US, Europe weigh on SPX 2012 profit guidance

SPX sees slow US growth, is cautious on Europe; 2012 profit view short of Wall St. forecast

Associated Press

CHARLOTTE, N.C. (AP) -- Slow growth in the U.S. and the debt crisis in Europe are weighing on SPX Corp., and the manufacturer's profit guidance for this year fell short of analyst expectations.

The company, which makes equipment for utilities, autos, food and beverage companies, and many other industries, said on Tuesday that it expects to earn $4.70 to $5.10 per share from continuing operations in 2012. Analysts polled by FactSet were expecting the company to earn $5.27 per share.

SPX also projected revenue of $6 to $6.25 billion, helped by recent acquisitions. Analysts were expecting revenue of $6.15 billion for the year.

While the company is cautious about markets in Europe and the U.S., it said it expected healthy growth in emerging markets.

SPX, based in Charlotte, N.C., made the announcement as part of an investor meeting being held in New York Wednesday. Shares of the company rose 57 cents to $66.12 in midday trading.

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