UPDATE 1-Joy Global Q2 profit beats Street
* Q2 EPS $1.17/shr vs est $0.89/shr
* Q2 sales up 10 pct
* Sees 2009 shr $3.80- $4.00, rev $3.5 bln-$3.6 bln
* Shares up 2 pct
June 3 (Reuters) - Mining equipment maker Joy Global Inc (JOYG.O) posted a 20 percent rise in quarterly profit that handily beat market expectations, and forecast 2009 earnings in the upper half of its prior view as tighter cost control continue to pay off.
The company, which makes giant shovels, drills and draglines to extract coal, copper, iron ore, oil sands and other minerals, also noted that the second quarter saw some improvement in commodity demand.
Second-quarter net income was $120.5 million, or $1.17 a share, compared with $72.1 million, or 66 cents a share, a year ago.
Net sales rose 10 percent to $923.5 million during the period.
Analysts were looking for a profit of 89 cents a share, before special items, on revenue of $872.1 million, according to Reuters Estimates.
The company, however, expects near term bookings to remain well below last year and more in line with the rates of new orders received during the first two quarters of this year.
It expects 2009 earnings of $3.80 to $4.00 a share on revenue of $3.5 billion to $3.6 billion.
Analysts expect earnings of $3.55 a share, before special items, on revenue of $3.48 billion.
Shares of the company were trading up almost 2 percent at $36.05 in trading before the bell, after closing at $35.42 Tuesday on Nasdaq. (Reporting by Dhanya Ann Thoppil in Bangalore; Editing by Jarshad Kakkrakandy)
