Joy Global Lowers Forecast as Q3 Profit and Revenue Miss Estimates (JOY)

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Mining equipment maker Joy Global Inc. ( JOY ) on Wednesday posted disappointing fiscal third quarter earnings results and cut its full-year outlook.

The Milwaukee-based company reported fiscal third quarter net income of $193.5 million, or $1.81 per share, compared with $173.1 million, or $1.62 per share, in the year-ago period. Excluding special items, adjusted earnings were $1.82 per share.

Revenue surged 22% from last year to $1.39 billion.

On average, Wall Street analysts expected a higher profit of $1.88 per share, on larger revenue of $1.42 billion.

Looking ahead, JOY lowered its full-year earnings outlook to a range of $7.05 to $7.20 per share, down from a prior estimate of $7.15 to $7.45.

Joy Global shares fell $1.35, or -2.5%, in premarket trading Wednesday.

The Bottom Line
Shares of Joy Global ( JOY ) have a 1.32% dividend yield, based on last night's closing stock price of $53.07. The stock has technical support in the $46-$49 price area. If the shares can firm up, we see overhead resistance around the $58-$60 price levels.

Joy Global Inc. ( JOY ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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