SPX Corp Earnings: Consecutive Profit Quarter Streak Stays Intact
SPX Corporation (NYSE:SPW) reported its results for the second 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 Corporation Earnings Cheat Sheet
Results: Net income for SPX Corporation rose to $48.2 million (74 cents per share) vs. $35 million (47 cents per share) in the same quarter a year earlier. This marks a rise of 37.7% from the year-earlier quarter.
Revenue: Rose 10.9% to $1.26 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: SPX Corporation reported adjusted net income of 78 cents per share. By that measure, the company beat the mean estimate of 75 cents per share. It beat the average revenue estimate of $1.16 billion.
Quoting Management: “Our second quarter results were highlighted by strong organic revenue growth in Flow Technology and Industrial Products, both of which achieved improved margin performance, excluding the impact of acquisitions. This growth was partially offset by a decline in the revenue and profitability of Thermal, which continues to face challenging market dynamics in power generation,” said Christopher J. Kearney, Chairman, President, and Chief Executive Officer of SPX.
The company has now topped analyst estimates for the last four quarters. It beat the mark by one cent in the first quarter, by 3 cents in the fourth quarter of the last fiscal year, and by 12 cents in the third quarter of the last fiscal year.
Looking Forward: Expectations for the company’s next-quarter results are lower than they have been. Over the past sixty days, the average estimate for third quarter has fallen from $1.44 per share to $1.39. The average estimate for the fiscal year is $4.24 per share, down from $4.52 ninety days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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