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SPX Corporation (NYSE:SPW) reported its results 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 Corporation Earnings Cheat Sheet
Results: Net income for SPX Corporation fell to $57.8 million ($1.16 per share) vs. $60.7 million ($1.20 per share) a year earlier. This is a decline of 4.8% from the year-earlier quarter.
Revenue: Rose 7.2% to $1.25 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: SPX Corporation reported adjusted net income of $1.05 per share. By that measure, the company fell in line with the mean estimate of $1.05 per share. It beat the average revenue estimate of $1.16 billion.
Quoting Management: “Our third quarter results were highlighted by increased year-over-year sales of Flow components and power transformers in North America and operating margins in our legacy Flow operations, which improved both sequentially and year over year,” said Christopher J. Kearney, Chairman, President, and Chief Executive Officer of SPX.
The company met estimates last quarter after toppling them in the two previous quarters. In the second quarter, it topped the mark by 3 cents, and in the first quarter, it was ahead by one cent.
Net income has increased 8.3% year-over-year on average across the last five quarters. The biggest gain came in the third quarter of the last fiscal year, when income climbed 54.1% from the year-earlier quarter.
Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the fourth quarter has moved down from $1.94 a share to $1.89 over the last ninety days. The average estimate for the fiscal year is $3.84 per share, down from $4.14 ninety days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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