Joy Global (JOY) is little changed in premarket trading after reporting a 59% Y/Y drop in FQ2 earnings and a 32% decline a sales, as demand for underground mining equipment shrinks amid weak coal prices.JOY, which gets about two-thirds of its revenue from coal miners, said pricing in met coal markets in the first three months of 2014 was the weakest since 2009.Bookings fell 7.2% to $1.05B from $1.13B in the year-earlier period.Sales in the underground mining equipment business fell 24% to $518M, while sales from the smaller surface mining segment tumbled 38% to $4434M.Reaffirms guidance for FY 2014, seeing EPS of $3.10-$3.50 vs. $3.24 analyst consensus estimate and revenues of $3.6B-$3.8B vs. $3.76B consensus.
Yes but better than expected??LMAO This is what you get with QE and ZIRP. TINA bids up all the junk in search for yield. So the game continues. Borrow for free, Buy back stock to manufacture EPS and throw some dividend money (unhealthy). That versus expand operations and hire people and invest in your business which is (healthy). The FED is still in crisis mode 6 years later as it underwrites an inept & criminal administration. What a mess. Now I see the late night buy my course in house flipping popping up again?? We never learn. We are seeing the failure of liberalism all over the globe. Most are really communists but you can't call them what they really are. Central planning has created huge imbalances today. It won't end pretty. And to think these nut jobs believe they can control the weather??LMAO