Weaker demand batters Joy’s earnings

Dec 11, 2013 | 02:14 PM | Corinna Petry

Tags  Joy Global, mining machinery, steel, copper, commodity pricing, Mike Sutherlin, cost-cutting measures, Corinna Petry

CHICAGO — Heavy equipment manufacturer Joy Global Inc. posted lower net income in its fiscal fourth quarter due in part to a commodities surplus and weaker demand.

The Milwaukee-based company recorded net income of $26.83 million for the three months ended Oct. 25, down 87.4 percent from $212.56 million in the same period last year, on sales that declined 25.9 percent to $1.18 billion.

Net income for the full year fell 30 percent to $533.71 million from $762.02 million the previous fiscal year on sales that slid 11.5 percent to $5.01 billion.....

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