Joy Global Profit Plunges 48 pct

Mining equipment maker Joy Global Inc., which gets about 60 percent of its revenue from coal miners, reported a 48 percent fall in quarterly profit as customers cut spending due to weak prices.

Net income fell to $38.7 million, or 40 cents per share, in the second quarter ended May 1, from $74 million, or 73 cents per share, a year earlier.

Excluding pension settlement and restructuring charges, Joy Global earned 59 cents per share.

The year-earlier quarter included restructuring charges of $3.1 million.

Revenue fell 13 percent to $810 million.

Reporting by Ankit Ajmera