‘Challenging’ markets hurt Joy profits

Aug 28, 2013 | 01:58 PM | Corinna Petry

Tags  Joy Global, earnings report, mining equipment, commodity prices, steel, iron ore, metallurgical coal, copper Mike Sutherlin

CHICAGO — Joy Global Inc.’s earnings fell in its fiscal third quarter due to lower sales and weakened commodity markets that are becoming more challenging in the wake of depressed metal and raw material pricing around the world.

The Milwaukee-based mining equipment manufacturer posted net income of $183.19 million for the three months ended July 26, down 5.3 percent from $193.52 million in the same period a year earlier on sales that dipped 4.9 percent to $1.32 billion. The company’s fiscal third-quarter bookings of $695.4 million were down nearly 36 percent from a year ago.....

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