SPX 1Q profit surges, helped by lower-than-expected tax rate

CHARLOTTE, N.C.—SPX Corp. said Wednesday its first-quarter profit more than doubled, helped by a lower-than-expected tax rate.

The energy producer reported earnings jumped to $61.4 million, or $1.13 per share, compared with $29.2 million, or 49 cents per share, in the previous year.

Income from continuing operations rose to $61.8 million, or $1.14 per share, from $31.7 million, or 53 cents per share.

Analysts polled by Thomson Financial expected net income of 99 cents per share.

SPX said its tax rate of 32.8 percent boosted results by 4 cents per share, which was better than the 35 percent tax rate that was anticipated.

Revenue for the period ended March 29 grew 36 percent to $1.39 billion from $1.02 billion, but missed Wall Street's estimate of $1.41 billion.

Flow technology revenue more than doubled to $504 million helped by the acquisition of industrial equipment maker APV, while test and measurement revenue climbed 14 percent to $274.7 million. Revenue from the thermal equipment and services segment rose 11 percent to $346.8 million, and industrial products and services revenue increased 26 percent to $267 million.