SPX Corporation, an infrastructure equipment supplier, reported 2019 third-quarter adjusted earnings of 60 cents per share, beating analysts’ estimates by 11 cents.

Earnings for the third quarter of 2018 were 39 cents, showing an increase of more than 50 percent for 2019. This rise is attributed to an improved sales mix and operational measures, the company said.

The company reported revenue of $358.8 million, which increased from the previous year’s $341.1 million.

SPX set target adjusted earnings for the fourth quarter of 2019 to a range of $2.65 to $2.72, up from the prior range of $2.60 to $2.72.

“With our strong balance sheet, we also remain well-positioned to deploy capital to drive shareholder value, including for highly strategic acquisitions, where we remain active,” said Gene Lowe, SPX president and CEO, in a press release,

SPX is a global supplier of heating, ventilation and air conditioning equipment. It is headquartered in Charlotte and was founded in 1988.

Shares of SPX were closed at $45.54 Thursday, up $2.85.