UPDATE: Joy Global Reports 34% Surge In FQ2 Profit, Raises FY11 Projections

Joy Global Inc JOYG reported a 34% rise in its fiscal second-quarter net profit and lifted its projections for the year on Thursday. Joy Global reported its quarterly net profit at $162 million, or $1.52 per share, up from $120.4 million, or $1.15 per share, in the year-earlier period. Its sales climbed 19% to $1.06 billion. However, analysts were expecting earnings of $1.35 per share on sales of $1.03 billion. Joy Global raised its fiscal-year earnings forecast to a range of $5.30 to $5.60 per share, from its earlier range of $5.10 to $5.40 per share. However, analysts expected earnings of $5.39 per share for the year. Joy Global shares gained 0.79% to $86.74 in after-hours trading. Read more from Benzinga's Company news.