Joy Global (NASDAQ:JOYG) performed much stronger than analysts expected, as commodity demand drove up demand for mining equipment.
Earnings for the second quarter came to $120.4 million, or $1.15 a share, which was almost the same as last year's second quarter where they generated $120.5 million, or $1.17 a share. Analysts had been looking for earnings of 77 cents a share.
Revenue dropped 3 percent to $896 million, down slightly from the $924 million last year, but still far above expectations of $754.78 million.
Mike Sutherlin, President and Chief Executive Officer, said, “Our results for the second quarter were again exceptional under current market conditions, and reflect improved fundamentals in our markets combined with our continued focus on strategy and execution. Although all regions showed gains, it was especially encouraging to see order rate improvement return to North America, as these customers pursue strong global demand for metallurgical quality coal."
Guidance was also increased for earnings and sales, with earnings for 2010 projected to grow to $3.85 to $4.00 a share, up from previous estimates of $2.85 to $3.05 a share.
Sales guidance for the entire fiscal year of 2010 increased to $3.3 billion to $3.4 billion, up from the prior sales estimate of $2.8 billion to $3.0 billion.
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