
Corporate		716				926
Total depreciation and amortization		$	26,217			$	40,087

Note - For complete information, including footnote disclosures, please
refer to the Company's Form 10-Q filing with the SEC.

JOY GLOBAL INC.
SUPPLEMENTAL FINANCIAL DATA
(Unaudited)
(In thousands)
		Quarter Ended
		January 27,				January 29,
		2017				2016				Change
Net Sales By Segment:
Underground		$	252,336			$	274,494			$	(22,158	)		(8	)%
Surface		267,343				276,572				(9,229		)		(3	)%
Eliminations		(21,910		)		(24,766		)		2,856
Total Sales By Segment		$	497,769			$	526,300			$	(28,531	)		(5	)%
Net Sales By Product:
Service		$	431,899			$	410,620			$	21,279			5	%
Original Equipment		65,870				115,680				(49,810		)		(43	)%
Total Sales By Product		$	497,769			$	526,300			$	(28,531	)		(5	)%
Net Sales By Geography:
United States		$	146,457			$	139,022			$	7,435			5	%
Rest of World		351,312				387,278				(35,966		)		(9	)%
Total Sales By Geography		$	497,769			$	526,300			$	(28,531	)		(5	)%
Operating (Loss) Income By Segment:										% of Net Sales
Underground		$	(5,819	)		$	(38,450	)		(2.3		)%		(14.0	)%
Surface		20,672				7,788				7.7		%		2.8	%
Corporate		(12,193		)		(7,529		)
Eliminations		(4,410		)		(6,896		)
Total Operating Loss		$	(1,750	)		$	(45,087	)		(0.4		)%		(8.6	)%

Note - For complete information, including footnote disclosures, please
refer to the Company's Form 10-Q filing with the SEC.

JOY GLOBAL INC.
SUPPLEMENTAL FINANCIAL DATA
(Unaudited)
(In thousands)
		Quarter Ended
		January 27,				January 29,
		2017				2016				Change
Bookings By Segment:
Underground		$	321,364			$	280,879			$	40,485			14	%
Surface		319,488				285,953				33,535				12	%
Eliminations		(25,311		)		(17,018		)		(8,293		)
Total Bookings By Segment		$	615,541			$	549,814			$	65,727			12	%
Bookings By Product:
Service		$	524,132			$	431,672			$	92,460			21	%
Original Equipment		91,409				118,142				(26,733		)		(23	)%
Total Bookings By Product		$	615,541			$	549,814			$	65,727			12	%

		Amounts as of:
		January 27,				October 28,				July 29,				April 29,
		2017				2016				2016				2016
Backlog By Segment:
Underground		$	537,336			$	468,308			$	539,893			$	567,528
Surface		430,816				378,671				416,982				457,966
Eliminations		(31,801		)		(28,400		)		(41,155		)		(49,844		)
Total Backlog By Segment		$	936,351			$	818,579			$	915,720			$	975,650
Backlog By Product:
Service		$	532,173			$	439,940			$	470,834			$	465,424
Original Equipment		404,178				378,639				444,886				510,226
Total Backlog By Product		$	936,351			$	818,579			$	915,720			$	975,650

Note - For complete information, including footnote disclosures, please
refer to the Company's Form 10-Q filing with the SEC.

JOY GLOBAL INC.
SUPPLEMENTAL FINANCIAL DATA
(Unaudited)
(In thousands)
Impact of Foreign Exchange on Bookings
											Quarter ended
											January 29,
		Quarter ended January 27, 2017									2016			% Change
					Impact of
					Foreign
		As Reported			Exchange			Adjusted			As Reported			As Reported			Adjusted
Net Bookings by Segment:
Underground		321,364			7,356			314,008			280,879			14	%		12	%
Surface		319,488			2,520			316,968			285,953			12	%		11	%
Eliminations		(25,311	)		—			(25,311	)		(17,018	)
Total Bookings by Segment		615,541			9,876			605,665			549,814			12	%		10	%
Net Bookings by Product:
Service		524,132			7,005			517,127			431,672			21	%		20	%
Original Equipment		91,409			2,871			88,538			118,142			(23	)%		(25	)%
Total Bookings by Product		615,541			9,876			605,665			549,814			12	%		10	%

RECONCILIATIONS ON NON-GAAP FINANCIAL MEASURES
Non-GAAP Reconciliation of Adjusted Sales
											Quarter ended
											January 29,
		Quarter ended January 27, 2017									2016			% Change
					Impact of
					Foreign
		As Reported			Exchange			Adjusted			As Reported			As Reported			Adjusted
Net Sales by Segment:
Underground		252,336			405			251,931			274,494			(8	)%		(8	)%
Surface		267,343			2,861			264,482			276,572			(4	)%		(4	)%
Eliminations		(21,910	)		—			(21,910	)		(24,766	)
Total Sales by Segment		497,769			3,266			494,503			526,300			(5	)%		(6	)%
Net Sales by Product:
Service		431,899			3,047			428,852			410,620			5	%		4	%
Original Equipment		65,870			219			65,651			115,680			(43	)%		(43	)%
Total Sales by Product		497,769			3,266			494,503			526,300			(5	)%		(6	)%

Note - For complete information, including footnote disclosures, please
refer to the Company's Form 10-Q filing with the SEC.

JOY GLOBAL INC.
SUPPLEMENTAL FINANCIAL DATA
(Unaudited)
(In thousands)
Reconciliation of Operating (Loss) Income to Adjusted Operating (Loss) Income by Segment
		Quarter ended January 27, 2017
		Underground				Surface				Corporate				Eliminations				Total
Operating (Loss) Income		$	(5,819	)		$	20,672			$	(12,193	)		$	(4,410	)		$	(1,750	)
Restructuring and related charges		3,766				269				—				—				4,035
Merger costs		—				—				2,527				—				2,527
Adjusted Operating (Loss) Income		$	(2,053	)		$	20,941			$	(9,666	)		$	(4,410	)		$	4,812

Reconciliation of Operating (Loss) Income to Adjusted Operating (Loss) Income by Segment
		Quarter ended January 29, 2016
		Underground				Surface				Corporate				Eliminations				Total
Operating (Loss) Income		$	(38,450	)		$	7,788			$	(7,529	)		$	(6,896	)		$	(45,087	)
Restructuring and related charges		25,700				564				395								26,659
Adjusted Operating (Loss) Income		$	(12,750	)		$	8,352			$	(7,134	)		$	(6,896	)		$	(18,428	)

Note - For complete information, including footnote disclosures, please
refer to the Company's Form 10-Q filing with the SEC

JOY GLOBAL INC.
SUPPLEMENTAL FINANCIAL DATA
(Unaudited)
(In thousands)
Non-GAAP Reconciliation of Effective Income Tax Rate (EITR)
	Quarter ended January 27, 2017
	(Loss) Income			(Benefit)
	before Income			Provision for
	Taxes			Income Taxes			EITR			Net (Loss) Income
As reported	(12,772	)		(12,495	)		97.8	%		(277	)
Restructuring and related charges	4,035			171						3,864
Merger costs	2,527			569						1,958
Net discrete benefit	—			11,582						(11,582	)
As adjusted	(6,210	)		(173	)		2.8	%		(6,037	)

Note - For complete information, including footnote disclosures, please
refer to the Company's Form 10-Q filing with the SEC.

View source version on businesswire.com: http://www.businesswire.com/news/home/20170302005223/en/

Source: Business Wire
(March 2, 2017 - 6:00 AM EST)

News by QuoteMedia

www.quotemedia.com