Joy Global Profit Plunges 48 pct

Posted by Joseph Keefe June 4, 2015

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