NEW YORK (
was the worst-performing stock in the
The S&P 500 was falling more than 10 points, or 0.78%, to 1,303.
Shares of Joy Global declined 7.84% to $54.26. The mining-equipment maker reported second-quarter net income Thursday of $213.6 million, or $2 a share, up from year-earlier earnings of $162 million, or $1.52 a share.
Analysts expected second-quarter earnings of $1.94 a share.
Though Joy Global beat analysts' earnings estimates, the company lowered its fiscal-year outlook, saying that
could hurt the company's earnings for the year by about 18 cents a share.
Shares of Joy Global hit a 52-week low on Thursday of $53.26. The stock's 52-week high of $101.44 was set on July 21.
Joy Global trades at an estimated price-to-earnings ratio for next year of 6.28 times; the average for commercial vehicle and truck companies is 9.33. For comparison,
has a lower forward P/E of 6.99.
Fourteen of the 18 analysts who cover Joy Global rated it buy; four analysts gave the stock a hold rating.
The stock has fallen 39.23% year to date.
-- Written by Alexandra Zendrian
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