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Joy Global


topped analysts' estimates by reporting fourth-quarter net income of $146 million, or $1.39 a share, on a sales increase of 9%.

Joy Global, a maker of mining equipment, said sales rose to $1.05 billion from $963.5 million a year earlier. Joy Global earned $124 million, or $1.20 a share, in the year-earlier fourth quarter.

Analysts surveyed by Thomson Reuters expected Joy Global to earn $1.16 a share on sales of $922.8 million in the latest fourth quarter.

Joy Global said fourth-quarter bookings jumped 48% to $1 billion.

"The improving bookings rate supports our view that our mining customers will continue to increase their capital expenditure plans in response to strong industry fundamentals," said Joy Global CEO and President Mike Sutherlin, in a statement.

Joy Global said it expects fiscal 2011 revenue of between $3.9 billion and $4.1 billion and earnings of $5 to $5.30 a share.

Analysts expect fiscal 2011 sales of $3.86 billion and earnings of $4.79 a share.

-- Written by Joseph Woelfel

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Joseph Woelfel

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