Joy Global Ups Low End of Profit Guidance

Mining-equipment company Joy Global raised its earnings expectations, encouraged by improving fundamentals in the commodity markets which have been driven by emerging markets like China and India.

Author:: Andrea Tse
Publish date:: Mar 3, 2010 7:38 AM EST

Milwaukee, Wis. (

TheStreet

) -- Mining-equipment company

Joy Global

(JOYG)

raised its earnings expectations, encouraged by improving fundamentals in the commodity markets which have been driven by emerging markets like China and India.

Joy Global is now raising the low end of the company's previous earnings expectations by 20 cents and expects earnings of between $2.85 and $3.05 a share for 2010 on previous revenue guidance of between $2.8 and $3 billion. The consensus forecast for Joy Global is earnings of $2.99 a share on revenue of $2.98 billion.

For the first quarter, Joy Global reported net income of $76 million, or 73 cents a share, compared with $86 million, or 83 cents a share a year earlier. Sales were at $729 million, down 3%, despite a $49 million increase due to foreign currency translation. The Wall Street consensus estimate for the quarter was 64 cents a share on revenue of $663.41 million.

-- Reported by Andrea Tse in New York

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