5. Joy Global (JOYG) engages in the manufacture and servicing of mining equipment for the extraction of coal, ores, and other minerals. The company's operations are structured into two segments: underground mining machinery, and surface mining equipment. These are used to mine coal, copper, iron ore, oil sands and other minerals worldwide.
For the second quarter of 2011, Joy reported revenue of $1.06 billion, up from $8936.2 million recorded in the year-ago quarter. Net income stood at $162 million or $1.52 per share vs. $120.4 million or $1.15 per share in the same quarter a year earlier. Second quarter bookings increased by $477 million over the year-ago quarter. At the end of the second quarter, backlog increased by $462 million to $2.6 billion.
The company went ex-dividend recently with shareholders becoming eligible for a dividend of 17 cents per share. Additionally, Joy announced signing a definitive agreement to acquire 100% ownership interest in LeTourneau Technologies from Rowan Companies for $1.1 billion in cash. With this transaction, Joy enters the lucrative oil and gas drilling business and offsets stiff competition in its main market.For fiscal year ending Oct. 2011, Joy has raised its estimates and forecasts earnings of $5.30 to $5.60 per share on $4.1 to $4.3 billion in revenue, compared to the earlier forecast of $5.10 to $5.40 earnings per share on revenue of $4 billion to $4.2 billion. The company believes that miners will advance their expansion plans, led by the strong belief that the current capacity must be upgraded to match demand growth. Of the 18 analysts covering the stock, 61% recommend a buy and the rest advise a hold. There are no sell ratings on the stock. According to Bloomberg consensus, the stock will gain an average 24.3% to $111.92 in the upcoming 12 months.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV