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Joy Global reports 59% drop in quarterly profits

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)

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