Wednesday, March 3, 2010

Joy Global (NASDAQ:JOYG) Raises Guidance

Joy Global Raises Guidance

Joy Global (NASDAQ:JOYG) received a nice boost today after it raised its guidance, driving its shares higher, even though profits were lower than expected.

In their first fiscal quarter, the mining equipment manufacturer had its net profit fall by 11 percent to $76.2 million, or 73 cents a share. Last year profits came in a $85.7 million or 73 cents share.

The good news there was Joy Global beat the street consensus of 64 cents a share, giving it good news there as well, even though profits were down.

Where the guidance of Joy Global was increased was for its annual target, which originally stood at $2.85 a share, but now has increased by 20 cents a share to $3.05a share for the year.

The increased guidance was largely based on a huge increase of equipment orders of 22 percent for the first quarter, which will equal about $808 million in contrast to the same quarter last year of orders worth $684 million.

Joy Global Raises Guidance

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