SPX Corp. stock rose 11.45 percent on Friday after reporting its better-than-expected fourth quarter earnings.

SPX reported fourth quarter net income of $39.2 million, or 90 cents per share, down from net income of $58.6 million, or $1.38 per share share.

Adjusted earnings per share were 89 cents per share for the fourth quarter, which beat Yahoo Finance analysts expectations of 84 cents cents per share.

The Charlotte-based company reported $445 million in revenue for the quarter, up from revenue of $387 million in the fourth quarter of 2017. The revenue also beat Wall Street projections.

“I am very pleased with our strong operational and financial performance during 2018,” said CEO Gene Lowe in a statement. “Our earnings increased substantially, driven by strong results in our HVAC and Detection & Measurement segments.”

SPX stock rose to $35.72, up $3.67, or 11.45 percent, in Friday trading.

The infrastructure equipment supplier is targeting 2019 revenue of $1.5 billion and adjusted earnings per share to be between $2.50 and $2.65. Analysts are currently estimating earnings of $2.54 per share and revenue of $1.53 billion.

“We are off to a solid start in 2019, as we continue implementing positive changes to further enhance the performance of our businesses,” said Lower in a statement. “Overall, our end markets remain healthy, and our 2019 guidance reflects our expectations for another year of significant growth in adjusted EPS.”

The filing can be found here.