Joy Global Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Joy Global

JOY 28.30

0.0%

Apr 13 5:00 PM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

From: Condo	5/30/2007 3:27:18 PM
	of 28

May 30 (Bloomberg) -- Joy Global Inc., a maker of mining equipment, raised its earnings forecast because of overseas demand, lifting the shares the most in more than five months. The new outlook overshadowed a 6.4 percent decline in second-quarter net income to $77.6 million from $82.9 million. Per-share earnings rose to 70 cents from 66 cents because of stock buybacks, Joy Global said today in a statement. Sales grew 12 percent to $629.2 million in the three months ended April 27. Joy Global bought the Stamler coal-mining equipment operations in July for $117 million and expenses for the purchase hurt profit in the period. The Milwaukee-based company predicted an ``extended up-cycle'' fueled by overseas demand for equipment to mine coal, copper and iron ore. It said the U.S. coal market is ``poised for recovery.'' Joy Global raised its rolling 12-month profit forecast to $3.25 to $3.50 a share from a range given in February of $2.85 to $3.25. Joy Global's stock jumped $4.14, or 8.2 percent, to $54.95 at 12:51 p.m. in Nasdaq Stock Market composite trading. It was the biggest gain since Dec. 18, 2006. bloomberg.com

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next