Joy Global, Inc. (JOYG) Reports Q3 Earnings of $1.61; Raises FY11 Outlook; to Sell LeTourneau in $375M Deal
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Price: $89.65 --0%
Financial Fact:
Net Income (in dollars per share): 0
Today's EPS Names:
SVBT, ZEO, OTLK, More
Financial Fact:
Net Income (in dollars per share): 0
Today's EPS Names:
SVBT, ZEO, OTLK, More
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Joy Global, Inc. (NASDAQ: JOYG) reported Q3 EPS of $1.61, versus $1.51 reported last year. Revenue for the quarter came in at $1.09 billion versus the consensus estimate of $1.16 billion.
Joy Global, Inc. sees FY2011 EPS of $5.70-$6.00, versus prior guidance of $5.30-$5.60 and the consensus of $5.74. Joy Global, Inc. sees FY2011 revenue of $4.3-$4.5 billion, versus prior guidance of $4.1-$4.3 billion and the consensus of $4.47 billion.
On August 29, 2011, the Company entered into a definitive agreement to sell the drilling products business of LeTourneau to Cameron International Corporation (NYSE: CAM) for $375 million in cash, subject to certain post-closing adjustments. The transaction has been approved by both companies’ boards of directors. Completion of the transaction is subject to necessary regulatory approvals and other customary closing conditions and is expected to occur within 60 days. Drilling Products had calendar 2010 revenue and Adjusted EBITDA* of $515 million and $32.2 million, respectively.
Joy Global, Inc. sees FY2011 EPS of $5.70-$6.00, versus prior guidance of $5.30-$5.60 and the consensus of $5.74. Joy Global, Inc. sees FY2011 revenue of $4.3-$4.5 billion, versus prior guidance of $4.1-$4.3 billion and the consensus of $4.47 billion.
On August 29, 2011, the Company entered into a definitive agreement to sell the drilling products business of LeTourneau to Cameron International Corporation (NYSE: CAM) for $375 million in cash, subject to certain post-closing adjustments. The transaction has been approved by both companies’ boards of directors. Completion of the transaction is subject to necessary regulatory approvals and other customary closing conditions and is expected to occur within 60 days. Drilling Products had calendar 2010 revenue and Adjusted EBITDA* of $515 million and $32.2 million, respectively.
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