Joy Global (JOY) Misses Q3 EPS by 2c

September 1, 2016 6:03 AM EDT
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Joy Global (NYSE: JOY) reported Q3 EPS of $0.10, $0.02 worse than the analyst estimate of $0.12. Revenue for the quarter came in at $587 million versus the consensus estimate of $605.32 million.

Pending Merger with Komatsu America Corp.

On July 21, 2016, Joy Global entered into an Agreement and Plan of Merger with Komatsu America Corp. (“Komatsu America”), Pine Solutions Inc. (“Merger Sub”) and (solely for the purposes specified in the merger agreement) Komatsu Ltd., providing for the merger of Merger Sub with and into Joy Global, with Joy Global surviving the merger as a wholly owned subsidiary of Komatsu America. At the effective time of the merger, each outstanding share of Joy Global common stock (other than dissenting shares and shares owned by Joy Global, Komatsu America or any of their respective subsidiaries) will be cancelled and converted into the right to receive $28.30 per share in cash, without interest. The completion of the transaction is subject to customary closing conditions, including approval by Joy Global shareholders, the expiration or termination of the applicable waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976 and regulatory approvals in certain other jurisdictions. The companies expect that this transaction will be completed by mid-2017.

For earnings history and earnings-related data on Joy Global (JOY) click here.

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