Joy Global profit drops as sales continue to fall
Joy Global (NYSE:JOY) logged Thursday lower-than-expected quarterly revenue and profit as the mining equipment maker continued to experience a decline in sales.
Fiscal third-quarter profit dropped 61% to $71.3 million, or 71 cents a share, down from $183.2 million, or $1.71 a share, a year earlier. Excluding restructuring charges and other items, earnings fell to 80 cents a share from $1.70.
Bookings, an indication of future sales, went the opposite way, climbing 33% to $923.4 million from $695.4 million in the year-earlier period.
Joy Global said that despite improving global economic conditions that should drive demand, market dynamics are such that prices for most major commodities remain depressed, with marginal upside potential over the near-term.
The Milwaukee-based company now expects full-year earnings in the range of $3.15 to $3.30 per share, with revenue in the range of $3.65 billion to $3.75 billion.
Joy Global stock was down 1.4% to $61.32 at 1:00 pm ET, but it has risen 26% in the last 12 months.