Mining equipment maker Joy Global Inc. on Wednesday said its net income rose 5 percent in its fiscal fourth quarter, driven by lower costs and a one-time gain.
Sales were hurt by slowed demand amid tough economic conditions. But the company trimmed costs and recorded a one-time $6 million gain related to the company's prior reorganization.
For the quarter ended Oct. 30, income climbed to $124 million, or $1.20 per share, compared with $118 million, or $1.11 per share, during the same period last year.
Analysts polled by Thomson Reuters forecast a profit of $1.01 per share, on average. Analysts typically exclude one-time items from their estimates.
Revenue declined 6.6 percent to $963.5 million from $1.03 billion. Analysts forecast revenue of $931.1 million.
Cost of sales declined to $651.5 million from $721.8 million.
For the full year, earnings rose 21 percent to $454.7 million, or $4.41 per share, from $374.3 million, or $3.45 per share. Revenue rose 5 percent to $3.6 billion from $3.42 billion.
Joy Global expects fiscal 2010 earnings between $2.65 per share and $3.05 per share on revenue of $2.8 billion to $3 billion.
Analysts expect income of $2.67 per share on revenue of $2.86 billion in fiscal 2010.
Shares of Joy Global rose 69 cents to $56.06 in morning trading.
