Joy Global Inc. (JOY), the world’s largest maker of underground mining machinery, said it expects to see further declines in mining-industry capital expenditure during a “challenging” 2015.
Next year “will again present challenges as oversupplied commodity market dynamics play out,” Chief Executive Officer Ted Doheny said today in the Milwaukee-based company’s fourth-quarter earnings statement.
Joy said fiscal fourth quarter 2014 bookings fell 27 percent from a year earlier. It’s suffering as its customers pare back spending on equipment following slumps in the price of coal, iron ore and some metals.
Joy forecast revenue for is its 2015 fiscal year, which runs through October, of $3.6 billion to $3.8 billion. The midpoint of that projection trailed the $3.79 billion average of 21 analysts’ estimates compiled by Bloomberg.
The company also forecast earnings per share, excluding one-time items, of $3.10 to $3.50. The top end of that range was less than the $3.53 average estimate.