SPX Q2 Net Profit Advances; Reaffirms Earnings Outlook - Quick Facts

(RTTNews) - Industrial equipment supplier SPX Corp. (SPW) Wednesday reported second-quarter earnings which increased amid a modest rise in revenues. In addition, the company confirmed its annual earnings outlook.

For the three months to June, net earnings increased to $51.2 million or $1.17 per share, from $45.2 million or $0.98 per share a year earlier.

On average, fourteen analysts polled by Thomson-Reuters estimated the company's earnings to be $1.19 for the quarter. Analysts' estimates typically exclude one-time items.

Revenues increased slightly to $1.18 billion, from $1.16 billion in the same period last year, helped by favorable currency movements. Analysts expected revenues of $1.20 billion.

Looking ahead, the company expects annual adjusted earnings of $5.00 to $5.50 per share from continuing operations.

The company also expects revenue growth to accelerate in the second half, while it seeks to achieve 3 to 5 percent annual revenue growth.

Analysts expect annual earnings $5.34 per share on revenues of $4.86 billion for the full year.