UPDATE 1-SPX profit misses Wall Street estimates
By Nick Zieminski
NEW YORK Oct 31 (Reuters) - Diversified U.S. manufacturer SPX Corp reported a decline in quarterly profit on Wednesday amid weakness in European industrial markets.
The maker of equipment used in drinks and oil production, as well as cooling towers for power plants, earned a net $57.8 million, or $1.16 per share, compared with $60.7 million, or $1.20 per share, a year ago.
Adjusted earnings of $1.05 a share was 1 cent short Wall Street forecasts, according to Thomson Reuters I/B/E/S.
Sales rose 7 percent to $1.25 billion, with all of the increase attributable to acquisitions. Demand from energy and food and beverage markets was up but industrial markets remained weak, especially in Europe, SPX said.
Charlotte, North Carolina-based SPX said it expects to close the sale of its service solutions business in December, freeing up cash for paying down debt and a stock buyback.