SPX: 4Q Earnings Snapshot

CHARLOTTE, N.C. (AP) _ SPX Corp. (SPXC) on Tuesday reported fourth-quarter net income of $24.6 million.

On a per-share basis, the Charlotte, North Carolina-based company said it had profit of 53 cents. Earnings, adjusted for non-recurring costs and to account for discontinued operations, came to 89 cents per share.

The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 95 cents per share.

The infrastructure equipment supplier posted revenue of $456.8 million in the period, exceeding Street forecasts. Three analysts surveyed by Zacks expected $437.2 million.

For the year, the company reported profit of $97.2 million, or $2.12 per share. Revenue was reported as $1.56 billion.

SPX expects full-year earnings in the range of $3 to $3.20 per share.

SPX shares have increased 5% since the beginning of the year.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SPXC at https://www.zacks.com/ap/SPXC