05.03.2015 12:20:57

Joy Global Q1 Profit Declines; Cuts FY15 Outlook - Quick Facts

(RTTNews) - Mining equipment maker Joy Global Inc. (JOY) reported first-quarter net income of $23.6 million or $0.24 per share, compared to $48.9 million or $0.48 per share in the comparable quarter last year.

Excluding restructuring charges, excess purchase accounting and discrete tax items, earnings per share for the latest first quarter were $0.25, compared with $0.49 in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.36 per share for the quarter. Analysts' estimates typically exclude special items.

Consolidated net sales were $703.87 million, down 16% from $839.31 million last year, while 15 analysts had a consensus revenue estimate of $753.75 million for the quarter. Current quarter net sales were reduced by $17 million from the impact of foreign currency exchange movements versus the year ago period. When adjusting for foreign currency exchange, sales were down 14 percent compared to the first quarter of last year with original equipment sales down 28 percent and service sales down 8 percent.

For fiscal year 2015, the company now expects earnings, excluding restructuring and unusual items, in the range of $2.50 to $3.00 per share and revenue in the range of $3.3 billion to $3.6 billion. Wall Street currently is looking for fiscal year 2015 earnings of $3.20 per share on annual revenues of $3.65 billion.

Earlier, the company expected earnings, excluding restructuring and unusual items, to be in the range of $3.10 to $3.50 per share and revenue in the range of $3.6 billion to $3.8 billion.

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