CHARLOTTE, N.C. (AP) _ SPX Corp. (SPXC) on Thursday reported first-quarter net income of $22.7 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Charlotte, North Carolina-based company said it had profit of 50 cents. Earnings, adjusted for non-recurring costs, were 62 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 53 cents per share.
The infrastructure equipment supplier posted revenue of $369.3 million in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $360.1 million.
SPX shares have fallen 25% since the beginning of the year.