Joy Global Updates FY16 Guidance - Quick Facts

(RTTNews) - Joy Global Inc. (JOY) announced the company now expects sales and earnings for the year excluding restructuring charges and mark to market pension adjustments to be towards the middle of its previous guidance range of $2.4 billion to $2.6 billion for sales and $0.10 to $0.50 for adjusted earnings per share.

For the first-quarter, the company reported a loss per share of $0.41 compared to profit of $0.31, prior year. The company noted that its first-quarter of fiscal 2016 included a net negative impact of $0.18 per share for restructuring charges and a net discrete tax benefit, compared to a positive net impact of $0.02 per share in the first quarter of fiscal 2015.

Consolidated bookings in the first quarter totaled $550 million, a decrease of 21 percent from last year. Original equipment orders decreased 33 percent while service orders were down 18 percent.