Joy Global at the Heart of the Commodity Machine
# Mining equipment maker Joy Global Inc (JOYG) posted a better-than-expected quarterly profit, helped by continued demand for its original equipment and aftermarket parts and services, but forecast 2009 results below market expectations.
# For the fourth quarter ended Oct. 31, the company posted a net income of $118 million, or $1.11 a share, compared with $70 million, or 64 cents a share, a year ago. Analysts on average expected the company to earn $1.08 a share, before items, according to Reuters Estimates.
# Joy Global said 2009 revenue may be reduced by $300 million and operating earnings by as much as $60 million, on a year-over-year basis, if exchange rates remained at their current levels.
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