More on Joy Global FQ3: Net profit slips 5.3%

Joy Global (JOY +0.95%) net profit -5.3% to $183.2M as revenue drops 5% to $1.32B.

Bookings -36% to $695.4M amid lower commodity prices and a rising dollar.

Sales of underground mining equipment -4.2% to $722.7M and of smaller surface mining gear -5.1% to $640.9M.

Operating margin narrows to 33.3% from 34.3%.

Approves three-year $1B stock buyback.

Says U.S. coal sector is starting to recover after correction, China is in the early stages and Australia is mid-way through.

Maintains FY revenue guidance of $4.9-5B but also says that the market is "unlikely to support annual revenue above $4B" even with higher sequential order run rates.

Keeps adjusted EPS guidance of $5.75-5.95 vs consensus of $5.84. (PR) (previous)

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