Milwaukee, WI based Joy Global Inc. JOY 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).
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 initiatives and its decision to optimize global manufacturing capabilities.
Estimate Trend & Surprise History
Investors should note that the fiscal first quarter Zacks Consensus Estimate for a loss of 10 cents per share has remained unchanged over the last 60 days.
Coming to the earnings surprise, Joy Global has missed the Zacks Consensus Estimate in two of the last four quarters, resulting in a negative average surprise of 8.64%.
Zacks Rank: Currently, Joy Global has a Zacks Rank #4 (Sell) but that could change following its fiscal first 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 loss was wider than expected. Adjusted loss per share came in at 23 cents, much wider than the Zacks Consensus Estimate loss of 10 cents.
Revenue: Revenues of $526.3 million surpassed the Zacks Consensus Estimate of $508 million by 4% but lagged the year ago revenue by 26%.
Key Stats: Joy Global’s total bookings at the end of fiscal first quarter was $549.8 million down 21% from the year ago period.
Stock Price: It would be interesting to see how the market reacts to the wider than expected fiscal first quarter loss 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 INC (JOY): Free Stock Analysis Report
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