Milwaukee, WI. based Joy Global Inc. (JOY – Analyst Report) manufactures surface and underground mining equipment for extraction of coal, copper, iron ore, oil sands, gold and other mineral resources. The company also offers a wide range of value-added after-market services aimed at enhancing reliability and optimizing the work-life of machinery.

It has equipment manufacturing or sales and services facilities in more than 20 countries including the U.S., Canada, Brazil, Chile, South Africa, England, Poland, Russia, India and China. Joy Global now reports results in two segments: Underground Mining Machinery (UMM) and Surface Mining Equipment (SME).

Business conditions continue to be tough for Joy Global, primarily due to a slower-than-expected recovery in the global economy and a supply glut in the commodity markets. Joy Global expects to benefit from its cost-saving initiatives and its decision to optimize global manufacturing capabilities.

Estimate Trend & Surprise History

Investors should note that the fiscal third quarter Zacks Consensus Estimate for an earnings of 60 cents per share has decreased 11.8% over the last 90 days.

Coming to the earnings surprise, Joy Global has missed the Zacks Consensus Estimate in two of the last four quarters, resulting in a negative average surprise of 6.07%.

Zacks Rank: Currently, Joy Global has a Zacks Rank #5 (Strong Sell) but that could change following its fiscal third quarter 2015 earnings report, which has just released. We have highlighted some of the key details from the just-released announcement below.

Earnings: Joy Global misses earnings. Adjusted earnings per share came in at 54 cents, lagging the Zacks Consensus Estimate of 60 cents by 11.1%.

Revenue: Revenues of $792.1 million missed the Zacks Consensus Estimate of $799 million by 0.9% and lagged the year ago revenue by 9.5% year over year.

Key Stats: Joy Global’s total backlog at the end of fiscal third quarter was $1,122.3 million down 15.8% from Fiscal 2014 end.

Stock Price: It would be interesting to see how the market reacts to the fiscal third quarter earnings miss during the trading session today.