Dec. 15 (Bloomberg) -- Joy Global Inc., the maker of P&H and Joy mining equipment, rose in Nasdaq trading after its fourth-quarter earnings and forecast for fiscal 2011 profit topped analysts estimates as orders increased.
Fourth-quarter net income climbed 18 percent to $146.3 million, or $1.39 a share, in the three months through Oct. 29 from $124 million, or $1.20, a year ago, the Milwaukee-based company said today in a statement. That beat the $1.16 average estimate of 11 analysts in a Bloomberg survey. Joy Global forecast fiscal 2011 earnings of $5 to $5.30 a share, more than the $4.86 average projection of 16 analysts in the survey.
The stronger-than-expected outlook will likely be positive for the stock, Ann Duignan, a New York-based analyst for JPMorgan Chase & Co., said in a report today. The outlook is driven by improving capital expenditures at major customers in 2011.
Joy Global rose $5.57, or 6.9 percent, to $85.78 at 4:29 p.m. in Nasdaq Stock Market trading, the biggest gain in a month.
BLY Price at posting:
$4.32 Sentiment: Buy Disclosure: Held