Joy Global Earnings: Here’s Why the Stock is Rising Now
Joy Global Inc (NYSE:JOY) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 3.24%.
Joy Global Inc Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 0% to $1.33 in the quarter versus EPS of $1.33 in the year-earlier quarter.
Revenue: Rose 1.21% to $1.15 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: reported adjusted EPS income of $1.33 per share. By that measure, the company beat the mean analyst estimate of $1.14. It beat the average revenue estimate of $1.08 billion.
Quoting Management: “Our results for the first quarter demonstrate continued strong execution,” said Mike Sutherlin, President and Chief Executive Officer. “We are also starting to see benefits from strategic actions to lower our cost base. Both are important as we continue to adjust to headwinds in the mining sector. Although there are growing examples that commodity fundamentals are beginning to turn positive, we expect some delay in translating that into increased mine expansion projects due to a much more cautionary stance on capital deployment by our customers. Despite the current challenges, we see this as an opportunity to streamline and improve the efficiency of our business, and that continues to be our focus. We have demonstrated our ability to respond to growth, and our focus on lowering our cost base will not cause us to miss upside opportunity.”
Key Stats (on next page)…