MILWAUKEE — Joy Global's fiscal third-quarter results missed analysts' estimates as falling commodity prices led to project delays and customers holding off on spending. The mining equipment maker cut its full-year outlook further.
Shares plunged more than 16 percent in Thursday morning trading.
The Milwaukee-based company earned $44.9 million, or 46 cents per share, for the period ended July 31. A year earlier it earned $71.3 million, or 71 cents per share.
Earnings, adjusted for one-time gains and costs, came to 54 cents per share. That missed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 60 cents per share.
Revenue totaled $792.2 million, also missing Wall Street forecasts. Six analysts surveyed by Zacks expected $799.3 million.
Consolidated bookings fell 31 percent to $635 million, with service bookings off 16 percent.
President and CEO Ted Doheny said in a statement that the services business was hindered by project delays and customers pulling back on spending.
Doheny said that Joy Global Inc. is taking additional cost reduction measures and speeding up plans to align with lower market demand.
Joy Global now expects full-year earnings to be about $1.80 per share, with revenue of approximately $3.1 billion. Its prior guidance was for earnings and revenue at the low end of a previous forecast for earnings of $2.50 to $3 per share and revenue of $3.3 billion to $3.6 billion.
Analysts polled by FactSet predict earnings of $2.44 per share on revenue of $3.29 billion.
Its stock dropped $3.71, or 16.8 percent, to $18.42 in morning trading. The shares fell to a 52-week low of $17.70 earlier in the session. Its shares are down more than 70 percent over the past year.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on JOY at http://www.zacks.com/ap/JOY
Keywords: Joy Global, Earnings Report