Joy Global Q1 Profit Slumps; Revises FY14 Adj. EPS View - Quick Facts

(RTTNews) - Mining equipment maker Joy Global Inc. (JOY) reported a sharp plunge in its first-quarter net income to $48.86 million, or $0.48 a share, from $142.14 million, or $1.33 a share, last year. Excluding unusual items, earnings per share amounted to $0.49 for the latest quarter. On average, 22 analysts polled by Thomson Reuters expected earnings per share of $0.64 for the quarter. Analysts' estimates typically exclude one-time items.

The firm clocked net sales of $839.3 million in the first quarter, down 27 percent, compared with the prior-year figure of $1.15 billion, while it beat consensus estimates of $835.38 million.

Looking ahead, for fiscal 2014, Joy Global currently sees adjusted earnings per share, excluding restructuring and unusual items, in the range of $3.10 - $3.50, versus its prior $3.00 - $3.50 range, while it still expects revenues of between $3.6 billion and $3.8 billion. Analysts project annual earnings per share of $3.29 and revenues of $3.72 billion.