Joy Global profit beats estimates but orders weak

Wed Feb 27, 2013 6:32am EST

Feb 27 (Reuters) - Mining equipment maker Joy Global Inc posted a first-quarter profit that came above analysts' expectations, but said aftermarket orders declined from the fourth quarter.

Aftermarket and original equipment bookings decreased 20 percent and 26 percent from the fourth quarter, when they posted an increase. The orders fell due to weakness in Australia, South America and Africa resulting from demand and timing issues.

Though aftermarket orders are expected to recover from the first quarter, Joy Global said full-year orders will still be lower.

The company reaffirmed its 2013 net earnings forecast of $5.75 to $6.35 per share and revenue of $4.9 billion $5.2 billion.

Net income fell slightly to $142.1 million, or $1.33 per share, in the first quarter, from $142.5 million, or $1.33 per share, a year earlier.

FILED UNDER: