Joy Global Inc. Earnings Cheat Sheet: Profit Rises Behind Revenue Boost

Joy Global Inc. (NASDAQ:JOYG) reported net income above Wall Street’s expectations for the third quarter. Joy Global, Inc. is a manufacturer and servicer of mining equipment for the extraction of coal and other minerals and ores. The equipment is used in the mining regions globally to mine coal, copper, iron ore, oil sands, and other minerals.

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Joy Global Earnings Cheat Sheet for the Third Quarter

Results: Net income from continuing operations for Joy Global Inc. rose to $172 million ($1.61 per share) vs. $118.5 million ($1.13 per share) in the same quarter a year earlier. This marks a rise of 45.1% from the year earlier quarter.

Revenue: Rose 33.7% to $1.14 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: JOYG beat the mean analyst estimate of $1.52 per share. It fell short of the average revenue estimate of $1.16 billion.

Quoting Management: “This has been a particularly good quarter for us,” said Mike Sutherlin, President and Chief Executive Officer. “Our results continued the trend of strong operating performance, and we made two major strategic moves that will add long-term value. Very good operating leverage on strong sales growth enabled us to deliver another record for operating margin, before the impact of LeTourneau.”

Key Stats:

The company has now seen net income rise in three straight quarters. In the second quarter, net income rose 34.5% and in the first quarter, the figure rose 34.1%.

Revenue has risen the past four quarters. Revenue increased 18.6% to $1.06 billion in the second quarter. The figure rose 19.2% in the first quarter from the year earlier and climbed 8.9% in the fourth quarter of the last fiscal year from the year-ago quarter.

The company has now beaten estimates the last two quarters. In the second quarter, it topped expectations with net income of $1.52 versus a mean estimate of net income of $1.35 per share.

Competitors to Watch: Bucyrus Intl., Inc. (NASDAQ:BUCY), Caterpillar (NYSE:CAT), Deere & Company (NYSE:DE), General Electric Company (NYSE:GE), Astec Industries, Inc. (NASDAQ:ASTE), Columbus McKinnon Corp. (NASDAQ:CMCO), Manitowoc Company, Inc. (NYSE:MTW), Cummins Inc. (NYSE:CMI), CNH Global N.V. (NYSE:CNH), Navistar Intl. Corp. (NYSE:NAV), Terex Corporation (NYSE:TEX), and Lindsay Corporation (NYSE:LNN).

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(Source: Xignite Financials)