Milwaukee, WI based Joy Global Inc. (JOY) manufactures surface and underground mining equipment for extraction of coal, copper, iron ore, oil sands, gold and other mineral resources. The company also offers a wide range of value-added after-market services aimed at enhancing reliability and optimizing the work-life of machineries.
It has equipment manufacturing or sales and services facilities in more than 20 countries including the U.S., Canada, Brazil, Chile, South Africa, England, Poland, Russia, India and China. Joy Global now reports results in two segments: Underground Mining Machinery (UMM) and Surface Mining Equipment (SME).
Business conditions continue to be tough for Joy Global, primarily due to a slower-than-expected recovery in the global economy and a supply glut in the commodity markets. Joy Global expects to benefit from its cost-saving initiatives and its decision to optimize global manufacturing capabilities.
Estimate Trend & Surprise History
Investors should note that the fiscal second quarter Zacks Consensus Estimate for an earnings of 55 cents per share has decreased 32.1% over the last 90 days.
Coming to the earnings surprise, Joy Global has missed the Zacks Consensus Estimate in two of the last four quarters, resulting in a negative average surprise of 5.74%.
Zacks Rank: Currently, Joy Global has a Zacks Rank #4 (Sell) but that could change following its fiscal second quarter 2015 earnings report, which has just released. We have highlighted some of the key details from the just-released announcement below.
Earnings: J oy Global beats earnings. Adjusted earnings per share came in at 59 cents, surpassing the Zacks Consensus Estimate of 55 cents by 7.3%.
Revenue: Revenues of $810 million missed the Zacks Consensus Estimate of $841 million by 3.7% and were lower by 12.9% year over year.
Key Stats: Joy Global’s service backlog at the end of fiscal second quarter was $568.4 million up 1.6% from Fiscal 2014 end.
Stock Price: It would be interesting to see how the market reacts to the fiscal second quarter earnings beat during the trading session today.
Check back later for our full write up on this JOY earnings report later!
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