Joy Global Q2 Profit Down; Backs FY14 Outlook - Quick Facts

(RTTNews) - Mining equipment maker Joy Global Inc. (JOY) said that its net income for the second quarter of fiscal 2014 declined to $73.95 million from the prior year's $181.56 million, with earnings per share decreasing to $0.73, from $1.69 in the second quarter of fiscal 2013.

Excluding unusual items, earnings per share for the second quarter totaled $0.76, compared to $1.73 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.71 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter dropped to $929.73 million from $1.36 billion in the prior year. Wall Street analysts had a consensus revenue estimate of $932.09 million for the quarter.

Looking ahead to fiscal 2014, the company continues to expect adjusted earnings in a range of $3.10 to $3.50 per share, on projected revenues between $3.6 billion and $3.8 billion. Street currently is looking for fiscal year 2014 earnings of $3.25 per share on annual revenues of $3.75 billion.

The company expects the second half performance to be weighted towards the end of the year, rather than spread equally among the remaining quarters. It continues to project cash from continuing operations for the fiscal year, excluding discretionary pension contributions, of approximately 15 percent of sales.