UPDATE: Joy Global FQ4 Profit Surges 23%
Joy Global (NYSE: JOY) reported a 23% rise in its net income for the fiscal fourth quarter.
Joy Global's quarterly earnings surged to $212.6 million, or $1.99 per share, from $172.3 million, or $1.62 per share, in the year-earlier period. Excluding other items, its earnings from continuing operations came in at $1.94 per share.
Its revenue rose 19% to $1.59 billion. However, analysts were expecting a profit of $1.87 per share on revenue of $1.42 billion.
Joy Global expects FY13 earnings of $5.90 to $6.50 per share on revenue of $4.9 billion to $5.2 billion. However, analysts were expecting earnings of $6.66 per share on revenue of $5.18 billion.
Joy Global shares rose 1.40% to $58.68 at 10:53 a.m.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.