Joy Global profit plunges as coal miners cut spending on equipment
(Minews) - Mining equipment maker Joy Global Inc reported a 61 percent fall in quarterly profit as coal miners cut spending due to weak prices caused by oversupply.
The company's net income fell to $71.3 million, or 71 cents per share, in the third quarter ended Aug. 1 from $183.2 million, or $1.71 per share, a year earlier.
Revenue fell 33.7 percent to $875.7 million.
Joy Global gets about two-thirds of its total revenue from coal miners.
Publish date : Friday 5 September 2014 12:35
Story Code: 13406
