Joy Profit Forecast Misses Estimates Amid Mining Slump
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Joy Global Inc., the world’s largest maker of underground mining equipment, fell the most in a year after forecasting lower-than-expected 2014 earnings as miners continue spending cuts and commodity prices drop.
Profit excluding one-time items will be $3 to $3.50 a share for the fiscal year through October, the Milwaukee-based company said today in a statement. The average of 22 analysts’ estimates compiled by Bloomberg is for $3.67. Sales for the 2014 fiscal year will drop to $3.6 billion to $3.8 billion, from $5.01 billion, Joy said.