SPX Corporation Beats Earnings Estimates (SPW)

SPX Corporation SPW announced on Wednesday morning that it beat consensus Wall Street earnings estimates. SPX Corporation reported that its 3rd quarter net income fell to $39.4 million, or 79 cents per share, down from $46 million, or 94 cents per share, a year earlier. Excluding special items, the company's earnings came in at $1.11 per share. Revenue rose 9.9% to $1.29 billion, up from $1.17 billion a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of $1.03 per share, on revenue of $1.29 billion. Chairman, president and chief executive officer Christopher J. Kearney said, "The third quarter results marked our strongest operating performance of the year. On an adjusted basis, earnings per share increased 13% over the third quarter of 2009. We reported overall organic revenue growth for the first time since Q4 2008. The growth was broad-based across our four reporting segments and key geographies. It reflected strong demand in many of our early cycle businesses, growth in emerging markets and solid project execution." Kearney added, "Looking at the outlook for the full year, we have raised our adjusted earnings per share guidance range to $3.45 to $3.60 per share from the previous range of $3.30 to $3.50 per share. Our adjusted free cash flow guidance remains at $180 to $220 million and we expect to generate the majority of our annual free cash flow in the fourth quarter" SPX Corporation (SPW) closed the previous trading day at $68.71 per share. Analysts covering the company's stock give it a consensus price target of $72.82 per share. Read more from Benzinga's Company news.