Joy Global Net Up 68% on Reduced Costs

The maker of mining equipment said second-quarter earnings rose 68% to $121 million, or $1.17 a share, as expenses were reduced and sales rose by 10%.
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Joy Global

(JOYG)

, a maker of mining equipment, said second-quarter earnings rose 68% to $121 million, or $1.17 a share, as expenses were reduced and sales rose by 10% to $924 million.

Analysts surveyed by Thomson Reuters expected Joy Global to earn 89 cents a share in the second quarter.

Joy Global said operating income in the quarter rose to $188 million, or 20% percent of net sales, from $114 million, or 14% of net sales, a year earlier.

Joy Global said it expects fiscal 2009 revenue of between $3.5 billion to $3.6 billion, which is in the lower half of its prior guidance range. Earnings are expected at $3.80 to $4 a share, the company said.

Analysts estimate fiscal 2009 earnings for Joy Global of $3.56 a share on revenue of $3.47 billion.