Joy Cuts 2012 Forecasts as Mining Companies Curb Spending
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Joy Global Inc., the maker of P&H and Joy mining equipment, cut forecasts for full-year earnings and revenue as mining companies ease capital expenditure amid concern over the slowdown in China. The shares fell.
Profit will be $7.15 to $7.45 a share on sales of $5.5 billion to $5.7 billion for the fiscal year through October, the Milwaukee-based company said today in a statement. In February, Joy had projected earnings of $7.40 to $7.80 on revenue of $5.6 billion to $5.8 billion. The average of analysts’ estimates compiled by Bloomberg were for per-share profit of $7.65 and sales of $5.72 billion.