SPX Q1 Profit Surges; Backs FY14 Forecast - Quick Facts

(RTTNews) - SPX Corporation (SPW) Wednesday reported first-quarter net income attributable to SPX Corp. common shareholders of $318.2 million or $7.19 per share compared with $8.7 million or $0.19 per share in the prior-year quarter.

Net income per share from continuing operations was $6.58, compared with $0.28 in the year-ago quarter. On an adjusted basis, earnings per share from continuing operations was $0.27.

The company said, the results included a gain of $491.2 million, or $7.00 per share, on the sale of the joint venture interest in EGS Electrical Group, LLC.

The company's quarterly revenues were down 1.9 percent to $1.07 billion from $1.09 billion in the same period last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.21 per share and revenues of $1.11 billion for the quarter. Analysts' estimates typically exclude special items.

Further, the firm backed its full -year guidance for 2014. The company expects adjusted earnings per share from continuing operations in the range of $5.00 - $5.50, while analysts estimate full-year earnings of $5.30 per share. Also, it targets 2 percent to 6 percent revenue growth and 90 points of margin expansion, with margin expansion at all three segments.