Joy Global Q3 Profit Decreases; Authorizes Share Repurchase Program

(RTTNews) - Joy Global Inc. (JOY) reported that its third-quarter net income attributable to company decreased to $183.19 million or $1.71 per share, from $193.52 million or $1.81 per share, last year. Income from continuing operations attributable to Joy Global, before acquisition activities and unusual items, was $181.9 million or $1.70 per share for the quarter.

On average, 19 analysts polled by Thomson Reuters expected the company to report profit per share of $1.37 for the quarter. Analysts' estimates typically exclude special items.

Net sales were $1.32 billion, compared to $1.39 billion a year ago. Analysts expected revenue of $1.18 billion for the quarter.

Excluding restructuring charges and other unusual items, the company expects its full year earnings per share to be between $5.75 and $5.95. Analysts expect the company to report full year earnings per share of $5.84.

The Board of Joy Global authorized the company to repurchase up to $1.0 billion in shares of common stock over the next 36 months. Under the program, the company may repurchase shares in the open market in accordance with applicable rules and regulations of the Securities and Exchange Commission.