Joy Global Third-Quarter Profit Plummets 61%; Weak U.S. Coal Market Seen As Primary Cause

Summary

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Weakness in U.S. coal mining and other problems continue to erode the bottom line at Joy Global Inc.

Wednesday, the Milwaukee manufacturer of mining equipment said a lack of demand for parts and aftermarket services in central Appalachia, historically the company's largest U.S. underground mining market, adversely affected its fiscal third-quarter results.

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Extract

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Joy Global Third-Quarter Profit Plummets 61%; Weak U.S. Coal Market Seen As Primary Cause

Joy said its profit fell 61%, partially as a result of tough comparisons with a year-ago quarter that benefited from a tax gain. The company also said its profit was dampened by the soft domestic coal market, a national work stopp...

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