Joy Global Inc JOY delivered lower than expected results for the third quarter.
The company reported net income of $128,000, or $0.01 a share, sharply down from $51.34 million, or $0.53 a share, in the year-ago quarter. On an adjusted basis, it would have earned $0.10 a share thus missing the Street estimates of $0.12 a share.
Joy Global net sales dropped from $792.18 million to $586.55 million, which is below the analysts' predictions of $605.32 million.
President and CEO Ted Doheny said, "We continue to drive our strategic growth objectives and surpass our cost savings targets. Our focus in these areas has allowed us to deliver on our commitments to shareholders and customers."
Moving ahead, the company indicated that the recent hike in some commodity prices is positive. However, the outlook remains tepid and that the financial position of its customers is challenged. This would impact its incoming orders through 2017.
In the pre-market, the stock traded down by $0.08, or 0.29 percent, to $27.20.
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