By Nick Zieminski
NEW YORK Oct 31 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.