Joy Global Inc. (JOY - Analyst Report) is struggling with weakness in its end markets as commodity prices hit multi-year lows. This Zacks Rank #5 (Strong Sell) recently lowered its full year outlook.

Joy Global makes mining equipment and provides services for surface and underground mining.

Big Miss in the First Quarter

On Mar 5, Joy Global reported first quarter 2015 results and missed on the Zacks Consensus by 34.2%. Earnings were just $0.25 compared to the Consensus of $0.38.

There was nowhere to hide in the first quarter.

Bookings slid 19% to $700 million from a year ago. Bookings for both underground mining machinery and surface mining equipment declined in the quarter.

Underground mining machinery decreased 10% year over year while surface mining fell 28%.

Service bookings were also down 14% to $524 million year over year.

To top it off, the company was also hit by the currency exchange.

Net sales plunged 16% to $704 million.

Reduced 2015 Guidance

Mining is a cyclical industry and, obviously, right now, the cycle is to the downside. This is nothing new for management.

Due to the slower growth environment and the continued fall of commodities prices, the company reduced its full year guidance.

It expects revenue in the range of $3.3 billion to $3.6 billion with earnings down from prior guidance of $3.6 billion to $3.8 billion.

Earnings are now expected to be between $2.50 and $3.00, down from the previous guidance of $3.10 to $3.50.

As a result, 11 estimates have been cut for 2015 which has pushed the Zacks Consensus Estimate down to $2.62 from $3.21.

That is on the low end of the company's new guidance range.

It is also a decline of 20.4% in earnings compared to 2014 when the company made $3.29.

Is Joy Global a Value Trap?

Since last summer, when the commodities prices started to fall, shares have sunk to new multi-year lows.

But are they a deal?

Despite the share plunge, they're still not cheap. Joy Global has a forward P/E of 15.1. In 2008 and 2009 it traded with a single digit P/E.

The mining and industrial equipment space is a hard play right now. It has a Zacks Industry Rank in the bottom 22% of all industries.

For investors who are looking around at possibilities in the industry, they should consider Manitowoc Inc. (MTW - Analyst Report). It is a Zacks Rank #3 (Hold) and is expected to grow earnings by 13.9% this year, mostly off the strength of its foodservice division.

However, it is going to separate its Cranes division from Foodservice and expects to spin-off the Foodservice division by the first quarter of 2016.