UPDATE: Joy Global Q4 Profit Drops 87%

Joy Global JOY reported an 87% drop in fiscal fourth-quarter earnings. Joy Global projects full-year earnings of $3 to $3.50 per share on revenue of $3.6 billion to $3.8 billion. However, analysts were projecting earnings of $3.68 per share on revenue of $3.8 billion. Joy Global's quarterly profit fell to $26.8 million, or $0.25 per share, from a year-ago profit of $212.6 million, or $1.99 per share. Excluding special items, it earned $1.11 per share. Its sales declined 35% to $1.18 billion. However, analysts were expecting earnings of $1.12 per share on sales of $1.12 billion. Joy Global's operating margin shrank to 4% from 20.4%. Joy Global shares closed at $56.24 yesterday.