SPX 4Q profit falls on charges, but sales rise
CHARLOTTE, N.C.—Diversified manufacturer SPX Corp. said Thursday that its fourth-quarter profit fell 4.3 percent, pulled down by hefty one-time charges.
For the quarter ended Dec. 31, SPX posted a profit attributable to common shareholders of $62.5 million, or $1.24 per share, down from $65.3 million, or $1.31 per share, in the same quarter last year.
The recent quarter's results included one-time charges related to strategic actions, uncollectible revenue and impairment charges. Excluding those items, the company said it posted an adjusted profit from continuing operations of $1.78 per share.
Revenue rose 13 percent to $1.49 billion from $1.33 billion.
The profit met wall Street expectations. Analysts, on average, expected a profit of $1.78 per share on $1.51 billion in revenue, according to a FactSet poll.
The Charlotte, N.C.-based company said it got a boost during the quarter from its flow technology division, where sales rose 16 percent to $565.4 million.
For the full year 2011, SPX earned $180.6 million, or $3.58 per share, down from $205.6 million, or $4.14 per share, in 2010. Revenue rose to $5.46 billion from $4.89 billion.
SPX officials said they expect the company to be in a "very strong financial position" in 2012, with significant available cash that could be used for strategic acquisitions or stock buybacks.
In afternoon trading, SPX shares rose $1.97, or 2.6 percent, to $76.63.