Joy Global Climbs on Beat and Raise

Shares of mining equipment maker Joy Global (JOYG) gained 7.2% after the company topped estimates in its latest quarter and increased its forward guidance. “The outlook for our markets is stronger than ever,” said CEO Mike Sutherlin. “Supply continues to chase demand in our international markets, including coal, copper, iron ore and the Canadian oil sands.” Adjusted EPS were $0.80, $0.05 above consensus adjusted estimates. Sales also came in above forecasts, rising 6.8% to $735.9 million, versus the $710.2 million Wall Street was expecting. The company said it now expects to boost sales by 10%-18% in 2008, good for EPS of $3.10-$3.35, including an expected charge of $0.08. That forecast is slightly above adjusted analyst estimates.

Sources: Press release, Reuters

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