Joy Global Q4 Profit Slumps - Quick Facts

(RTTNews) - Mining equipment maker Joy Global Inc. (JOY) reported a plunge in fourth-quarter net income attributable to company of $26.83 million, or $0.25 per share, versus last year's $212.56 million, or $1.99 per share. Excluding unusual items, earnings per share amounted to $1.11 for the latest period. On average, 21 analysts polled by Thomson Reuters expected earnings per share of $1.12 for the quarter. Analysts' estimates typically exclude one-time items.

The firm clocked net sales of $1.18 billion in the quarter, down 26 percent, compared with the prior-year figure of $1.59 billion a year before. Fifteen analysts estimated revenues of $1.12 billion for the quarter. Original equipment sales decreased 38 percent and aftermarket sales decreased 14 percent year-over-year. According to the company, the changes in foreign exchange rates lowered net sales by 3 percent in the fourth quarter, compared with last year.

For fiscal 2014, the company expects earnings per share, excluding restructuring and unusual items, to be in the range of $3.00 - $3.50, and revenues to range between $3.6 billion and $3.8 billion. Analysts project annual earnings per share of $3.68 and revenues of $3.8 billion.

Joy Global added, "We will take additional restructuring actions in 2014 as we continue to shift our production capability eastward close to our demand growth potential. This will enable us to optimize our global manufacturing and service center footprint while achieving our leverage targets. For the year, these restructuring costs are expected to be approximately $15 million."