Investing
Joy Earnings Fall on Coal Mining Weakness, But Forecasts Growth (JOY, ANR, PCX, BTU, RDC)
Published:
Warm winter weather and low prices for natural gas have combined to weaken demand for coal, and as a result of that decline, underground mining machinery maker Joy Global Inc. (NYSE: JOY) reported quarterly earnings and revenues below estimates. Joy’s EPS came in at $1.33, compared with estimates of $1.$35 and revenue came in at $1.14 billion versus estimates of $1.16. Not a big miss, buy a miss nevertheless.
Miners Alpha Natural Resources Inc. (NYSE: ANR) and Patriot Coal Corp. (NYSE: PCX) have both recently closed high-cost shafts and Peabody Energy Co. (NYSE: BTU) is cutting production.
For the 2012 fiscal year, Joy forecast EPS of $7.40-$7.80 on revenue of $5.6-$5.8 billion. Last December the company forecast 2012 EPS of $7.00-$7.40 on revenue of $5.3-$5.5 billion.
The improved forecast is due to expected sales growth at Joy’s recently acquired Chinese subsidiary and growth at its LeTourneau from Rowan Companies Inc. (NYSE: RDC).
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.