UPDATE: Joy Global Posts Downbeat Q1 Profit

Joy Global

reported a decline in its first-quarter profit. Joy Global's quarterly net income slipped to $48.9 million, or $0.48 per share, versus a year-ago profit of $142.1 million, or $1.33 per share. Excluding items, it earned $0.49 per share, versus analysts' estimates of $0.64 per share. Its revenue declined 27% to $839.3 million, versus estimates of $835.4 million. Joy Global shares gained 1.30% to $56.01 in pre-market trading.