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Joy Global profit slumps as mining equipment orders fall

Wednesday, 11 Dec 2013 | 6:21 AM ET

Dec 11 (Reuters) - Mining equipment maker Joy Global Inc reported an 87 percent fall in quarterly profit as it took a big charge and coal miners cut spending due to a supply glut and weak prices.

Net income from continuing operations fell to $26.8 million, or 25 cents per share, in the fourth quarter ended Oct. 25, from $212.4 million, or $1.99 per share, a year earlier.

Orders fell 19 percent to $1.1 billion.

Joy Global derives about two-thirds of its revenue from sales to coal miners.

The latest quarter included an asset impairment charge of $155 million and a net pretax gain of $10 million from other unusual items.

Excluding these items, Joy Global earned $1.11 per share.