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SPX Slashes 09' Profit View
Shares of SPX Corp. (SPW - Snapshot Report) plunged more than 17% after cutting its 2009 profit guidance.
It now expects profit between $4.40 and $4.80 per share, down from an earlier guidance of $5.40 to $5.80. Analysts had been expecting earnings of $5.11 per share.
The company said that sales could also fall about 16% this year.
For the first quarter, SPX sees earnings per share at the low end of its prior forecast of 75 cents to 85 cents, while analysts expect a profit of 76 cents.
For its fourth quarter, SPW reported a positive earnings surprise of 10.75%.
SPX is a Zacks #3 Rank ("Hold") company. It is moving on higher-than-normal volume of almost 1.7 million, compared to the average of around 922,000.
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| Market Summary | Feb 09, 2010 21:16 pm ET |
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