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Joy Global Beats Q2 Estimates But Cautious About Full-Year Revenue

Mining equipment company, Joy Global Inc. (NYSE: JOY) reported on Wednesday that fiscal third quarter net income slipped 5.3% as margin narrowed and sales declined. Still, core earnings and revenue topped Street’s expectation. Shares, however, fell sharply as the company expects some headwinds in coming months. Citing corrections in coal prices (China and Australia), CEO, Mike Sutherlin said to analysts in a conference call, “ (current trends) are unlikely to support annual revenue above $4 billion.” The Company backed its full-year earnings outlook though. Separately, the Company said that its board has approved shares buyback plan worth $1 billion.

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