UPDATE 2-Joy Global misses estimates as coal miners cut spending
* Narrows full-year earnings and revenue forecast ranges
* Says coal oversupply likely to continue until mid-2015
* Third-qtr revenue $875.7 mln vs est. $934.3 mln
* Adjusted profit $0.80/share vs est. $0.84 (Adds details, analyst comment; updates shares)
By Mridhula Raghavan
Sept 4 (Reuters) - Joy Global Inc reported lower-than-expected quarterly revenue and profit due to reduced demand for its mining equipment from coal miners amid weak prices of the commodity.
Shares of the maker of shearers, giant shovels and draglines fell as much as 3.4 percent after it also narrowed its full-year earnings forecast range.
Coal miners closed mines and cut costs through most of this year as an oversupply hurt prices. Joy Global gets about two-thirds of its total revenue from coal miners.
"U.S. coal production is still lagging last year as depressed prices, cooler than normal summer weather and decreased export activity has weighed on overall demand," Joy Global said in a statement on Thursday.
The company's maintenance services business picked up in the first and second quarters, suggesting miners could no longer put off repairs on existing equipment.
But orders in the business, which accounts for about 70 percent of Joy Global's total revenue, fell in the third quarter from the second quarter.
Orders for mining equipment rose for the first time in a year in the third quarter, but analysts attributed the rise to weak year-earlier numbers.
"Things are not going to get a lot worse, but I also think they are not going to get much better anytime soon," Jefferies & Co analyst Steve Volkmann told Reuters.
Joy Global said coal oversupply was likely to continue until at least mid-2015.
The company narrowed its adjusted earnings forecast range for the year ending October to $3.15-$3.30 per share from $3.10-$3.50. It also tightened its revenue forecast range to $3.65 billion-$3.75 billion from $3.6 billion-$3.8 billion.
Net income fell 61 percent to $71.3 million, or 71 cents per share, in the third quarter ended Aug. 1.
Excluding items, Joy Global earned 80 cents per share.
Revenue fell 33.7 percent to $875.7 million.
Analysts on average had expected a profit of 84 cents per share and revenue of $934.3 million, according to Thomson Reuters I/B/E/S.
Joy Global's shares were down 1.3 percent at $61.37 in early trading on the New York Stock Exchange on Thursday.
Up to Wednesday's close, the stock had fallen about 6 percent this year. (Editing by Kirti Pandey)