Milwaukee, WI based Joy Global Inc. manufactures surface and underground mining equipment for extraction of coal, copper, iron ore, oil sands, gold and other mineral resources. The company also offers a wide range of value-added after-market services aimed at enhancing reliability and optimizing the work-life of machineries.
It has equipment manufacturing or sales and services facilities in more than 20 countries including the U.S., Canada, Brazil, Chile, South Africa, England, Poland, Russia, India and China. Joy Global now reports results in two segments: Underground Mining Machinery (UMM) and Surface Mining Equipment (SME). In fiscal years 2015, 2014 and 2013, nearly 68%, 69% and 72% of Joy Global’s respective sales, were derived from outside the United States.
Business conditions continue to be tough for Joy Global, primarily due to a slower-than-expected recovery in the global economy and a supply glut in the commodity markets. Joy Global expects to benefit from its cost-saving and restructuring initiatives.
During the fiscal third quarter, Joy Global entered into a definite agreement with Japanese mining and construction equipment maker and seller, Komatsu Ltd., worth for $2.9 billion. Per the agreement, Joy Global will be acquired by Komatsu Ltd and post acquisition, the former will act as a consolidated subsidiary of the latter.
Estimate Trend & Surprise History
Investors should note that the fiscal third quarter Zacks Consensus Estimate for of 12 cents, is down 33.3% over the last 90 days.
Coming to the earnings surprise, Joy Global has missed the Zacks Consensus Estimate in two of the last four quarters, resulting in a positive average surprise of 65.60%.
Zacks Rank: Currently, Joy Global has a Zacks Rank #3 (Hold) but that could change following its fiscal third quarter 2016 earnings report, which has just released. We have highlighted some of the key details from the just-released announcement below.
Earnings: Joy Global’s adjusted earnings per share came in at 10 cents, missing the Zacks Consensus Estimate of 12 cents by 16.7%.
Revenue: Revenues of nearly $586.6 million lagged the Zacks Consensus Estimate of $612 million by 4.2% and the year ago revenue of $792.2 million by nearly 26%.
Key Stats: Joy Global’s total backlog at the end of fiscal third quarter was $916 million up from $873 million at the beginning of the fiscal year.
Stock Price: It would be interesting to see how the market reacts to the fiscal third quarter results during the trading session today.
Check back later for our full write up on this JOY earnings report later!
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Joy Global (JOY) Misses Q3 Earnings, Backlog Increases
Milwaukee, WI based Joy Global Inc. manufactures surface and underground mining equipment for extraction of coal, copper, iron ore, oil sands, gold and other mineral resources. The company also offers a wide range of value-added after-market services aimed at enhancing reliability and optimizing the work-life of machineries.
It has equipment manufacturing or sales and services facilities in more than 20 countries including the U.S., Canada, Brazil, Chile, South Africa, England, Poland, Russia, India and China. Joy Global now reports results in two segments: Underground Mining Machinery (UMM) and Surface Mining Equipment (SME). In fiscal years 2015, 2014 and 2013, nearly 68%, 69% and 72% of Joy Global’s respective sales, were derived from outside the United States.
Business conditions continue to be tough for Joy Global, primarily due to a slower-than-expected recovery in the global economy and a supply glut in the commodity markets. Joy Global expects to benefit from its cost-saving and restructuring initiatives.
During the fiscal third quarter, Joy Global entered into a definite agreement with Japanese mining and construction equipment maker and seller, Komatsu Ltd., worth for $2.9 billion. Per the agreement, Joy Global will be acquired by Komatsu Ltd and post acquisition, the former will act as a consolidated subsidiary of the latter.
JOY GLOBAL INC Price and EPS Surprise
JOY GLOBAL INC Price and EPS Surprise | JOY GLOBAL INC Quote
Estimate Trend & Surprise History
Investors should note that the fiscal third quarter Zacks Consensus Estimate for of 12 cents, is down 33.3% over the last 90 days.
Coming to the earnings surprise, Joy Global has missed the Zacks Consensus Estimate in two of the last four quarters, resulting in a positive average surprise of 65.60%.
Zacks Rank: Currently, Joy Global has a Zacks Rank #3 (Hold) but that could change following its fiscal third quarter 2016 earnings report, which has just released. We have highlighted some of the key details from the just-released announcement below.
Earnings: Joy Global’s adjusted earnings per share came in at 10 cents, missing the Zacks Consensus Estimate of 12 cents by 16.7%.
Revenue: Revenues of nearly $586.6 million lagged the Zacks Consensus Estimate of $612 million by 4.2% and the year ago revenue of $792.2 million by nearly 26%.
Key Stats: Joy Global’s total backlog at the end of fiscal third quarter was $916 million up from $873 million at the beginning of the fiscal year.
Stock Price: It would be interesting to see how the market reacts to the fiscal third quarter results during the trading session today.
Check back later for our full write up on this JOY earnings report later!
Confidential from Zacks
Beyond this Tale of the Tape, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>