Courtesy of Benzinga.
Joy Global Inc. (NYSE: JOY) shares opened sharply lower Thursday after the mining equipment manufacturer cut its outlook and said second-quarter sales fell 34 percent.
Chief Executive Edward Doheny II cited a litany of woes besieging the global mining industry, but added that "we are seeing signs that the trough in the market has been set."
Milwaukee-based Joy cut its 2014 adjusted earnings forecast to $3.15 to $3.30 a share, on revenue of $3.65 billion to $3.75 billion. Previously, the company forecast adjusted earnings of $3.10 to $3.50 a share, on revenue of $3.6 billion to $3.8 billion,
Wall Street expected 2014 earnings of $3.22 a share, on revenue of $376 billion.
In the recent second quarter, income fell to $71.3 million, or $0.71 a share, from $183.2 million or $1.71 a share. Revenue dropped to $875.7 million from $1.32 billion a year earlier.
Wall Street expected $0.84 a share on revenue of $934.3 million.
Joy was down sharply when the market opened, but recently recovered, trading at $61.91 a share, down 0.5 percent.
Posted-In: Edward Doheny IIEarnings News Guidance
