Joy Global – Growth And Income – Zacks Rank Buy
Zacks Market Commentaries (February 23rd, 2010) Writes:
Company Description
Joy Global is a pure play on the global mining sector. It is a leader in manufacturing, servicing, and distributing equipment for underground mining through Joy Mining Machinery and surface mining through P&H Mining Equipment. Joy Global's products are used primarily in the extraction of underground coal. Coal mining accounts for roughly 70% of Joy Global's annual revenues.
Emerging Markets Driving Growth
Much of Joy Global's growth will come from China, India, and other emerging markets. That's because the demand for mined commodities is dominated by strong imports from emerging markets.
The demand is being driven by infrastructure build outs and the growing demand for electricity. China announced that it will increase its thermal coal imports to ease supply problems and address power shortages. Also, India's coal imports could grow 20% in 2010 and
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