Joy Global (JOY) Ticks Higher as CEO Sutherlin Sees China Firming, Cost Base Improving Through Adjustment

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Go back to Joy Global (JOY) Ticks Higher as CEO Sutherlin Sees China Firming, Cost Base Improving Through Adjustment

Joy Global (JOY) Misses Q3 Expectations, Cuts Views as Macro Uncertainty, Slow Recovery Weigh

August 29, 2012 7:32 AM EDT

Joy 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