Joy Global Q4 Adj. EPS Tops View; Provides FY15 Outlook - Quick Facts

(RTTNews) - Mining equipment maker Joy Global Inc. (JOY) reported fourth-quarter net income of $136.9 million or $1.38 per share, compared to $26.8 million or $0.25 per share in the comparable quarter last year.

Excluding unusual items and net discrete tax benefits, earnings per share for the latest fourth quarter were $1.25, compared with $1.11 in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.15 per share for the quarter. Analysts' estimates typically exclude special items.

Consolidated net sales were $1.13 billion, down 4% from $1.18 billion last year, while 15 analysts had a consensus revenue estimate of $1.05 billion for the quarter. The latest-quarter net sales were reduced by $18 million from the impact of foreign currency exchange versus the year ago period. When adjusting for foreign currency exchange, sales were down 3 percent compared to the third quarter of last year. Original equipment sales decreased 20 percent and service sales decreased 7 percent compared to the prior year.

For fiscal year 2015, the company expects earnings, excluding restructuring and unusual items, in the range of $3.10 to $3.50 per share and revenue in the range of $3.6 billion to $3.8 billion. Wall Street currently is looking for fiscal year 2015 earnings of $3.57 per share on annual revenues of $3.79 billion.