SPX Corp. (SPXC) Tops Q3 EPS by 14c, Revenues Beat

SPX Corp. (NYSE: SPXC) reported Q3 EPS of $0.64, $0.14 better than the analyst estimate of $0.50. Revenue for the quarter came in at $363.4 million versus the consensus estimate of $359.09 million.

Gene Lowe, President and CEO, remarked, “I am very pleased with our strong third quarter performance, in the face of continued pandemic-related headwinds. Our HVAC and Engineered Solutions segments both reported year-on-year increases in revenue and segment margin, reflecting continued strong operational execution. Within Detection & Measurement, our Locators business continued to recover from the low point in demand experienced in Q2, and our Communication Technologies business is beginning to see movement on delayed project shipments.”

Mr. Lowe continued, “Looking forward, we anticipate an overall solid finish to the year, and earnings for the full-year 2020 that are modestly higher than the prior year. While our growth and margin enhancement initiatives were temporarily slowed by the pandemic, we are now on track to make significant strides over the coming year. We are well-positioned to drive value for our shareholders, including through the deployment of capital to accelerate our growth in 2021 and beyond.”

For earnings history and earnings-related data on SPX Corp. (SPXC) click here.

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