August 28, 2013 / 10:20 AM / in 4 years

Mining equipment maker Joy Global's orders fall 36 pct

Aug 28 (Reuters) - Joy Global Inc, a maker of mining equipment, reported a lower profit for the third quarter and said orders fell 36 percent due to global oversupply.

The company said it expected orders to remain weak and, therefore, was stepping up cost cutting.

Net income fell 5 percent to $183.2 million, or $1.71 per share, in the quarter ended July 26 from $193.6 million, or $1.81 per share, a year earlier. Revenue dropped 5 percent to $1.32 billion.

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