Joy Global misses 3Q net income and revenue expectations

MarketsAssociated Press

Joy Global Inc. (JOY) on Thursday reported fiscal third-quarter profit of $71.3 million.

On a per-share basis, the Milwaukee-based company said it had profit of 71 cents. Earnings, adjusted for one-time gains and costs, came to 80 cents per share.

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The results did not hit Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 86 cents per share.

The company posted revenue of $875.7 million in the period, which also did not hit Street forecasts. Analysts expected $949.9 million, according to Zacks.

Joy Global expects full-year earnings in the range of $3.15 to $3.30 per share, with revenue in the range of $3.65 billion to $3.75 billion.

Joy Global shares have climbed slightly more than 6 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 8 percent. The stock has risen 26 percent in the last 12 months.


This story was generated by Automated Insights ( using data from Zacks Investment Research. A stock research report on JOY from Zacks is available at:


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