Joy Global (JOY) Issues FY13 Earnings Guidance

Joy Global (NYSE: JOY) updated its FY13 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $5.75-5.95 for the period, compared to the Thomson Reuters consensus estimate of $6.17, StockRatingsNetwork reports. The company issued revenue guidance of $4.9-5.0 billion, compared to the consensus revenue estimate of $5.06 billion.

JOY has been the subject of a number of recent research reports. Analysts at RBC Capital cut their price target on shares of Joy Global from $81.00 to $70.00 in a research note to investors on Tuesday. They now have an outperform rating on the stock. On a related note, analysts at TheStreet reiterated a hold rating on shares of Joy Global in a research note to investors on Thursday, May 23rd. Finally, analysts at Barclays Capital downgraded shares of Joy Global from an overweight rating to an equal weight rating in a research note to investors on Wednesday, May 22nd. They now have a $66.00 price target on the stock, down previously from $79.00.

Ten analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Joy Global currently has an average rating of Hold and an average price target of $68.85.

Joy Global (NYSE: JOY) opened at 55.08 on Thursday. Joy Global has a 52-week low of $47.69 and a 52-week high of $69.19. The stock’s 50-day moving average is currently $56.50. The company has a market cap of $5.850 billion and a price-to-earnings ratio of 7.72.

Joy Global (NYSE: JOY) last issued its quarterly earnings data on Thursday, May 30th. The company reported $1.73 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.58 by $0.15. The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the previous year, the company posted $2.04 earnings per share. The company’s revenue for the quarter was down 11.7% on a year-over-year basis. Joy Global has set its FY13 guidance at $5.75-5.95 EPS. Analysts expect that Joy Global will post $6.17 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which is scheduled for Tuesday, June 18th. Shareholders of record on Tuesday, June 4th will be paid a dividend of $0.18 per share. This represents a $0.70 annualized dividend and a dividend yield of 1.28%. The ex-dividend date is Friday, May 31st.

Joy Global Inc. is a manufacturer and servicer of mining equipment for the extraction of coal and other minerals, and ores.

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