The original equipment manufacturer said it would record tax adjustments in its fourth quarter that will increase the quarter's book tax rate to 51%, and 38% for the full year.

The majority of increases relate to tax items, including taxes on dividends received from foreign subsidiaries during the quarter not previously forecasted, the resolution of an R&D study which resulted in the write-off of pre-bankruptcy R&D credits, and a reserve added following the quarterly evaluation of a previously disclosed contingent tax liability in South Africa.

The tax will reduce full year earnings by $US18 million or $.16 per fully diluted share.

Joy did reaffirm its full year revenue guidance of $2.5 to $2.55 billion.

With the changes in taxes, earnings per share will be $2.49 to $2.54 rather than the previous guidance of $2.65 to $2.70.

"Aside from these tax items, we will report strong operational results from our two businesses," CEO Mike Sutherlin said.

"These results will show progress in the operational and supplier issues we have discussed on previous earnings calls, the initial signs of improvement in the US coal market, and the continued strength in all of our international markets."