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
Shares plunged more than 16 percent in Thursday morning
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
Consolidated bookings fell 31 percent to $635 million, with
service bookings off 16 percent.