SPX Corporation Earnings: Double Digit Revenue Growth
SPX Corporation (NYSE:SPW) reported its results for the fourth 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 Fourth Quarter
Results: Net income for SPX Corporation fell to $62.5 million ($1.23 per share) vs. $65.3 million ($1.29 per share) a year earlier. This is a decline of 4.3% from the year earlier quarter.
Revenue: Rose 12.6% to $1.49 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: SPX Corporation reported adjusted net income of $1.78 per share. By that measure, the company beat the mean estimate of $1.75 per share. Analysts were expecting revenue of $1.51 billion.
Quoting Management: “The fourth quarter of 2011 was a period of strong operational performance for SPX, with organic revenue growth of 11 percent and adjusted earnings per share up 58 percent over last year. We were particularly pleased with the performance of our Flow Technology segment, which reported 13 percent organic revenue growth and segment income margins over 15 percent,” said Christopher J. Kearney, Chairman, President and Chief Executive Officer of SPX.
SPX Corporation has now topped analyst estimates for the last three quarters. It beat the mark by 12 cents in the third quarter and by 2 cents in the second quarter.
Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the first quarter of the next fiscal year has moved down from 72 cents a share to 24 cents over the last sixty days. The average estimate for the fiscal year is $4.36 per share, falling from $4.41 thirty days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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