Joy Global (JOY) reported weak third-quarter earnings and a bleak outlook on the remainder of the year and 2013, sending its shares lower in Wednesday’s session.

While Joy Global said there is evidence that both the U.S. and China markets have bottomed, the company said it anticipates a sluggish recovery. The demand for commodities has slowed, recent economic data was mixed and Europe is contracting while China is decelerating, Joy Global said.

“The outlook for our business has continued to decline over the past quarter,” Joy Global CEO Mike Sutherlin said in a statement.

Joy Global expects fiscal 2012 revenue to be reduced by $100 million from its earlier guidance because of ongoing global headwinds, to between $5.45 billion and $5.55 billion, below the consensus of $5.56 billion.

It also reduced its outlook on full-year earnings to $7.05 to $7.20 a share, excluding one-time restructuring costs, short of the Street’s forecast of $7.26.

In fiscal 2013, revenue is expected to be flat to down slightly due to a “continuation of current market conditions.”

The company said it will use the year to restructure, including consolidating capacity in traditional markets and expanding its position in the markets where it sees the biggest growth opportunity. Joy Global expects to incur restructuring costs in 2013.

Shares of the mining equipment manufacturer fell more than 5.5% to $50.11 Wednesday, pushing them down about 44% since January.

The Milwaukee-based company posted third-quarter net income of $193.5 million, or $1.82 a share, compared with a year-earlier profit of $173.1 million, or $1.64. Excluding one-time items, it earned $1.83 a share, below average analyst estimates of $1.88 in a Thomson Reuters poll.

Sales for the three-month period climbed 22% to $1.39 billion from $1.14 billion a year ago, but narrowly missed the Street’s view of $1.42 billion.

Bookings fell 25% during the period to $1.1 billion compared with $1.4 billion last year, led by order declines in its legacy business. Joy Global said the original equipment order rate has been impacted by a project pipeline that has slowed, though several new projects are expected to come on line in the near term.

“Our results this quarter continue to show strong execution, but against a market backdrop of adjustment to lower demand for U.S. coal and continued slowing of the Chinese economy,” Sutherlin said.

He added that reduced after-market orders in the U.S. have been mostly offset by increased orders from international markets. The decline in bookings was also cushioned by businesses acquired in 2011, with LeTourneau and IMM booking $68 million and $65 million in incremental bookings, respectively.

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