{"id":4079,"date":"2016-06-07T17:12:00","date_gmt":"2016-06-07T17:12:00","guid":{"rendered":"http:\/\/minutes.machine.market\/?p=4079"},"modified":"2016-06-07T17:12:00","modified_gmt":"2016-06-07T17:12:00","slug":"joy-global-revenue-plunges-as-mining-equipment-business-remains-sluggish","status":"publish","type":"post","link":"https:\/\/machine.market\/blog\/joy-global-revenue-plunges-as-mining-equipment-business-remains-sluggish\/","title":{"rendered":"Joy Global revenue plunges as mining equipment business remains sluggish"},"content":{"rendered":"

Joy Global Inc.<\/a> on Thursday reported a fiscal second-quarter loss and a decline in revenue for its 13th consecutive quarter as the mining equipment industry remains mired in a slump.<\/p>\n

The Milwaukee-based company reported a loss of $9.8 million, or 10 cents per share, for the quarter ended April 29, compared with a profit of $56 million, or 57 cents per share, a year earlier.<\/p>\n

Joy posted revenue of $602 million in the recent three-month period, down 26% from $810 million in the second quarter of 2015.<\/p>\n

The company said it now expects 2016 sales to be at the lower end of a previous outlook of $2.4 billion to $2.6 billion. Adjusted earnings also are expected to be at the bottom end of a previously announced range of 10 to 50 cents per share.<\/p>\n

Still, the recent results surpassed Wall Street expectations, and Joy Global executives expressed some optimism even as the company has closed some operations and laid off hundreds of workers<\/a> in Milwaukee.<\/p>\n

“Some positive signs have emerged in recent months; however, the mining industry continues to face headwinds from oversupplied commodities and reduced cash flows for most producers,” president and CEO Ted Doheny said in a statement.<\/p>\n

“We are now targeting over $100 million of year-over-year cost reductions in fiscal 2016,” he said.<\/p><\/blockquote>\n

Joy Global stock shares have climbed 32% since the beginning of the year, while the Standard & Poor’s 500 index has climbed nearly 3%. The stock has declined 57% in the last 12 months.<\/p>\n

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About Rick Barrett<\/h5>\n

Rick Barrett covers manufacturing, telecom and agriculture. He has received Best in Business awards from the Society of American Business Editors and Writers and was co-recipient of a Barlett & Steele award for investigative business journalism.<\/p>\n

\"rick-barrett\"<\/p>\n

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