It's getting to be a regular occurrence. It was just about this time last week that Zurich-based ABB (NYSE:ABB), which is benefiting from costly energy, told us about its unusually solid quarter. Now, another industrial company with distinct ties to energy has come forth with a big jump in its earnings.
At the podium today is SPX Corp. (NYSE:SPW) (no, I can't explain why the ticker isn't "SPX"), a Charlotte. N.C.-headquartered company that serves our energy-related needs in several ways. Its income for the quarter was $94.8 million, or $1.74 per share. That's a 48% bump on the income line.
The company competes to varying degrees with the likes of United Technologies (NYSE:UTX) and Ingersoll-Rand (NYSE:IR). It also is involved with Emerson Electric (NYSE:EMR) in a joint venture that makes lighting and power conditioning products.
SPX got a push in the quarter from revenue and segment income increases in each of its units. But all increases are not created equal: Its largest unit, flow technology, weighed in with a nearly 97% jump in revenue and a 58% increase in segment income. That, I suppose, is what's likely to happen when you manufacture and market a host of pumps, valves, and metering equipment in an era of skyrocketing energy prices.
Like ABB, SPX comes at the world of energy somewhat indirectly, but from a couple of different perspectives. And while everyone knows about the old-line oilfield companies like ExxonMobil (NYSE:XOM) and Schlumberger (NYSE:SLB), I'm closely watching the cadre of lesser-known companies that are involved in a host of industrial activities, but that will benefit nicely from growth in various forms of energy. SPX is a prominent member of the group.
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