UPDATE: Joy Global Reports 46% Rise In FQ3 Profit, Raises Fiscal-Year Forecast

Joy Global Inc JOYG reported a 46% surge in its fiscal third-quarter profit and raised its forecast for the year. Joy Global's quarterly profit climbed to $173.1 million, or $1.62 per share, from $118.5 million, or $1.13 per share, in the year-ago period. Its sales surged 34% to $1.14 billion. However, analysts were expecting earnings of $1.51 per share on sales of $1.15 billion. Joy Global raised its outlook for fiscal-year earnings from continuing operations by $0.40 per share to a range of $5.70 to $6.00 per share. Analysts expected earnings of $5.70 per share. Cameron International Corp CAM agreed to buy LeTourneau Technologies Inc from Joy Global for around $375 million in cash. JOYG shares gained 0.01% to $82.55 in after-hours trading.