UPDATE: Joy Global Posts Upbeat FQ2 Earnings

Joy Global

reported a 59% drop in its fiscal second-quarter earnings. Joy Global's consolidated bookings dropped 7% y/y to $1,048 million. Its original equipment orders fell 27%, while service orders rose 8%. Joy Global's quarterly profit fell to $74 million, or $0.73 per share, versus a year-ago profit of $181.6 million, or $1.69 per share. Excluding certain items, its earnings declined to $0.76 per share versus $1.73 per share. Its sales slipped 32% to $929.7 million. However, analysts were expecting earnings of $0.71 per share on revenue of $932.1 million. Joy Global's sales in the underground mining equipment business dropped 24% to $517.9 million, while sales from the surface mining segment tumbled 38% to $443.6 million. Ted Doheny, President and Chief Executive Officer said, "The Joy Global team continues to execute well despite significant market headwinds." Joy Global also affirmed forecast for the fiscal year. The executive added, "The continued stabilization of our service business, strong cash generation and a multi-shovel order for the Canadian oil sands were highlights in the quarter." Joy Global shares fell 0.28% to close at $57.85 yesterday.