Joy Global's ride far from over
The mining-equipment maker beats expectations and raises guidance.
The stock climbed 8% on Wednesday on the news to a high of $86.95 before pulling back a bit. That high put the price at 16.4 to 17.3 times the company’s guidance for fiscal 2011. That’s not expensive, considering the company’s guidance works out to earnings growth of 13.7% to 20.5% in fiscal 2011. And, of course, shares are even less expensive if you think, as I do, that the company’s guidance is low.
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The offering could become the second-biggest this year if underwriters exercise an option to buy more shares.
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