MILWAUKEE — Joy Global Inc. (JOY) on Thursday reported fiscal third-quarter profit of $44.9 million.
The Milwaukee-based company said it had profit of 46 cents per share. Earnings, adjusted for one-time gains and costs, came to 54 cents per share.
The results did not meet Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 60 cents per share.
The mining equipment manufacturer posted revenue of $792.2 million in the period, also missing Street forecasts. Six analysts surveyed by Zacks expected $799.3 million.
Joy Global expects full-year earnings to be $1.80 per share, with revenue expected to be $3.1 billion.
Joy Global shares have dropped 52 percent since the beginning of the year, while the Standard & Poor's 500 index has declined slightly more than 5 percent. The stock has dropped 65 percent in the last 12 months.
Keywords: Joy Global, Earnings Report