NEW YORK (TheStreet) -- Joy Global (JOY) shares are up 2.16% to $39.77 in early market trading on Thursday after the high productivity mining equipment manufacturer reported its second quarter financial results before the opening bell today.
The Milwaukee-based company reported earnings of 59 cents per share on revenue of $810 million.
Analysts' on average were expecting the company to earn 55 cents per share on revenue $840.7 million.
The company reported a 48% decline in second quarter net income to $38.7 million from $70.4 million a year ago as negative pressure on the coal industry, which accounts for 60% of the company's revenues, took a toll on its top and bottom lines.
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:
"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 and reasonable valuation levels. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity."
Highlights from the analysis by TheStreet Ratings Team goes as follows: