NEW YORK (TheStreet) -- Joy Global (JOY) investors had little reason to rejoice during Wednesday's trading session after shares prices tumbled 6.2% to $52.78. Wall Street was feeling bearish on the stock after the mining equipment maker posted fourth-quarter earnings that failed to make the cut.

The detail causing the most concern was that unadjusted net profit plunged 87% to $26.8 million over the three months to Oct. 25. Aside from a $155 million asset-impairment charge, soft spending among miners kept demand for equipment low.

In particular, the coal industry, which makes up around two-thirds of Joy Global's revenue, curbed spending as it struggles with oversupply and falling commodity prices. Sales on underground mining equipment fell 16% while surface mining dropped 36%.

The Milwaukee-based business posted adjusted per-share income of $1.11, missing consensus by a penny according to analysts surveyed by Thomson Reuters. Revenue of $1.18 billion exceeded expectations by $60 million but was 25.9% lower than a year earlier.

To maximize profitability in coming quarters, the company expects to undertake restructuring efforts totaling approximately $15 million by the end of fiscal 2014.

For the fiscal year ending October 2014, management expects earnings between $3 and $3.50, well below consensus of $3.68 a share. Revenue is expected in the range of $3.6 billion to $3.8 billion, in line with analysts' estimates at the top end.

TheStreet Ratings team rates Joy Global Inc as a Hold with a ratings score of C+. The team has this to say about their recommendation:

"We rate Joy Global Inc (JOY) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, attractive valuation levels and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself and feeble growth in the company's earnings per share."

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