What happened

Shares of HVAC and infrastructure equipment company SPX Corporation (NYSE:SPXC) jumped as much as 15.9% in trading Friday after reporting first-quarter earnings. At 12:45 p.m. EDT shares were still up 15.5% for the day.

So what

Revenue fell 5.5% to $340.6 million, but net income rose 33.8% to $17.4 million, or $0.40 per share. Adjusted earnings of $0.38 per share easily topped the $0.27 analysts were expecting and revenue beat their $318.1 million guess as well.

HVAC system shown on a roof.

Image source: Getty Images.

Management also reiterated guidance of core revenue of $1.3 billion to $1.4 billion and adjusted earnings per share of $1.55 to $1.70.

Now what

Management was very bullish on the future and thinks they can deliver double digit earnings growth over the "next several years." If that's the case, shares are fairly cheap at 16 times the top end of earnings guidance.

If the construction business continues to be strong I think SPX Corporation will continue to benefit and Friday's pop in shares may be just the beginning.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.