Mining equipment maker Joy Global Inc. (
) 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
The Bottom Line
Shares of Joy Global (
) 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. (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.3 out of 5 stars.
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, as well as a detailed explanation of
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