Joy Global earnings slip; outlook cut for rest of year
Longview, TX (Longview News-Journal) — Mining equipment maker Joy Global Inc. reported lower second-quarter earnings Wednesday and cut its outlook for the full year, saying it sees no immediate recovery in orders as a decline in commodity prices forces miners to slash capital spending.
The Milwaukee-based company, which employs about 1,000 people at a plant in South Longview, said earnings for the three months ended April 26 fell 15 percent to $181.6 million, or $1.69 per share, from a year ago. Excluding items, the company earned $1.73 per share.
Revenue fell 11.7 percent, to $1.36 billion, as orders fell more than 8 percent.
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