The 10-second takeaway
For the quarter ended Oct. 28 (Q4), Joy Global missed slightly on revenues and missed on earnings per share.
Compared to the prior-year quarter, revenue grew significantly, and earnings per share expanded significantly.
Gross margins expanded, operating margins improved, and net margins dropped.
Joy Global reported revenue of $1.3 billion. The 13 analysts polled by S&P Capital IQ expected a top line of $1.4 billion. Sales were 27% higher than the prior-year quarter's $1.0 billion.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions.
Non-GAAP EPS came in at $1.82. The 17 earnings estimates compiled by S&P Capital IQ predicted $1.87 per share on the same basis. GAAP EPS of $1.62 for Q4 were 17% higher than the prior-year quarter's $1.39 per share.
Source: S&P Capital IQ. Quarterly periods. Figures may be non-GAAP to maintain comparability with estimates.
For the quarter, gross margin was 33.8%, 30 basis points better than the prior-year quarter. Operating margin was 22.2%, 60 basis points better than the prior-year quarter. Net margin was 12.9%, 110 basis points worse than the prior-year quarter.
Source: S&P Capital IQ. Quarterly periods.
What does the future hold?
Next quarter's average estimate for revenue is $1.2 billion. On the bottom line, the average EPS estimate is $1.35. (There are 12 revenue estimates and 19 EPS estimates.)
For the full year ending 2012, the average estimate for revenue is $5.4 billion. The average EPS estimate is $7.37. (There are 18 revenue estimates and 20 EPS estimates.)
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 1,566 members out of 1,601 rating the stock outperform, and 36 members rating it underperform. Among 401 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 391 give Joy Global a green thumbs-up, and 10 give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Joy Global is outperform, with an average price target of $101.93.
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