NEW YORK (TheStreet) -- Joy Global (JOY) shares are down -1.4% to $61.35 in early market trading on Thursday after reporting third quarter adjusted earnings of 80 cents per diluted share, 4 cents short of analysts expectations.
Watch the video below for a closer look at Joy Global's latest quarterly results:
Revenue for the quarter was $875.7 million, missing analysts consensus guidance of $932 million.
The mining equipment manufacturer set full year earnings guidance between $3.15 to $3.30 per diluted share on revenue between $3.65 billion to $3.75 billion.
The company blamed the sluggish quarter on what it called a weak commodity market environment.
TheStreet Ratings team rates JOY GLOBAL INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate JOY GLOBAL INC (JOY) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, largely solid financial position with reasonable debt levels by most measures and good cash flow from operations. We feel these strengths outweigh the fact that the company has had somewhat weak growth in earnings per share."