SPX Corp Reported In Line Q2 EPS Results, Top Line Up 16.4%
August 04, 2011
SPX Corp. (NYSE:SPW) reported Q2 EPS of $0.91, ex-items, in line with consensus estimates. Revenues for the quarter rose 16.4% year-over-year to $1.38 billion, ahead of consensus estimates of $1.33 billion.Christopher J. Kearney, Chairman, President and Chief Executive Officer of SPX said, "For our second quarter 2011 results, revenue increased 16% and we reported adjusted earnings per share of $0.91. 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."SPX has a potential upside of 32.5% based on a current price of $70.78 and an average consensus analyst price target of $93.82.