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Joy Global cuts dividend, gives downbeat view

2015-12-16 16:21:25| Industrial Machines - Topix.net

Joy Global Inc. said it swung to an unexpected sharp loss in its fourth quarter, as oversupplied global commodities markets severely dented bookings. The Milwaukee-based maker of mining equipment issued guidance for the current fiscal year well below analyst expectations and sliced its quarterly dividend to a penny a share from 20 cents a share--a move which, if maintained, would reduce its annual cash outlay by $75 million.

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