CHARLOTTE, N.C. (AP) -- SPX Corp. said Wednesday that its second-quarter net income rose 38 percent on higher demand for products in two of its divisions, but revenue growth missed Wall Street expectations.
The rising value of the dollar and the weakening economies in Europe pressured results, SPX said. A stronger dollar cuts into revenue earned abroad when it's translated back into the dollar.
SPX makes equipment for the food, auto, power and other industries.
Profit came to $47.4 million, or 93 cents per share, in the three months that ended June 30. That compares with $34.3 million, or 67 cents per share, in the same period a year ago.
Excluding one-time charges, the company said it earned 78 cents per share from 76 cents a year ago. Analysts expected on average 77 cents per share, according to research firm FactSet.
SPX said that second-quarter revenue rose 11 percent to $1.26 billion from $1.14 billion. Analysts expected revenue of $1.3 billion.
Revenue from SPX's industrial products division rose 10 percent to $232.8 million, while the unit that makes pumps, valves and other products posted a revenue gain of 37 percent to $677.3 million. Revenue at the company's thermal equipment and services business fell 19 percent to $350.2 million.
Shares of the Charlotte, N.C.- based company fell $1.59, or 2.6 percent, to $59.13 in afternoon trading Wednesday.