SPX results beats Street, flow technology revenue jumps
(Reuters) - Diversified U.S. manufacturer SPX Corp (SPW.N) reported better-than-expected quarterly results on a 29 percent increase in revenue from its largest flow technology segment.
The segment, which makes equipment used in producing liquids ranging from petroleum to dairy products, recorded quarterly revenue of $728.2 million, helped mainly by acquisitions. Total revenue rose 14 percent to $1.44 billion.
SPX has been adding and selling businesses to become a flow technology company as demand grows in emerging markets.
It tried in December to buy rival Gardner Denver Inc GDI.N, which makes compressors, pumps and vacuum products for industrial uses, in a $4.2 billion deal. But talks between the companies ended after doubts emerged on both sides about the deal's success, Reuters reported.
SPX also said in December that it completed a sale of its automotive service business to Robert Bosch GmbH ROBG.UL, exiting its roots in the car industry.
Charlotte, North Carolina-based SPX, which makes food and beverage production equipments, electrical transformers, and cooling towers for power plants, also forecast 2013 revenue largely in line with expectations.
It said it expects full-year earnings of $4.60 to $5.10 per share on revenue of between $5.10 billion and $5.35 billion.
Analysts on average were expecting earnings of $5.11 per share on revenue of $5.26 billion, according to Thomson Reuters I/B/E/S.
SPX reported a loss of $3.62 per share from continuing operations in the quarter ended December, compared with a profit of $1.13 per share a year earlier. Excluding one-time charges, it earned $1.57 per share.
Analysts on average expected earnings of $1.56 per share on revenue of $1.38 billion.
(Reporting By Bijoy Koyitty; Editing by Joyjeet Das)
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