Global slowdown weakens metals and coal demand

Aug 29, 2012 | 04:45 PM | Corinna Petry

Tags  Joy Global, Mike Sutherlin, mining industry, earnings, metallurgical coal, steel, iron ore, copper commodities

CHICAGO — Although mining machinery manufacturer Joy Global Inc. has experienced strong profit growth over the past nine months, its bookings have declined 25 percent in the wake of weakening demand for commodities.

The Milwaukee-based company posted net income of nearly $193.52 million in its fiscal third quarter, up 11.8 percent from the same period last year, on revenue that climbed 22.2 percent to $1.39 billion.

Net income for the nine-month period ended July 27 totaled nearly $549.46 million, up 25.6 percent from a year earlier on revenue that jumped 32.5 percent to $4.07 billion.....

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