Joy Global 3Q results miss Street, lowers guidance

Associated Press

 Sept. 3, 2015

MILWAUKEE - Joy Globalís fiscal third-quarter results missed analystsí estimates as falling commodity prices led to project delays and customers holding off on spending. The mining equipment maker cut its full-year outlook further.   

Shares plunged more than 16 percent in Thursday morning trading.  

The Milwaukee-based company earned $44.9 million, or 46 cents per share, for the period ended July 31. A year earlier it earned $71.3 million, or 71 cents per share.  

Earnings, adjusted for one-time gains and costs, came to 54 cents per share. That missed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 60 cents per share.  

Revenue totaled $792.2 million, also missing Wall Street forecasts. Six analysts surveyed by Zacks expected $799.3 million.  

Consolidated bookings fell 31 percent to $635 million, with service bookings off 16 percent.