JOYG Posts Q2 Results Above Expectations; Raises Guidance For 2010

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The mining equipment maker, Joy Global Inc (NASDAQ: JOYG), posted strong fiscal Q2 results, beating Street expectations. JOYG’s strong results were driven by healthy demand for the company’s commodities.

The Milwaukee-based company reported its Q2 net income at $120.4 million, or $1.15 per share, slightly short of $120.5 million, or $1.17 per share, in the year ago period. JOYG’s net sales for the quarter dropped 3% to $896.2 million. The net income was flat due to lower sales. The analysts were expecting the company to earn $0.77 per share on revenue of $754.8 million. JOYG’s outstanding shares also increased 1.9% to 104.9 million.

Joy Global Inc has raised its earnings forecasts for 2010 to $3.85-$4.00, from the earlier guidance of $2.85-$3.05. JOYG has also raised its revenue projection revenue to $3.3-$3.4 billion, up from $2.8-$3.0 billion.

The company said, "Commodity demand should continue to grow over the next several years and beyond today's limited excess mine capacity, and this should support strong fundamentals for demand and pricing for the next several years.”

JOYG’s shares jumped 10.03% to $57.71 in pre-market trading.

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