NEW YORK (TheStreet) -- Joy Global (JOY) shares continue to decline, down -2.2% to $60.82 in afternoon trading on Thursday, after weak thermal coal prospects caused the mining equipment manufacturer to report third quarter earnings of 80 cents per share, 4 cents worse than analysts were expecting.
Watch the video below for a closer look at Joy Global's latest quarterly results:
The company reported third quarter revenue of $875.7 million which missed analysts guidance of $932 million.
Joy Global also lowered its full year guidance down to between $3.65 billion and $3.75 billion from its previous forecast of $3.6 billion to $3.8 billion.
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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."