Joy Global Earnings Surpass Expectations, But Bookings Decline

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Mining-equipment maker Joy Global Inc. on Wednesday posted fiscal fourth-quarter earnings of $136.9 million, or $1.38 a share, climbing from $26.8 million, or 25 cents a share, a year ago. Sales were $1.13 billion, down from $1.18 billion in the year-earlier period. Joy's adjusted earnings were $1.25 a share, Analysts polled by FactSet had expected earnings of $1.14 a share, on sales of $1.06 billion. Joy also said consolidated bookings, an indication of future sales, in the fourth quarter were $783 million, down 27% from the same quarter of last year. Service bookings were 9% lower at $647.8 milion.

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