UPDATE: Joy Global Beats Q4 Expectations

Joy Global (NYSE: JOY) posted better-than-expected fiscal fourth-quarter earnings. The Milwaukee, Wisconsin-based company posted quarterly earnings of $136.9 million, or $1.38 per share, compared to $26.8 million, or $0.25 per share, in the year-earlier period. Its adjusted earnings climbed to $1.25 per share from $1.11 per share.Its sales slipped to $1.13 billion from $1.18 billion. However, analysts were projecting earnings of $1.14 per share on sales of $1.06 billion. Its consolidated bookings declined 27% to $783 million, while service bookings dropped 9% to $647.8 million.Original equipment orders slipped 63%. Bookings for underground mining machinery dropped 36% y/y, while bookings for surface mining equipment declined 15%.At the end of the fourth quarter, backlog was $1.3 billion, versus $1.5 billion at the beginning of the year.Cash provided by continuing operations slipped to $65 million for the quarter from $195 million provided by continuing operations in the year-ago quarter.During the quarter, Joy Global repurchased around 1.2 million shares of its common stock for $75 million."The Joy Global team executed very well and delivered full-year results in line with expectations in what was one of the more challenging years in the company's recent history," said Ted Doheny, President and Chief Executive Officer. "While difficult commodity market conditions persisted across the year, our team remained focused on improving the company's cost position and responding to our customer's requirements with superior service.”Joy Global expects FY15 earnings of $3.10 to $3.50, on sales of $3.60 billion to $3.80 billion.Joy Global shares rose 0.30% to close at $46.05 yesterday.