On a GAAP basis, Joy posted quarterly EPS of $0.46, compared with $0.71 in the third quarter of 2014.
CEO Ted Doheny said:
Our financial results for the third quarter reflect an end market environment that is one of the most challenging seen in decades. The further step down in commodity prices resulted in projects getting delayed and a lock down on cash from our customers which impacted our service business. We are accelerating our facility optimization plans and taking additional cost reduction actions to align with lower market demand.
Bookings of underground mining equipment fell 25%, from $493 million a year ago to $366 million, and surface mining equipment sales fell 33% from $482 million to $325 million. Service bookings are down 16% and OEM bookings are down 66%. Backlog at the end of the quarter totaled $1.12 billion, down from $1.33 billion at the beginning of the year.
Joy Global now expects fiscal 2015 revenues to total $3.1 billion and adjusted EPS of $1.80. At the end of the second quarter the company estimated that full year revenues would total $3.3 billion to $3.6 billion and adjusted EPS would come in at $2.50 to $3.00. The consensus estimates called for revenues of $3.29 billion and EPS of $2.43 before this report.
Joy Global’s shares closed up 0.14% on Wednesday, at $22.13 in a 52-week range of $22.00 to $62.74. The low was posted Wednesday, and shares were inactive Thursday morning. Thomson Reuters had a consensus analyst price target of around $41.09 before the results were announced.
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