SPX Forecasts 2012 Profit Trailing Estimates as Europe Lags
SPX Corp. (SPW), the maker of equipment to charge electric cars, forecast 2012 profit trailing analysts’ estimates, citing a struggling European economy and slower growth in the U.S.
SPX may post earnings per share of $4.70 to $5.10 this year, including 30 cents from the ClydeUnion acquisition, the Charlotte, North Carolina-based company said in a statement. That’s lower than a forecast of $5.27 per share, according to the average of 12 analysts’ estimates compiled by Bloomberg.
“Our 2012 guidance reflects our view of continued above average growth in emerging markets, a slow-growth U.S. economy and a cautious outlook on the economic environment in Europe,” the company said in the statement.
SPX forecast revenue of $6 billion to $6.25 billion for 2012, representing 9 percent to 14 percent growth from 2011. That compares to $6.13 billion, according to the average estimate of 9 analysts.
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