SPX Corp. Q4 Profit Rises; Hikes Annual Dividend - Quick Facts

(RTTNews) - SPX Corp. (SPW) reported that its fourth quarter of 2013 net income attributable to common shareholders rose to $87.0 million from last year's $45.0 million, with net income per share improving to $1.91 from $0.91 in the same quarter last year.

Net income per share from continuing operations was $1.85, compared to a net loss per share from continuing operations of $5.56 in the year-ago quarter. The prior year quarter included a non-cash impairment charge of $285.9 million, or $5.19 per share net of tax, associated with the Thermal Equipment and Services segment and a mark-to-market pension charge of $149.9 million, or $1.96 per share net of tax.

Revenues declined 3.4% to $1.32 billion from $1.37 billion in the year-ago quarter. Organic revenues decreased 3.0% and currency fluctuations decreased revenues by 0.4%.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.82 per share and revenues of $1.34 billion for the quarter. Analysts' estimates typically exclude special items.

On February 10, 2014 the Board of Directors approved a 50% increase in the annual dividend to $1.50 per share, paid quarterly.

Looking ahead for 2014, the company said it remains cautious on the global economy, but is encouraged by the positive order momentum it experienced in the second half of 2013, particularly in its Flow segment.

For 2014, the company targets 2% to 6% revenue growth and 90 points of margin expansion at the segment level, with margins increasing at all three segments. The company's guidance range for adjusted earnings per share from continuing operations is $5.00 to $5.50 per share. Street currently is looking for fiscal year 2014 earnings of $5.18 per share on annual revenues of $4.84 billion.