Joy Global says Chinese market providing boost

MILWAUKEE (AP) - Mining equipment maker Joy Global says efforts to grab more business in the booming steel and power producing markets in China are paying off and it is raising profit and revenue targets.

The Milwaukee company says steel production in China remained strong through April and is on track to jump 8 to 10 percent this year. Joy Global Inc. says power production in China is up by about 20 percent from 2009.

It now expects to earn between $3.85 and $4 per share on revenue of $3.3 billion to $3.4 billion for the fiscal year ending in October. It previously expected net income of $2.85 to $3.05 per share on revenue of $2.8 billion to $3 billion.

Joy Global also says its second-quarter net income dipped. Revenue fell 3 percent.