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Joy Global Boosts Outlook at Q3 Earnings Beat View; Will Sell Drilling Products Unit (JOYG)

Mining equipment maker Joy Global Inc. ( JOYG ) on Wednesday posted third quarter earnings that beat analyst expectations and raised its full-year forecast, sending its shares higher in premarket trading.

The Milwaukee-based company reported third quarter net income of $173.11 million, or $1.62 per share, compared with $118.50 million, or $1.13 per share, in the year-ago period. Excluding items, adjusted earnings from continuing operations were $1.54 per share.

Quarterly net sales jumped 33.7 percent to $1.14 billion from the prior year's $850 million

Net sales rose nearly 34% from last year to $1.14 billion.

On average, Wall Street analysts expected a smaller profit of $1.53 per share, albeit on higher revenue of $1.17 billion.

Looking ahead, the company said it now expects full-year earnings to range from $5.70 to $6 per share, up from previous guidance of $5.30 to $5.60. Analysts are currently looking for $5.74 per share for the year.

JOYG also announced plans to sell the drilling products business of its subsidiary LeTourneau. That deal is expected to close in the next 60 days.

Joy Global shares rose $2.89, or +3.5%, in premarket trading Wednesday.

The Bottom Line

Shares of Joy Global ( JOYG ) have a .85% dividend yield, based on last night's closing stock price of $82.54. The stock has technical support in the $75 price area. If the shares can firm up, we see overhead resistance around the $85-$90 price levels.

Joy Global Inc. ( JOYG ) 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 Nasdaq, Inc.

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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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