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Joy Global’s Q2 Earnings Beat, but Forecast Slashed on Weak U.S. Demand (JOY)

By Dividend.com,  May 31, 2012, 08:26:32 AM EDT

Mining equipment maker Joy Global Inc. ( JOY ) on Thursday posted better-than-expected second quarter earnings, but lowered its full-year outlook citing weak domestic demand.

The Milwaukee-based company reported second quarter net income of $213.6 million, or $2.00 per share, compared with $162 million, or $1.52 per share, in the year-ago period. Excluding special items, adjusted profit was $2.04 per share.

Revenue surged 45% from last year to $1.54 billion.

On average, Wall Street analysts expected a smaller profit of $1.95 per share, on lower revenue of $1.43 billion.

Looking ahead, JOY said it now expects full-year 2012 earnings to range from $7.15 to $7.45 per share, down from a prior forecast of $7.40 to $7.80. Analysts are currently looking for $7.60 per share for the year.

Joy Global shares fell $1.04, or -1.8%, in premarket trading Thursday.

The Bottom Line
Shares of Joy Global ( JOY ) have a 1.19% dividend yield, based on last night's closing stock price of $59.05. The stock has technical support in the $50-$56 price area. If the shares can firm up, we see overhead resistance around the $65 price level.

Joy Global Inc. ( JOY ) is not recommended at this time, holding a Dividend.com 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 The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: JOY



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