Bucyrus (Nasdaq:BUCY) missed estimates by a huge margin in its last quarter, as a major slowdown in underground mining equipment hampered the company.
Revenue for the quarter increased to $937.16 million, a major improvement over the $675.8 million generated last year in the same quarter, but far below the $1.03 billion analysts were looking for.
Earnings per share were down big also, coming in at $0.94 on earnings of $77.6 million, far off the $1.10 per share the Street projected. Last year the company did better in the same quarter with earnings of $92.1 million, or $1.21 a share.
Underground mining sales were $209.7 million, falling 3 percent on the quarter.
Some of the results were also from the acquisition of the mining equipment business of Terex (NYSE:TEX), although it didn't account for all the poor numbers.
After hours the stock was at $70.00, falling $3.51, or 4.77 percent at 7:58 PM EDT.
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