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Joy Global 3Q results miss Street, lowers guidance

MILWAUKEE (AP) -- Joy Global's fiscal third-quarter results missed analysts' estimates as falling commodity prices led to project delays and customers holding off on spending. The mining equipment maker cut its full-year outlook further.

Shares plunged more than 16 percent in Thursday morning trading.

The Milwaukee-based company earned $44.9 million, or 46 cents per share, for the period ended July 31. A year earlier it earned $71.3 million, or 71 cents per share.

Earnings, adjusted for one-time gains and costs, came to 54 cents per share. That missed Wall Street expectations. The average estimate of...