The rate of obsolescence in computer and electronics industries is so incredible that you have vast quantities of waste entering the waste stream, and the infrastructure to deal with that hasn't developed. |
The zero financing has definitely had a major effect on traffic. We've also noticed the models moving off the lots are models not offering the incentive. |
There were some scary moments. |
Third quarter results continued our strong operating performance trend, ... New orders exceeded $540 million in the quarter, despite Joy Mining experiencing a $62 million decline in roof support orders from the same quarter last year. Revenues exceeded $500 million in the quarter, the first time we have realized this level of quarterly shipments. Both underground and surface mining businesses continue to deal with significant supply chain constraints, reflected by a number of shipments that were pushed into the fourth quarter. Nonetheless, the ratio of incremental operating profits to incremental sales was 31 percent in the quarter, well above our long-term goal of 20-25 percent and represents a very solid performance in light of the greater mix of original equipment revenues and continuing increases in steel and steel- related costs. Conditions in our end markets continue to point to an extended, strong global mining cycle. We face the challenge of increasing capacity to meet demand, while managing a tight supply chain. Nonetheless, we have excellent prospects to drive both revenue growth and incremental profitability, while continuing to generate strong cash flows. |
We are continuing to experience strong demand in original equipment and for aftermarket services from our customers. Our efforts to increase our capacity to meet their needs have resulted in overall revenues increasing at a dramatic pace. We will continue to take actions necessary to maintain high service levels to our customers and our overall industry leadership position. |
We believe that we will continue to experience incoming order rates in excess of quarterly revenues for several quarters, although quarterly bookings will remain volatile. Critical to our success will be the ability to meet the needs of our major customers, alleviate the supply chain constraints restricting revenue growth, and drive increasing operating margins at higher business volumes. |
We believe this capital cycle in mining equipment is different from those in the past two decades, specifically in length and strength, |
We call it the live version of the magazine. |
We can probably get by without the two officers if everything stays the same. |
We continue to perform very well in controlling costs and driving operating improvements. Increased steel-related costs are being offset by higher price realization, while we closely manage manufacturing costs and SG&A expenses. We are therefore increasing our outlook for operating margins over the coming year to a range of 14.6 to 15.5 percent of sales from the previous outlook averaging 13.3 percent. |
We have to stop out-migration in Nebraska, and we have to do it with agriculture. The Third District is the largest agricultural district in the U.S. It's No. 1 in cattle, in corn and has the highest per capita number of people working in agriculture. I am the only agriculture guy in the race. |
When you go to bed and you're all alone, that's gonna be hard. Since I was 16 and she was 15, we've been together. That's a hard thing to replace. |
You get what you set out to do. |