Publish date:

Joy Global Shares Fall on Lackluster Earnings

Shares of the heavy-machinery manufacturer were down afterlower-than-expected quarterly results.

Shares of Joy Global (JOY) were lower Thursday after the heavy-machinery manufacturer booked lower-than-expected results for fiscal 2016 third quarter. Joy Global posted adjusted earnings of $0.10 a share, two cents short of forecasts. Sales fell 26 percent year-over-year to $587 million, also missing forecasts. The company's CEO Ted Doheny said the company will no longer offer a full-year outlook on a quarterly basis, largely based on its pending acquisition by Komatsu America. The deal is valued at approximately $3.7 billion. Joy Global shares are up significantly on the year, with the company's market cap more than doubling since January.

Employees of TheStreet are restricted from owning individual securities.

TheStreet Recommends