Joy Global (JOYG), a $5.7 billion (market cap) marker of mining equipment, this morning reported fiscal Q4 sales and profit comfortably ahead of estimates and forecast 2010 ahead of estimates, helped in part by higher order rates for mine equipment from China.
The shares are up $1.29, or 2.3%, at $56.66.
Q4 sales fell by 7%, to $964 million, beating the average $931 million estimate, yielding profit per share of $1.20, 19 cents ahead of expectations. For this year, the company forecast sales in a range of $2.8 billion to $3 billion, which at the midpoint is ahead of the average $2.86 billion estimate, and profit per share of $2.65 to $3.05, also better than the $2.67 average estimate.
In its market overview, the company said end-demand for coal for electricity and for steel (which uses coal in manufacturing) remains “soft,” as it does in much of the industrialized world, while markets abroad, including China and India, continue to be the engine sustaining the market. The company expects order rates to improve in 2010 as emerging markets continue their demand for commodities, demands returns in developed markets, and as Joy’s customers increase their capital budgets.
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