Joy Global beats forecasts, but sees 2015 as another challenging year
Mining equipment maker Joy Global (NYSE:JOY) reported Wednesday a significant increase in earnings for the fourth quarter, but warned 2015 would be another challenging year, as commodity prices and falling industry investment in new equipment will live on.
The Milwaukee-based company, which gets more than 60% of its revenue from coal miners, forecast profit below analysts' average estimate for its year ending October 2015.
"Challenging market conditions have led a number of our customers to announce their intention to take partial or full shut-downs for various periods of time during our first fiscal quarter," Chief executive officer Ted Doheny said in a statement.
For next year, the company expects earnings of $3.10 to $3.50 a share on revenue of $3.6 billion to $3.8 billion. Analysts polled by Thomson Reuters had called for earnings of $3.57 and revenue of $3.79 billion.