Joy Global 2nd-qtr profit rises; cuts 2012 outlook
May 31 (Reuters) - U.S. mining equipment maker Joy Global Inc reported a higher second-quarter profit, but cut its 2012 earnings outlook.
Joy Global said it expects fiscal 2012 earnings of $7.15 to $7.45 per share, down from its prior outlook of $7.40 to $7.80 per share.
It also cut its fiscal 2013 revenue outlook to between $5.5 billion and $5.7 billion, from a range of $5.6 billion to $5.8 billion.
The company said new orders fell 19 percent to $1.23 billion in the second quarter.
Net income rose to $213.6 million, or $2.00 per share, in the quarter-ended April from $162 million, or $1.52 per share, a year earlier. Net sales rose 45 percent to $1.54 billion.
Shares of the company closed at $59.05 on Wednesday on the New York Stock Exchange.
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