Joy Global 2Q earnings fall but beat estimates

Net income for the three months ended May 2 fell to $72.1 million, or 66 cents per share, from $77.6 million, or 70 cents per share, in the year-earlier period.

Excluding one-time charges of 13 cents per share for a contract termination and 7 cents per share related to an acquisition in February, Joy Global had adjusted earnings per share of 86 cents.

Analysts polled by Thomson Financial expected, on average, earnings per share of 72 cents. Such estimates typically exclude one-time charges.

Shares rose $3.39, or 4.4 percent, to $81.27 in premarket trading.

Revenue climbed 34 percent to $843.1 million from $629.2 million. Analysts expected $798.3 million.

The company's cost of sales rose to $620.9 million from $420 million, and its product development, selling and administrative expenses rose to $108 million from $89 million.

Orders reached a record $1.2 billion--up 69 percent from the prior-year period on strengthened conditions in the U.S. coal market and continued growing international demand. Original equipment orders grew 102 percent, and aftermarket orders increased 22 percent.

In February, Joy Global paid $254 million to buy Continental Global Inc., which makes conveyor systems for bulk material handling.