Falling Expectations For Joy Global As Earnings Loom

Joy Global Inc. JOY is scheduled to announce its second quarter financial results on Thursday before the market opens, and expectations point towards a year-over-year decline in earnings of 18-28 percent.

According to Estimize, experts are modeling consensus earnings of $0.55 per share on revenue of $840.69 million, while the crowd is projecting consensus earnings of $0.62 per share on revenue of $857.77 million.

These estimates compare to the earnings of $0.76 per share and revenue of $929.7 million reported in the same quarter last year. However, it does imply an increase from last quarter’s earnings of $0.25 per share and revenue of $703.87 million.

Related Link: Is The Mining Industry At A Bottom? No, Says Longbow Research

It is also interesting to see how sentiment has evolved over time. Consensus for both the Street and the crowd have been falling consistently as the earnings date loomed.

Analyst Ratings

A few major Wall Street research firms have weighed in on Joy Global this year. Most recently, Baird upgraded the stock from Neutral to Outperform, raising its price target from $45.00 to $62.00.

Following the first quarter earnings in March, Citigroup reiterated a Neutral, accompanied by a $45 price target; Barclays maintained an Equal-weight, with the same price target as Citigroup; finally, Deutsche Bank issued a Hold, also escorted by a $45 price target.

Shares of Joy Global are down 15.6 percent year-to-date.