On the Line: Joy Global CEO Mike Sutherlin

Wall Street frowned at Joy Global’s third quarter earnings Wednesday. Actually, it was something closer to a sneer.

Joy Global , a mining equipment manufacturer, missed its earnings estimates and reported some trouble with margins at its newly bought Continental Global, a maker of conveyor systems. As punishment, traders took the stock down $12.52, or 19%, today.

But CEO and President Mike Sutherlin, speaking to Cramer Wednesday on Mad Money, defended his firm’s quarterly report, citing record order rates and revenues. Margins, he said, came in at an “acceptable but not a great level, and the stock got punished.”

“I think we reported in a period where there was a pre-disposition to be negative on commodities, and we’re associated with that industry,” Sutherlin said, “and I think it didn’t take very much to trigger the reaction from that.”

“Certainly our performance wasn’t as good as we would have liked,” the CEO said, “but it certainly was a long way from the reaction that the market had.”

Sutherlin the company’s backlog through 2011 and beyond are reason to be confident in Joy Global’s prospects.

“There’s nothing out there that we see that should concern anybody about the ability of this company to deliver good, solid and improving results going forward,” he said.

Demand in China for coal is high, as the country is “desperately” short of the commodity at its power-generating stations. That should produce some good business for Joy Global.

The need for coal here at home isn’t lost on either political party seeking to win the White House this November, Sutherlin said. The industry as a whole has been talking to both Republicans and Democrats throughout this election cycle.

“This country cannot do without coal any time soon,” Sutherlin said, because there aren’t enough renewable sources to solve the energy problem and nuclear’s too far away to be a viable option right now.

“We’ve got to find ways to use coal, but do so in ways that are environmentally compliant,” he said. “We’ve got to clean up coal to make it a good source of energy for the country.”

A bottom is needed in oil and oil services, Cramer said, before joy Global or its peer Bucyrus International can be bought. Oil hasn’t come down as much as coal and black gold is much more scarce. So watch for a bottom in Oil Services HOLDRs ETF.

“When that bottoms,” Cramer said, “maybe [Joy Global] will bottom.”

Questions for Cramer? madmoney@cnbc.com

Questions, comments, suggestions for the Mad Money website? madcap@cnbc.com