SPX (NYSE: SPW) reported earnings on July 31. Here are the numbers you need to know.

The 10-second takeaway
 For the quarter ended June 29 (Q2), SPX missed estimates on revenues and crushed expectations on earnings per share.

Compared to the prior-year quarter, revenue contracted. Non-GAAP earnings per share grew significantly. GAAP earnings per share shrank.

Gross margins expanded, operating margins grew, net margins contracted.

Revenue details
 SPX booked revenue of $1.22 billion. The 14 analysts polled by S&P Capital IQ hoped for net sales of $1.25 billion on the same basis. GAAP reported sales were 3.5% lower than the prior-year quarter's $1.26 billion.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures are normalized by S&P Capital IQ and may vary to maintain comparability with normalized estimates.

EPS details
 EPS came in at $1.10. The 16 earnings estimates compiled by S&P Capital IQ anticipated $0.67 per share. Non-GAAP EPS of $1.10 for Q2 were 41% higher than the prior-year quarter's $0.78 per share. (The prior-year quarter included $0.19 per share in earnings from discontinued operations.) GAAP EPS of $0.84 for Q2 were 9.7% lower than the prior-year quarter's $0.93 per share. (The prior-year quarter included $0.19 per share in earnings from discontinued operations.)

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures are normalized by S&P Capital IQ and may vary to maintain comparability with normalized estimates.

Margin details
 For the quarter, gross margin was 28.2%, 140 basis points better than the prior-year quarter. Operating margin was 7.2%, 100 basis points better than the prior-year quarter. Net margin was 3.2%, 60 basis points worse than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
 Next quarter's average estimate for revenue is $1.27 billion. On the bottom line, the average EPS estimate is $1.38.

Next year's average estimate for revenue is $5.10 billion. The average EPS estimate is $4.34.

Investor sentiment
 The stock has a three-star rating (out of five) at Motley Fool CAPS, with 171 members out of 183 rating the stock outperform, and 12 members rating it underperform. Among 48 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 47 give SPX a green thumbs-up, and one give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on SPX is outperform, with an average price target of $78.80.

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