UPDATE: Joy Global Posts Upbeat Q1 Profit

Joy Global (NYSE: JOY) posted a better-than-expected first-quarter profit.

Its total orders for the quarter declined 29% to $1 billion.

Joy Global's quarterly net income dropped to $142.1 million, or $1.33 per share, versus $142.5 million, or $1.33 per share, in the year-ago period.

Its sales climbed 1% to $1.1 billion. However, analysts were expecting earnings of $1.14 per share on revenue of $1.08 billion.

Joy Global shares closed at $59.96 yesterday.

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