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Joy Global's FQ1 hurt by weak mining equipment demand but shares +0.5%

  • Joy Global (JOY+0.5% premarket after its FQ1 earnings fell by two-thirds amid weakening sales, but the result beat analyst estimates, and the mining equipment maker raised the low end of its FY 2014 earnings guidance and reaffirmed its revenue outlook.
  • FQ1 equipment bookings continued to decline amid weaker commodity prices, fall 16% Y/Y to $860.5M from $1.02B in the year-ago period.
  • FQ1 sales sank 27% to $839.3M; sales in the underground mining equipment business fell 19% to $477.5M, while sales from the smaller surface mining segment shrank 34% to $400.7M.
  • JOY, which gets about two-thirds of its total revenue from coal miners, expects coal demand to improve this year but demand for mining equipment likely will remain slow.
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