MUSKEGON — SPX Corp. exceeded Wall Street expectations for sales and earnings in the first quarter.
SPX posted revenues of $680.4 million for the first three months of the year, up 8.3 percent from the $627.8 million in the same period a year earlier.
Net income for the first quarter totaled $35.4 million, or $1.14 per share, up from the $29 million, or 92 cents per share, a year ago.
Despite the softening U.S. economy during the first quarter, SPX posted double-digit sales gains in two of its three business segments, according to Chairman, President and CEO John Blystone. He attributed the earnings gains to efforts to control costs.
“The year is off to a good start,” Blystone said. “The proactive cost control measures we implemented have positioned the company to be profitable in a soft economy.”
SPX produces and provides a variety of technical products and systems, and industrial products and services.