– Joy Global Inc. on Wednesday said its profits fell 87
percent in its fourth quarter due to a sharp decline in
sales and a large charge related to a branding initiative.
The Milwaukee-based company said it earned $26.8 million, or
25 cents per share, compared with $212.6 million, or $1.99
per share, in the fourth quarter of 2012.
As sales of mining machinery fell amid a global slump in
mined commodities, revenue declined 26 percent to $1.18
billion from $1.59 billion.
"This quarter once again demonstrates outstanding execution
in a difficult market," said Mike Sutherlin, president and
CEO. "We were very encouraged by the sequential recovery of
aftermarket orders. This puts us almost back to the levels
of a year ago, even though some regions are still lagging.”
The mining equipment manufacturer forecast
lower-than-expected earnings for fiscal 2014 as mining
customers continue to spend cautiously. Excluding one-time
items, profit will be $3 to $3.50 per share in the coming
fiscal year through October.
Sales for 2014 are expected to drop to $3.6 billion to $3.8
billion, from $5.01 billion this year.