Joy Global (JOY) Ticks Higher as CEO Sutherlin Sees China Firming, Cost Base Improving Through Adjustment
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Joy Global (JOY) Misses Q3 Expectations, Cuts Views as Macro Uncertainty, Slow Recovery Weigh
August 29, 2012 7:32 AM EDTJoy Global (NYSE: JOY) is slumping in early Wednesday trading following third-quarter 2012 and guidance that missed the market. Shares are down 2 percent ahead of the bell.
For the quarter, Joy reported a 22 percent increase in sales to $1.39 billion, from $1.14 billion in the same period last year. Amid the rise in revs, bookings slipped 25.1 percent to $1.08 billion, with the largest percentage drop coming from its Surface Mining Equipment unit.
Net profit rose 11.8 percent to $193.5 million, or $1.81 per share. Adjusting for... More
