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JOYG Shares Drop 18%
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ShareEarlier today, Joy Global Inc. (JOYG) announced fiscal third-quarter earnings per share of $1.03, which easily surpassed the year-ago result of 66 cents. However, excluding 22 cents in the realization of foreign tax credits, the mining equipment company announced 81 cents, which was short of the consensus at 88 cents.
Shares declined by more than 18% on Wednesday.
Nevertheless, net sales advanced 45% to $904 million, and the company continues to expect strong demand for its equipment. Furthermore, it kept its revenue guidance for the full fiscal year unchanged, while raising its adjusted EPS outlook to reflect a tax adjustment realized in the quarter.
The company is a Zacks #3 Rank with earnings estimates for this year that are only a penny below levels from two months ago. As analysts crunch the quarter’s numbers over the next few days, we’ll have a better understanding whether today’s plunge was justified or not.
Read the full analyst report on JOYG
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