NEW YORK (TheStreet) -- Joy Global (JOY) shares are down 1.2% to $45.52 in early market trading on Wednesday following the release of the mining equipment manufacturer's fourth quarter earnings results before the opening bell today. The company is down despite beating earnings expectations due to its own 2015 guidance that fell short of analysts' guidance.
The company reported fourth quarter net income of $136.9 million, or $1.25 per share on an adjusted basis, significantly higher than the $26.8 million, or 25 cents per share, the company reported during the same quarter last year. Revenue for the period was down slightly to $1.13 billion from $1.18 billion, but ahead of analysts' $1.05 billion expectations.
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However, due to what CEO Ted Doheny called "Challenging market conditions (that) have led a number of our customers to announce their intention to take partial or full shut-downs for various periods of time during our first fiscal quarter," the company reported a full year 2015 forecast that missed expectations.
The Milwaukee, WI-based company expects to see a profit in the $3.10 to $3.50 range while analysts are expecting the company to report earnings of $3.57.
Separately, TheStreet Ratings team rates JOY GLOBAL INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation: