The Quarter that Was
It was not a great fiscal quarter for Joy Global. Sales fell more about 11% from the year-ago level (and 5% sequentially) as the company sold fewer machines in its underground mining business. Not only did delays relating to the World Cup affect business in South Africa (a major mining country), but the company also seemed to feel the flow-through from a slowdown in orders from coal companies (prompted by the tough market s of a year or so ago). Although investors expected a negative comp, Joy did miss the consensus estimate by about $25 million.
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