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Joy Global profit falls 66 pct as miners cut spending on equipment
March 6, 2014 / 11:10 AM / 4 years ago

Joy Global profit falls 66 pct as miners cut spending on equipment

March 6 (Reuters) - Joy Global Inc, a mining equipment maker, reported a 66 percent fall in quarterly profit as coal miners cut spending due to weak prices caused by oversupply.

The company’s net income fell to $48.9 million, or 48 cents per share, in the first quarter from $142.1 million, or $1.33 per share, a year earlier.

Revenue fell 27 percent to $839.3 million in the quarter ended Jan. 31. Joy Global gets about two-thirds of its total revenue from coal miners.

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