MILWAUKEE (AP) — Joy Global’s fiscal third-quarter results missed analysts’ estimates as falling commodity prices led to project delays and customers holding off on spending. The mining equipment maker cut its full-year outlook further.
The Milwaukee-based company earned $44.9 million for the period ended July 31. A year earlier it earned $71.3 million.
Earnings, adjusted for one-time gains and costs, came to 54 cents per share. That missed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 60 cents per share.
Revenue totaled $792.2 million, also missing Wall Street forecasts. Six analysts surveyed by Zacks expected $799.3 million.
Consolidated bookings fell 31 percent to $635 million, with service bookings off 16 percent.
President and CEO Ted Doheny said in a statement that the services business was hindered by project delays and customers pulling back on spending.
Doheny said that Joy Global is taking additional cost reduction measures and speeding up plans to align with lower market demand.
Joy Global now expects full-year earnings to be about $3.1 billion. Its prior guidance was for earnings and revenue at $3.3 billion to $3.6 billion.
Analysts polled by FactSet predicted revenue of $3.29 billion. Its shares are down more than 70 percent over the past year.