SPX Corporation (SPW) Wednesday reported lower profit for the first quarter. Earnings per share from continuing operations were lesser than what analysts had projected. The company further revised down full-year earnings expectations and provided revenue view for the same. The company said quarterly performance was hurt particularly for the performance at its Thermal Segment.
For the three months the company posted net income attributable to shareholders of $2.3 million, down from $13.5 million last year. On a per share basis earnings for the period were $0.05, down from $0.26 last year.
The company further reported earnings per share from continuing operations $0.20 for the period. Fifteen analysts on average polled by Thomson Reuters estimated earnings per share of $0.26 for the period. Analyst estimates typically exclude one-time items.
Revenue for the quarter declined to $1.133 billion from $1.153 billion a year before. Analysts were looking for higher revenue of $1.21 billion for the period.
Looking forward, for the full-year, the firm said it sees earnings per share from continuing operations of $4.25 to $4.65, lower than prior estimate of $4.60 to $5.10. Currently analysts are looking for earnings per share of $4.93 for the full-year.
The company further said revenues are expected to be down 2 percent to up 3 percent.
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