SPX Corporation (NYSE:SPW) reported its results for the second quarter. SPX Corporation is a global multi-industry manufacturing company, which offers highly-specialized engineered solutions to solve critical problems for customers.
SPX Earnings Cheat Sheet for the Second Quarter
Results: Net income for SPX Corporation fell to $35 million (67 cents per share) vs. $78.8 million ($1.57 per share) a year earlier. This is a decline of 55.6% from the year earlier quarter.
Revenue: Rose 16.3% to $1.38 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: SPW reported adjusted net income of 91 cents per share. By that measure, the company beat the mean estimate of 89 cents per share. It beat the average revenue estimate of $1.34 billion.
Quoting Management: “For our second quarter 2011 results, revenue increased 16% and we reported adjusted earnings per share of $0.91,” said Christopher J. Kearney, Chairman, President and Chief Executive Officer of SPX. “Revenue growth in the quarter was driven by strength in our early, short-cycle businesses, while results in our late-cycle, power and energy related businesses remained challenged. Orders in our Flow segment remained strong across our key end markets and most regions primarily based on increased demand for our food and beverage, oil and natural gas products. We are also encouraged by the continued recovery of the global automotive market and positive signs of cyclical recovery in the U.S. power transformer market. Our large power transformer plant expansion in Waukesha, WI is on track, and we expect to ship our first unit in the first half of 2012.”
The company topped expectations last quarter after falling short of forecasts in the first quarter with net income of 49 cents versus a mean estimate of net income of 50 cents per share.
The company’s revenue has now risen for two straight quarters. In the first quarter, revenue increased 10.4% to $1.2 billion from the year earlier quarter.
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).
(Source: Xignite Financials)