Boston, MA 06/09/2014 (wallstreetpr) – Manufacturer of high productivity mining equipment for coal and other minerals and ores extraction, Joy Global Inc. (NYSE:JOY) reiterated its guidance of earnings per share as well as revenue for the fiscal year 2014. The company’s profit dropped in the second quarter dragged down by lower revenues. However, its earnings for the quarter came in above the Street expectations.
FY14 Outlook
The Joy Global Inc. (NYSE:JOY) has reiterated its adjusted earnings between $3.10 and $3.50 a share on revenues in the range of $3.6 – $3.8 billion. Wall Street analysts expect Joy Global to report earnings of $3.25 a share on revenues of $3.75 billion for the fiscal year 2014.
The mining equipment maker sees the second half results to be biased towards the close of the year and not spread over equally in the remaining two quarters. The company also expects to generate cash of about 15% of its sales during the year.
2Q Results
The Joy Global Inc. (NYSE:JOY) earned a profit of $73.95 million or 73 cents a share in the second quarter, sharply down from $181.56 million or $1.69 a share in the year earlier quarter. On a non-GAAP basis, earnings per share plummeted to 76 cents from $1.73 in the year-ago quarter. Street analysts expected the company to report earnings of 71 cents a share.
Net sales dropped 32% to $930 million from $1.36 billion in the previous year quarter. While revenue from underground mining machinery fell 24.1% to $517.9 million from $681.9 million, revenue from surface mining equipment plunged 37.8% to $443.6 million from $712.8 million in the comparable period of last year. Net sales fell shy of analysts’ predictions of $932.1 million.
Joy Global Inc. (NYSE:JOY) disclosed that its bookings in underground mining machinery segment witnessed a 31.4% fall to $488.0 million from $711.6 million, whereas bookings from surface mining equipment surged 34.4% to $600.5 million from $446.9 million in the year earlier period. As a result, total bookings slipped 7.2% to $1.05 billion from $1.13 billion in the year-ago quarter.
