SPX Corp Earnings Cheat Sheet: Increase in Profit Year Over Year

SPX Corporation (NYSE:SPW) reported net income above Wall Street’s expectations for the third quarter. SPX is a global multi-industry manufacturing company offering highly-specialized engineered solutions to solve critical problems for customers.

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SPX Earnings Cheat Sheet for the Third Quarter

Results: Net income for SPX Corporation rose to $60.7 million ($1.20 per share) vs. $39.4 million (78 cents per share) in the same quarter a year earlier. This marks a rise of 54.1% from the year earlier quarter.

Revenue: Rose 7.6% to $1.39 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: SPW reported adjusted net income of $1.21 per share. By that measure, the company beat the mean estimate of $1.09 per share. It fell short of the average revenue estimate of $1.43 billion.

Quoting Management: “Our financial results for the third quarter of 2011 were driven primarily by strong revenue growth in emerging markets, which increased 29% over last year,” said Christopher J. Kearney, Chairman, President and Chief Executive Officer of SPX.

Key Stats:

Revenue has now gone up for three straight quarters. In the second quarter, revenue rose 16.3% to $1.38 billion while the figure rose 10.4% in the first quarter from the year earlier.

The company has now beaten estimates the last two quarters. In the second quarter, it topped expectations with net income of 91 cents versus a mean estimate of net income of 89 cents per share.

Looking Forward: Analysts appear increasingly optimistic about the company’s results for the next quarter. The average estimate for the fourth quarter has moved up from $1.74 a share to $1.89 over the last ninety days. At $4.36 per share, the average estimate for the fiscal year has fallen from $4.58 ninety days ago.

Competitors to Watch: Dover Corporation (NYSE:DOV), IDEX Corporation (NYSE:IEX), General Electric Company (NYSE:GE), Flowserve Corporation (NYSE:FLS), Dynasil Corp. of America (NASDAQ:DYSL), Kennametal Inc. (NYSE:KMT), Hardinge Inc. (NASDAQ:HDNG), Rofin-Sinar Technologies (NASDAQ:RSTI), Emerson Electric Co. (NYSE:EMR).

Investing Insights: Here’s Why Chipotle’s Stock Keeps Winning.

(Source: Xignite Financials)