SPX Corp Q3 Profit Up - Quick Facts

(RTTNews) - SPX Corporation (SPW), Wednesday reported an increase in the third-quarter net income, in spite of revenue decrease. The results reflected lower costs of product sold, as well as $11.4 million equity earnings in joint ventures, compared with $8.6 million last year. For the full year, the company now expects revenue to decline 1 to 3 percent from last year.

Net income attributable to SPX Corporation common shareholders was $62.9 million or $1.40 per share, compared with $57.8 million or $1.16 per share a year ago.

On average, fifteen analysts polled by Thomson Reuters expected the company to report earnings per share of $1.25 for the quarter. Analysts' estimates typically exclude one-time items.

Revenue for the three-month period was $1.14 billion, down from prior year's $1.17 billion. Analysts expected the company to generate revenues of $1.24 billion.

In a revision to the full-year outlook, the company said, excluding earnings from businesses discontinued in the third quarter, and to reflect a higher level of expected restructuring expense, adjusted earnings from continuing operations are now expected in the range $3.80 - $3.95 per share. Analysts expect the company to report earnings of $4.37 for the year.