Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Aug. 28 (Bloomberg) -- Joy Global Inc., the largest maker of underground mining equipment, dropped the most in six months after it projected a decline in sales amid a slowdown in demand growth for metals and coal.

The shares fell 4.7 percent to $48.89 at the close in New York, the biggest decline since Feb. 25. The stock is down 23 percent this year.

“Sentiment is so poor on mining and Joy Global’s stock has suffered accordingly,” Larry De Maria, a New York-based analyst for William Blair & Co. who has a buy rating on the shares, wrote in a report today.

While it maintained a sales forecast of $4.9 billion to $5 billion in the fiscal year ending Oct. 31, “the current outlook is unlikely to support annual revenue above $4 billion,” Milwaukee-based Joy said today in its third-quarter earnings statement. That trails the $4.59 billion average of 19 analysts’ estimates compiled by Bloomberg for the 2014 fiscal year.

“Conditions in our end markets are dominated by supply surplus and reduced demand growth for most commodities,” Chief Executive Officer Mike Sutherlin said in the statement. “The market will continue to be more challenging before it starts to improve.”

Third-quarter net income excluding one-time items was $1.70 a share, beating the $1.36 average of 20 estimates. Revenue dropped 4.9 percent to $1.32 billion, exceeding the $1.18 billion average estimate.

The board authorized Joy to repurchase as much as $1 billion of common stock during the next 36 months, the company said. The buyback represents about 20 percent of the company’s current market capitalization and may add about 40 cents a share to earnings next year, De Maria said.

To contact the reporter on this story: Shruti Date Singh in Chicago at

To contact the editor responsible for this story: Simon Casey at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.