“The Joy Global team executed very well and delivered full-year results in line with expectations in what was one of the more challenging years in the company’s recent history,” said Ted Doheny, president and CEO. “While difficult commodity market conditions persisted across the year, our team remained focused on improving the company’s cost position and responding to our customers’ requirements with superior service. For the year, the company exceeded its cost reduction target and grew service bookings by 2%.

“We look forward to 2015 as an opportunity to further drive our strategies and expand our service business,” Doheny said. “We remain committed to optimizing our global manufacturing footprint and controlling costs. We are responding faster to our customers as lead times have been reduced. Achieving this balance is critical for our business and will make us more efficient, responsive and competitive when market conditions improve.”