Joy Global Q2 Adj. EPS Tops View - Quick Facts

(RTTNews) - Mining equipment maker Joy Global Inc. (JOY) reported second-quarter net income of $38.7 million or $0.40 per share, compared to $74.0 million or $0.73 per share in the comparable quarter last year.

Excluding pension settlement and restructuring charges of $24 million, adjusted earnings for the latest second quarter were $0.59 per share, down from $0.76 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.56 per share for the quarter. Analysts' estimates typically exclude special items.

Consolidated net sales were $810.52 million, down 13% from $929.73 million last year, while 15 analysts had a consensus revenue estimate of $809.94 million for the quarter. Current quarter net sales were reduced by $30 million from the impact of foreign currency exchange movements versus the year ago period. When adjusting for foreign currency exchange, sales were down 10 percent compared to the second quarter of last year with original equipment sales down 20 percent and service sales down 5 percent.

For fiscal year 2015, the company now expects sales and earnings for the year, excluding restructuring, pension settlement and acquisition related charges, to be at the low end of its previous guidance range of $3.3 billion to $3.6 billion for revenues and $2.50 to $3.00 adjusted earnings per share. Wall Street currently is looking for fiscal year 2015 earnings of $2.57 per share on annual revenues of $3.38 billion.