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SPX Reports Third Quarter 2012 Results



                    SPX Reports Third Quarter 2012 Results

Revenues Up 7% to $1.25 Billion

Earnings Per Share from Continuing Operations Up 8% to $1.05

PR Newswire

CHARLOTTE, N.C., Oct. 31, 2012

CHARLOTTE, N.C., Oct. 31, 2012 /PRNewswire/ -- SPX Corporation (NYSE:SPW)
today reported results for the third quarter ended September 29, 2012:

Third Quarter Highlights:

  o Revenues increased 7.2% to $1.25 billion from $1.17 billion in the
    year-ago quarter.  Organic revenues* decreased 0.5%, while completed
    acquisitions increased revenues by 11.1% and currency fluctuations
    decreased revenues by 3.4%.
  o Segment income and margins were $134.2 million and 10.7%, compared with
    $138.0 million and 11.8% in the year-ago quarter. Third quarter of 2012
    segment margins were impacted by 77 basis points of dilution from the 2011
    acquisition of ClydeUnion, including $0.8 million of purchase accounting
    charges related to the amortization of acquired backlog value.
  o Diluted net income per share from continuing operations was $1.05,
    compared with $0.97 in the year-ago quarter. 
  o Net cash from continuing operations was $52.2 million, compared with $85.8
    million in the year-ago quarter.  The decrease was attributable primarily
    to the timing of milestone cash receipts for certain large projects within
    our Thermal Equipment and Services segment, investments in working capital
    at ClydeUnion and higher pension contributions in the current quarter. 
  o Free cash flow from continuing operations* during the quarter was $30.8
    million, compared with $57.7 million in the year-ago quarter.  The
    decrease was due primarily to the items noted above, partially offset by
    lower capital expenditures.

"Our third quarter results were highlighted by increased year-over-year sales
of Flow components and power transformers in North America and operating
margins in our legacy Flow operations, which improved both sequentially and
year over year," said Christopher J. Kearney, Chairman, President, and Chief
Executive Officer of SPX.

"However, total revenue for the third quarter came in lighter than we had
anticipated, partly due to continued challenges in the European economic
environment, customer and execution delays on projects at ClydeUnion, and some
areas of softness in Asia Pacific.  For the full year, we now expect revenue
growth in the range of 11 to 12 percent, versus our previous range of 11 to 15
percent. 

"On the strategic front, we expect the final regulatory requirements for the
sale of Service Solutions to be satisfied within the next few weeks and
anticipate the deal will close in early December.  After we receive the
proceeds from this sale, we estimate our available liquidity will be about $2
billion and we plan to complete our previously communicated capital allocation
plans, including $350 million of debt repayments and $275 million of
additional share repurchases.  We continue to make progress on the integration
of ClydeUnion.  Current quarter operating margins improved modestly
quarter-to-quarter and we are targeting a further increase in ClydeUnion's
fourth quarter profitability.

"We have made good progress on our strategic actions during the third quarter
and believe our company is better positioned for success in 2013 and beyond,"
Kearney said.

FINANCIAL HIGHLIGHTS – CONTINUING OPERATIONS

Flow Technology

Revenues for the third quarter of 2012 were $648.6 million compared to $527.9
million in the third quarter of 2011, an increase of $120.7 million, or
22.9%.  Organic revenues increased 0.5%, reflecting growth in component sales
to the oil and gas market as well as contract execution of food and beverage
systems in Asia Pacific.  This growth was mostly offset by the continued
weakness in industrial markets, most notably Europe, as well as the completion
of certain large scale nuclear projects that favorably impacted the prior year
quarter.  Acquisitions increased reported revenues by 26.4%, while the impact
of currency fluctuations decreased reported revenues by 4.0%, from the
year-ago quarter.

Segment income was $78.1 million, or 12.0% of revenues, in the third quarter
of 2012 compared to $70.1 million, or 13.3% of revenues, in the third quarter
of 2011.  The increase in segment income was due primarily to the impact of
the revenue growth noted above. The decline in segment margin was due
primarily to 200 basis points of dilution from ClydeUnion, including purchase
accounting charges related to the amortization of acquired backlog value,
partially offset by increased year-over-year pricing and improved operating
costs at facilities in the U.S. and Europe. 

Thermal Equipment and Services

Revenues for the third quarter of 2012 were $381.0 million compared to $433.9
million in the third quarter of 2011, a decrease of $52.9 million, or 12.2%. 
Organic revenues decreased 5.7% in the quarter, driven primarily by declines
in high margin cooling system projects partially offset by increases in the
execution of projects in South Africa.  The impact of currency fluctuations
decreased reported revenues by 4.1% from the year-ago quarter.

Segment income was $30.0 million, or 7.9% of revenues, in the third quarter of
2012 compared to $40.8 million, or 9.4% of revenues, in the third quarter of
2011.  The decline in segment income and margins was due primarily to the
impact of the unfavorable volume and project mix.

Industrial Products and Services

Revenues for the third quarter of 2012 were $219.8 million compared to $204.2
million for the third quarter of 2011, an increase of $15.6 million, or 7.6%. 
Organic revenues increased 8.2% in the quarter, attributable primarily to
48.3% growth in our power transformer business, partially offset by declines
in sales of fare-collection systems and communication technologies.  The
impact of currency fluctuations decreased reported revenues by 0.6% from the
year-ago quarter.

Segment income was $26.1 million, or 11.9% of revenues, in the third quarter
of 2012 compared to $27.1 million, or 13.3% of revenues, in the third quarter
of 2011.  The decrease in segment income and margins was due primarily to the
decline in high margin fare-collection and communication technologies
revenues, partially offset by the impact of increased power transformer sales
noted above.

OTHER ITEMS

Dividend:   On August 23, 2012, the company announced that its Board of
Directors had declared a quarterly dividend of $0.25 per common share to
shareholders of record on September 14, 2012, which was paid on October 3,
2012.

Form 10-Q:  The company expects to file its quarterly report on Form 10-Q for
the quarter ended September 29, 2012 with the Securities and Exchange
Commission by October 31, 2012.  This press release should be read in
conjunction with that filing, which will be available on the company's website
at www.spx.com, in the Investor Relations section.

Discontinued Operations:   During the first quarter of 2012, the company
entered into an agreement to sell its Service Solutions business unit. The
financial condition, results of operations, and cash flows of Service
Solutions have been reported as discontinued operations in the attached
condensed consolidated financial statements. 

Segment Reporting:   With the pending sale of Service Solutions, the company
is no longer reporting the Test & Measurement segment.  We are continuing to
report Flow Technology and Thermal Equipment and Services, our two reportable
segments.  The other two businesses that had been reported within Test &
Measurement, along with our remaining operating segments, are included in an
"All Other" category, which we refer to as Industrial Products and Services.

 

About SPX:  Based in Charlotte, North Carolina, SPX Corporation (NYSE: SPW) is
a global Fortune 500 multi-industry manufacturing leader with over $5 billion
in annual revenue, operations in more than 35 countries and over 18,000
employees. The company's highly-specialized, engineered products and
technologies are concentrated in three areas: flow technology, infrastructure,
and vehicle service solutions.  Many of SPX's innovative solutions are playing
a role in helping to meet rising global demand for electricity, processed
foods and beverages and vehicle services, particularly in emerging markets.
The company's products include food processing systems for the food and
beverage industry, power transformers for utility companies, cooling systems
for power plants; and diagnostic tools and equipment for the automotive
industry. This description of SPX does not reflect the pending sale of the
Service Solutions business.   For more information, please visit www.spx.com.

* Non-GAAP number. See attached financial schedules for reconciliation to most
comparable GAAP number.

Certain statements in this press release are forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934, as amended,
and are subject to the safe harbor created thereby.  Please read these results
in conjunction with the company's documents filed with the Securities and
Exchange Commission, including the company's annual reports on Form 10-K, and
any amendments thereto, and quarterly reports on Form 10-Q.  These filings
identify important risk factors and other uncertainties that could cause
actual results to differ from those contained in the forward-looking
statements.  Actual results may differ materially from these statements.  The
words "believe," "expect," "anticipate," "project" and similar expressions
identify forward-looking statements.  Although the company believes that the
expectations reflected in its forward-looking statements are reasonable, it
can give no assurance that such expectations will prove to be correct.  In
addition, estimates of future operating results are based on the company's
current complement of businesses, which is subject to change. Statements in
this press release speak only as of the date of this press release, and SPX
disclaims any responsibility to update or revise such statements.  

 

SPX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in millions, except per share amounts)
                        Three months ended          Nine months ended
                        September 29,  October 1,   September     October 1,
                        2012           2011         29, 2012      2011
Revenues                $              $            $             $        
                          1,249.4       1,166.0        3,674.9     3,287.7
Costs and expenses:
    Cost of products    912.3          842.4        2,699.1       2,356.9
sold
    Selling, general    235.0          222.5        758.0         696.8
and administrative
    Intangible          9.1            5.6          27.2          16.9
amortization
    Impairment of
goodwill and other      -              -            -             24.7
intangible assets
    Special charges,    7.1            7.2          17.9          13.8
net 
       Operating income 85.9           88.3         172.7         178.6
Other income (expense), -              (33.7)       19.0          (31.6)
net
Interest expense        (28.7)         (23.8)       (85.1)        (71.5)
Interest income         1.6            1.4          4.5           4.1
Equity earnings in      8.6            7.1          25.0          20.9
joint ventures
    Income from
continuing operations   67.4           39.3         136.1         100.5
before income taxes
Income tax (provision)  (12.5)         11.5         (34.8)        (4.0)
benefit 
    Income from         54.9           50.8         101.3         96.5
continuing operations 
Income from
discontinued            6.0            11.1         21.5          24.4
operations, net of tax
Gain (loss) on
disposition of          (0.7)          0.4          (1.6)         1.2
discontinued
operations, net of tax
    Income from
discontinued            5.3            11.5         19.9          25.6
operations, net of tax
Net income              60.2           62.3         121.2         122.1
Net income attributable
to noncontrolling       2.4            1.6          2.5           4.0
interests
Net income attributable $              $            $             $          
to SPX Corporation             57.8          60.7         118.7     118.1
common shareholders
Amounts attributable to
SPX Corporation common
shareholders:
    Income from         $              $            $             $          
continuing operations,         52.5          49.2           98.8      92.5
net of tax
    Income from
discontinued            5.3            11.5         19.9          25.6
operations, net of tax
      Net income        $              $            $             $          
                               57.8          60.7         118.7     118.1
Basic income per share
of common stock:
   Income from
continuing operations   $              $            $             $          
attributable to SPX            1.05          0.97           1.97      1.83
Corporation common
shareholders
   Income from
discontinued operations
attributable to SPX     0.11           0.23         0.40          0.51
Corporation common
shareholders
      Net income per
share attributable to   $              $            $             $          
SPX Corporation common         1.16          1.20           2.37      2.34
shareholders
Weighted average number
of common shares        49.958         50.618       50.174        50.480
outstanding - basic
Diluted income per
share of common stock:
   Income from
continuing operations   $              $            $             $          
attributable to SPX            1.05          0.97           1.94      1.81
Corporation common
shareholders
   Income from
discontinued operations
attributable to SPX     0.11           0.23         0.40          0.50
Corporation common
shareholders
      Net income per
share attributable to   $              $            $             $          
SPX Corporation common         1.16          1.20           2.34      2.31
shareholders
Weighted average number
of common shares        50.038         50.804       50.799        51.039
outstanding - diluted
Comprehensive income    $              $            $             $          
(loss)                       139.6          (30.1)        134.9     153.7

 

 SPX CORPORATION AND SUBSIDIARIES 
 CONDENSED CONSOLIDATED BALANCE SHEETS 
 (Unaudited; in millions) 
                                     September 29,        December 31,
                                     2012                 2011
ASSETS
 Current assets:
    Cash and equivalents             $             346.3  $             551.0
    Accounts receivable, net         1,355.9              1,224.5
    Inventories                      629.0                591.9
    Other current assets             152.7                132.7
    Deferred income taxes            97.8                 66.4
    Assets of discontinued           706.7                720.1
operations
      Total current assets           3,288.4              3,286.6
 Property, plant and equipment:
    Land                             45.1                 48.4
    Buildings and leasehold          317.2                302.9
improvements
    Machinery and equipment          811.1                775.0
                                     1,173.4              1,126.3
    Accumulated depreciation         (516.5)              (476.3)
    Property, plant and equipment,   656.9                650.0
net
 Goodwill                            1,810.7              1,773.7
 Intangibles, net                    967.1                972.4
 Other assets                        746.0                709.1
 TOTAL ASSETS                        $          7,469.1   $          7,391.8
LIABILITIES AND EQUITY
 Current liabilities:
    Accounts payable                 $             534.2  $             643.4
    Accrued expenses                 1,014.6              982.0
    Income taxes payable             28.3                 26.7
    Short-term debt                  223.8                71.3
    Current maturities of long-term  331.1                4.2
debt
    Liabilities of discontinued      194.2                234.4
operations
      Total current liabilities      2,326.2              1,962.0
 Long-term debt                      1,594.3              1,925.6
 Deferred and other income taxes     167.9                131.1
 Other long-term liabilities         1,068.6              1,135.8
     Total long-term liabilities     2,830.8              3,192.5
 Equity:
   SPX Corporation shareholders'
equity:
    Common stock                     998.0                993.6
    Paid-in capital                  1,549.5              1,502.2
    Retained earnings                2,568.8              2,488.3
    Accumulated other comprehensive  (233.1)              (246.5)
loss
    Common stock in treasury         (2,583.2)            (2,510.3)
      Total SPX Corporation          2,300.0              2,227.3
shareholders' equity
    Noncontrolling interests         12.1                 10.0
      Total equity                   2,312.1              2,237.3
TOTAL LIABILITIES AND EQUITY         $          7,469.1   $          7,391.8

 

SPX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
                        Three months ended          Nine months ended
                        September 29,  October 1,   September 29,  October 1,
                        2012           2011         2012           2011
Cash flows from (used
in) operating
activities:
                        $              $            $              $          
Net income                                                                    
                        60.2              62.3      121.2           122.1
Less: Income from
discontinued            5.3            11.5         19.9           25.6
operations, net of tax
Income from continuing  54.9           50.8         101.3          96.5
operations
Adjustments to
reconcile income from
continuing operations
  to net cash from
(used in) operating
activities:
   Special charges, net 7.1            7.2          17.9           13.8
   Impairment of
goodwill and other      -              -            -              24.7
intangible assets
   Gain on sale of a    -              -            (20.5)         -
business
   Deferred and other   5.2            (20.8)       5.3            (25.8)
income taxes
   Depreciation and     28.1           21.9         85.2           64.1
amortization
   Pension and other    15.0           13.7         43.7           43.2
employee benefits
   Stock-based          5.6            7.2          33.9           32.9
compensation
   Loss on FX forward
contracts and FX        0.2            31.4         1.4            32.8
embedded derivatives,
net
   Other, net           3.4            2.0          9.4            5.2
Changes in operating
assets and liabilities,
net of 
  effects from
acquisitions and
divestitures:
   Accounts receivable  (21.7)         (11.4)       (196.6)        (56.5)
and other assets
   Inventories          (7.5)          (42.8)       (15.3)         (107.8)
   Accounts payable,
accrued expenses and    (34.5)         30.9         (189.8)        0.8
other
   Cash spending on     (3.6)          (4.3)        (15.3)         (17.5)
restructuring actions
Net cash from (used in) 52.2           85.8         (139.4)        106.4
continuing operations
Net cash from (used in) 15.7           24.9         (13.8)         14.8
discontinued operations
Net cash from (used in) 67.9           110.7        (153.2)        121.2
operating activities
Cash flows used in
investing activities:
   Proceeds from asset  1.5            0.1          10.2           0.3
sales and other
   (Increase) decrease  0.1            0.1          1.9            (2.7)
in restricted cash
   Business
acquisitions and other  -              (0.7)        (30.5)         (8.1)
investments, net of
cash acquired
   Capital expenditures (21.4)         (28.1)       (58.5)         (72.5)
Net cash used in        (19.8)         (28.6)       (76.9)         (83.0)
continuing operations
Net cash used in        (2.0)          (1.9)        (4.0)          (50.0)
discontinued operations
Net cash used in        (21.8)         (30.5)       (80.9)         (133.0)
investing activities
Cash flows from (used
in) financing
activities:
   Borrowings under
senior credit           300.0          285.0        886.0          660.0
facilities
   Repayments under
senior credit           (314.0)        (320.0)      (781.9)        (660.0)
facilities
   Repayments under     -              -            -              (49.5)
senior notes
   Borrowings under
trade receivables       29.3           10.0         127.3          96.0
agreement
   Repayments under
trade receivables       (22.0)         (21.0)       (81.3)         (50.0)
agreement
   Net borrowings
(repayments) under      (8.7)          (4.3)        (4.8)          1.5
other financing
arrangements
   Purchases of common  -              -            (75.0)         -
stock 
   Proceeds from the
exercise of employee
stock options and
other, net of
       minimum tax
withholdings paid on
behalf of employees for
net share 
       settlements      0.5            0.9          5.1            -
   Financing fees paid  -              (0.5)        (0.2)          (11.7)
   Dividends paid       (13.2)         (12.6)       (38.5)         (40.7)
Net cash from (used in) (28.1)         (62.5)       36.7           (54.4)
continuing operations
Net cash from           -              -            -              -
discontinued operations
Net cash from (used in) (28.1)         (62.5)       36.7           (54.4)
financing activities
Change in cash and
equivalents due to      0.8            (16.6)       (7.3)          7.0
changes in foreign
currency exchange rates
Net change in cash and  18.8           1.1          (204.7)        (59.2)
equivalents
Consolidated cash and
equivalents, beginning  327.5          395.1        551.0          455.4
of period
Consolidated cash and   $              $            $              $          
equivalents, end of                                                           
period                  346.3           396.2       346.3           396.2

 

 

SPX CORPORATION AND SUBSIDIARIES
RESULTS OF REPORTABLE SEGMENTS AND OTHER OPERATING SEGMENTS
(Unaudited; in millions)
                    Three months ended             Nine months ended
                    September    October   %       September    October %
                    29, 2012     1, 2011           29, 2012     1, 2011
Flow Technology
reportable segment
                    $            $                 $            $      
Revenues                                   22.9%                        32.3%
                     648.6          527.9          1,954.0         
                                                                1,476.6
Gross profit        197.8        169.1             581.7        488.4
Selling, general
and administrative  112.3        95.0              365.5        293.5
expense
Intangible
amortization        7.4          4.0               21.9         11.8
expense
                    $            $                 $            $      
Income                                     11.4%                        6.1%
                     78.1             70.1          194.3            
                                                                 183.1
   as a percent of  12.0%        13.3%             9.9%         12.4%
revenues
Thermal Equipment
and Services
reportable segment
                    $            $                 $            $      
Revenues                                   -12.2%                       -11.7%
                     381.0          433.9          1,051.7         
                                                                1,191.1
Gross profit        80.2         93.9              210.2        258.3
Selling, general
and administrative  48.9         51.7              149.9        156.2
expense
Intangible
amortization        1.3          1.4               4.0          4.2
expense
                    $            $                 $            $      
Income                                     -26.5%                       -42.5%
                     30.0             40.8          56.3               
                                                                 97.9
 as a percent of    7.9%         9.4%              5.4%         8.2%
revenues
Industrial
Products and
Services
                    $            $                 $            $      
Revenues                                   7.6%                         7.9%
                     219.8          204.2           669.2            
                                                                 620.0
Gross profit        62.0         63.2              192.1        191.6
Selling, general
and administrative  35.5         35.9              108.7        112.1
expense
Intangible
amortization        0.4          0.2               1.3          0.9
expense
                    $            $                 $            $      
Income                                     -3.7%                        4.5%
                     26.1             27.1          82.1               
                                                                 78.6
 as a percent of    11.9%        13.3%             12.3%        12.7%
revenues
Total income for    $            $                 $            $      
reportable and                                                         
other operating      134.2          138.0           332.7            
segments                                                         359.6
Corporate           24.9         26.7              79.3         82.9
expenses   
Pension and
postretirement      10.7         8.6               28.9         26.7
expense 
Stock-based
compensation        5.6          7.2               33.9         32.9
expense
Impairment of
goodwill and other  -            -                 -            24.7
intangible assets
Special charges,    7.1          7.2               17.9         13.8
net
                    $            $                 $            $      
Consolidated                               -2.7%                        -3.3%
Operating Income     85.9             88.3          172.7            
                                                                 178.6

 

 

SPX CORPORATION AND SUBSIDIARIES
ORGANIC REVENUE RECONCILIATION
(Unaudited)
                    Three months ended September 29, 2012
                    Net Revenue                      Foreign     Organic
                                                                 Revenue
                    Growth         Acquisitions      Currency    Growth
                    (Decline)      (Divestitures)                (Decline)
Flow Technology     22.9        %  26.4           %  (4.0)    %  0.5       %
reportable segment
Thermal Equipment
and Services        (12.2)      %  (2.4)          %  (4.1)    %  (5.7)     %
reportable segment
Industrial
Products and        7.6         %  -              %  (0.6)    %  8.2       %
Services
Consolidated        7.2         %  11.1           %  (3.4)    %  (0.5)     %
                    Nine months ended September 29, 2012
                    Net Revenue                      Foreign     Organic
                                                                 Revenue
                    Growth         Acquisitions      Currency    Growth
                    (Decline)      (Divestitures)                (Decline)
Flow Technology     32.3        %  29.0           %  (4.0)    %  7.3       %
reportable segment
Thermal Equipment
and Services        (11.7)      %  (1.7)          %  (4.4)    %  (5.6)     %
reportable segment
Industrial
Products and        7.9         %  -              %  (0.6)    %  8.5       %
Services
Consolidated        11.8        %  12.4           %  (3.5)    %  2.9       %

 

SPX CORPORATION AND SUBSIDIARIES
FREE CASH FLOW  RECONCILIATION
(Unaudited; in millions)
                        Three months ended          Nine months ended 
                        September 29,  October 1,   September 29,  October 1,
                        2012           2011         2012           2011
Net cash from (used     $              $            $              $          
in) continuing                                                                
operations              52.2              85.8      (139.4)         106.4
Capital expenditures -  (21.4)         (28.1)       (58.5)         (72.5)
continuing operations
Free cash flow from     $              $            $              $          
(used in) continuing                                                          
operations              30.8              57.7      (197.9)           33.9

 

 

SPX CORPORATION AND SUBSIDIARIES
CASH AND DEBT RECONCILIATION
(Unaudited; in millions)
                       Nine months
                       ended
                       September
                       29, 2012
Beginning cash and     $          
equivalents                   
                        551.0
Cash used in           (139.4)
continuing operations
Business
acquisitions, net of   (30.5)
cash acquired
Capital expenditures   (58.5)
Decrease in            1.9
restricted cash
Proceeds from asset    10.2
sales and other
Borrowings under
senior credit          886.0
facilities
Repayments under
senior credit          (781.9)
facilities
Net borrowings under
trade receivable       46.0
agreement
Net repayments under
other financing        (4.8)
arrangements
Financing fees paid    (0.2)
Proceeds from the
exercise of employee
stock options and
other,
  net of minimum
withholdings paid on
behalf of employees    5.1
for net share
settlements 
Purchases of common    (75.0)
stock
Dividends paid         (38.5)
Cash used in
discontinued           (17.8)
operations
Change in cash due to
changes in foreign     (7.3)
currency exchange
rates
Ending cash and        $          
equivalents                   
                        346.3
                       Debt at                                       Debt at
                       December     Borrowings   Repayments   Other  September
                       31, 2011                                      29, 2012
                                                              $    
Domestic revolving     $            $            $                   $        
loan facility                                                                 
                         -           886.0        (750.0)             136.0
                                                                -
Foreign revolving      30.9         -            (31.9)       1.0    -
loan facility
Term Loan 1            300.0        -            -            -      300.0
Term Loan 2            500.0        -            -            -      500.0
6.875% senior notes    600.0        -            -            -      600.0
7.625% senior notes    500.0        -            -            -      500.0
Trade receivables      -            127.3        (81.3)       -      46.0
financing arrangement
Other indebtedness     70.2         13.9         (18.7)       1.8    67.2
                                                              $    
                       $            $            $                   $        
Totals                                                                      
                       2,001.1      1,027.2       (881.9)            2,149.2
                                                               2.8

 

 

SOURCE SPX Corporation

Website: http://www.spx.com
Contact: Ryan Taylor (Investors), +1-704-752-4486, investor@spx.com; or
Jennifer H. Epstein (Media), +1-704-752-7403 or +1-704-576-5441,
jennifer.epstein@spx.com
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