SPX Q2 Profit, Revenue Down; Updates FY Revenue View - Quick Facts

(RTTNews) - SPX Corp. (SPW), a multi-industry manufacturing company, said its second-quarter attributable profit fell to $38.9 million from $51.2 million in the previous year. Earnings per share dropped to $0.95 from $1.17.

On average, 16 analysts polled by Thomson Reuters expected earnings of $0.77 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues declined 10.1 percent to $1.1 billion from $1.2 billion in the year-ago quarter. Analysts expected revenues of $1.04 billion.

The impact of the stronger U.S. dollar on foreign currencies decreased revenues by 6.5 percent.

Organic revenues decreased 3.6 percent, due primarily to lower power and energy revenue in the Flow and Thermal segments. This reflected the impact of lower oil prices on customers' capital spending decisions and weakness in power generation markets.

The company now expects total revenues to fall 7 to 9 percent from last year. The company had said in April that it expects revenue to decline 6 percent to 10 percent.