Joy Global, a Milwaukee-based mining solutions company, has adjusted its guiance after reporting operating income was $299 million in the third quarter of 2012, compared to operating income of $236 million in the third quarter of 2011, on a 22% increase in net sales to $1.4 billion.
The company also said income from continuing operations was $194 million, or $1.82 per fully diluted share for the third quarter, compared to income from continuing operations of $172 million, or $1.61 per fully diluted share, in the third quarter of 2011.
Joy Global said the results came amid a backdrop of lower demand for U.S. coal and continued slowing of the Chinese economy. As a result, the company expects to reduce revenue by approximately $100 million from its previous guidance, and it expects total fiscal 2012 revenue to be between $5.450 billion and $5.550 billion.
In addition, full-year earnings per fully diluted share are expected to be between $7.05 and $7.20, before restructuring charges.
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