Joy Global’s Q1 Profit Matches View, but Revenue Misses; Forecast Boosted (JOY)


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Mining equipment maker Joy Global Inc. ( JOY ) on Wednesday posted mixed fiscal first quarter earnings and raised its full-year outlook.

The Milwaukee-based company reported fiscal first quarter net income of $142.4 million, or $1.33 per share, compared with $102.2 million, or 96 cents per share, in the year-ago period.

Revenue jumped 31% from last year to $1.14 billion.

On average, Wall Street analysts expected a matching profit of $1.33 per share, on slightly higher revenue of $1.16 billion.

Looking ahead, JOY said it now expects full-year 2012 earnings of $7.40 to $7.80 per share, up from a prior estimate of $7.00 to $7.40. Analysts currently forecast $7.43 per share for the year.

Joy Global shares posted small losses in premarket trading Wednesday.

The Bottom Line
Shares of Joy Global ( JOY ) have a .78% dividend yield, based on last night's closing stock price of $89.65. The stock has technical support in the $85 price area. If the shares can firm up, we see overhead resistance around the $95 price level.

Joy Global Inc. ( JOY ) is not recommended at this time, holding a DARS™ Rating of 3.3 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 Nasdaq, Inc.

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