Joy Global, Inc. (JOY) Misses Q3 EPS by 4c; Tightens FY14 Outlook
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Joy Global, Inc. (NYSE: JOY) reported Q3 EPS of $0.80, $0.04 worse than the analyst estimate of $0.84. Revenue for the quarter came in at $876 million versus the consensus estimate of $934.25 million.
"The Joy Global team continues to execute well in a challenging commodity market environment," said Ted Doheny, President and Chief Executive Officer. "We continue to see stability in our core service business and have achieved another quarter of solid cash generation which enabled further progress on our share repurchase program. Additionally, we are encouraged about the recent acquisition of Mining Technologies International Inc. (MTI) and product development projects that position the company for long-term growth in underground hard rock mining. Overall, we executed according to plan in the third quarter and took several positive steps to advance our business strategy."
The company sees FY14 revs of $3.65 - $3.75 billion and EPS of $3.15 - $3.30, from prior expectation of $3.6 - $3.8 billion and $3.10 - $3.50, respectively. The Street sees revs of $3.76 billion and EPS of $3.22.
For earnings history and earnings-related data on Joy Global, Inc. (JOY) click here.
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