UPDATE: Joy Global Posts Decline In Q2 Profit, Cuts Revenue Forecast

Joy Global

reported a fall in its FQ2 net income. Joy Global's quarterly profit declined to $181.6 million, or $1.69 per share, versus $213.6 million, or $2 per share, in the year-earlier period. Its sales fell 12% to $1.36 billion from $1.54 billion. However, analysts were estimating earnings of $1.57 per share on sales of $1.30 billion. Joy Global lowered its full-year revenue forecast to $4.9 billion to $5 billion, versus its earlier outlook of $4.9 billion to $5.2 billion. Joy Global shares closed at $55.08 yesterday.