MILWAUKEE (WTAQ) - One of Milwaukee's mining equipment makers reports a 59 percent drop in its quarterly profits.
Joy Global said its coal mining customers have reduced their spending, due to falling prices in the coal market.
As a result, Joy Global's net income dropped to $74 million in the three months ending May 2nd, while its net sales fell 32 percent.
CEO Ted Doheny said challenging market conditions continue to affect Joy Global -- but he said there "incremental positive signs on the horizon."
(Story courtesy of Wheeler News Service)