UPDATE: Joy Global Posts Upbeat FQ3 Profit
Joy Global (NYSE: JOY) reported upbeat fiscal third-quarter earnings.
Joy Global's quarterly profit fell to $183.2 million, or $1.71 per share, from $193.5 million, or $1.81 per share, in the year-ago period. Excluding one-time items, its earnings declined to $1.70 per share from $1.87 per share.
Its sales declined 4.9% to $1.32 billion. However, analysts were expecting earnings of $1.37 per share on revenue of $1.18 billion.
Its operating margin shrank to 33.3% from 34.3%.
Joy Global shares gained 0.95% to $51.80 in pre-market trading.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.