Charlotte-based industrial conglomerate SPX Corp. on Wednesday reported third-quarter earnings per share of $1.21, excluding one-time charges. That topped the company's earlier guidance of $1 to $1.10 per share and analysts' average forecast of $1.08 per share.

Revenue was $1.4 billion, up 8 percent over the year-ago quarter but slightly below Wall Street's expectations. Sales to emerging markets rose 29 percent.

In a conference call with analysts and investors, CEO Chris Kearney said "we're very pleased" with the third-quarter financials, despite the sluggish global economy. He called the pending acquisition of ClydeUnion Pumps in Glasgow, Scotland, which was announced in August and is expected to close in the fourth quarter, "the next defining step for our business."

SPX moved its headquarters from Michigan to Charlotte in 2002 after buying Charlotte's United Dominion Industries. There are now more than 300 employees in Ballantyne.

The company has about 16,000 employees in 35 countries. Its products and technologies serve customers in three primary markets: infrastructure, process equipment and diagnostic tools.

SPX's products include cooling systems for power plants, power transformers for utility companies, diagnostic tools and charging equipment for the automotive industry, and food-processing systems for the food and beverage industry.

The company's third-quarter profit attributable to common shareholders came to $60.7 million, or $1.20 per share, compared with $39.4 million, or 78 cents per share, a year earlier. The year-ago quarter included charges of 33 cents per share associated with the early termination of debt and related interest rate swap agreements. The third quarter of this year included the following items:

A charge of $30.6 million, or 39 cents per share, related to the company's pending acquisition of ClydeUnion Pumps.

Deal-related costs of $2.6 million, or 4 cents per share, related to the ClydeUnion purchase.

Net one-time tax benefits of $20.9 million, or 41 cents per share, primarily associated with certain tax-planning strategies.

"We're in good financial shape, and we're well-positioned for acquisitions," Patrick O'Leary, executive vice president and chief financial officer, told analysts and investors.

SPX shares closed Wednesday at $56.93, up $5.23 or 10.1 percent.