Joy Global Inc. Posts Q2 Miss, Sees Bottom In Mine Market

Joy Global Inc. JOY shares opened sharply lower Thursday after the mining equipment manufacturer cut its outlook and said second-quarter sales fell 34 percent.

Chief Executive Edward Doheny II cited a litany of woes besieging the global mining industry, but added that "we are seeing signs that the trough in the market has been set."

Milwaukee-based Joy cut its 2014 adjusted earnings forecast to $3.15 to $3.30 a share, on revenue of $3.65 billion to $3.75 billion. Previously, the company forecast adjusted earnings of $3.10 to $3.50 a share, on revenue of $3.6 billion to $3.8 billion,

Wall Street expected 2014 earnings of $3.22 a share, on revenue of $376 billion.

In the recent second quarter, income fell to $71.3 million, or $0.71 a share, from $183.2 million or $1.71 a share. Revenue dropped to $875.7 million from $1.32 billion a year earlier.

Wall Street expected $0.84 a share on revenue of $934.3 million.

Joy was down sharply when the market opened, but recently recovered, trading at $61.91 a share, down 0.5 percent.