SPX Reports Fourth Quarter 2012 Results; Announces 2013 Annual Guidance

   SPX Reports Fourth Quarter 2012 Results; Announces 2013 Annual Guidance

Fourth Quarter 2012 Results in Line with Previously Announced Targets

2013 Earnings Per Share from Continuing Operations Range of $4.60 to $5.10

Targets $450 Million For Share Repurchases and Voluntary Pension Funding

PR Newswire

CHARLOTTE, N.C., Feb. 14, 2013

CHARLOTTE, N.C., Feb. 14, 2013 /PRNewswire/ --SPX Corporation (NYSE: SPW)
today reported results for the fourth quarter and year ended December 31, 2012
and announced annual guidance for 2013:

Fourth Quarter Highlights:

  oRevenues increased 14.1% to $1.44 billion from $1.26 billion in the
    year-ago quarter. Organic revenues* increased 1.9%, while completed
    acquisitions and currency fluctuations impacted revenues by 12.9% and
    (0.7)%, respectively.
  oSegment income and margins were $173.8 million and 12.1%, compared to
    $160.5 million and 12.8% in the year-ago quarter.
  oNet loss per share from continuing operations was $(3.62), which included
    a non-cash impairment charge of $285.9 million, or $5.19, net of tax, per
    share, associated with the impairment of goodwill and other long-term
    assets within the Thermal Equipment and Services segment.
  oDiluted net income per share was $2.83, which included a gain of $560.7
    million or $6.32, net of tax, per share related to the sale of the Service
    Solutions business for approximately $1.15 billion. The results for this
    business unit, including the gain on the sale, are reported as a
    discontinued operation.
  oNet cash from continuing operations was $225.4 million, compared with
    $144.9 million in the year-ago quarter. The increase was due primarily to
    higher outflows in the prior year quarter related to the acquisition of
    ClydeUnion.
  oFree cash flow from continuing operations* was $199.5 million, compared
    with $70.4 million in the year-ago quarter. The increase was due primarily
    to the item noted above, as well as lower capital expenditures as spending
    on the expansion of our power transformer facility was essentially
    completed in the fourth quarter of 2011.

Full Year 2012 Highlights:

  oRevenues increased 12.4% to $5.10 billion from $4.54 billion in 2011.
    Organic revenues* increased 2.5%, while completed acquisitions and
    currency fluctuations impacted reported revenues by 12.6% and (2.7)%,
    respectively.
  oSegment income and margins were $505.9 million and 9.9%, compared to
    $520.6 million and 11.5% in 2011.
  oNet loss per share from continuing operations was $(1.62), which included
    a non-cash impairment charge of $285.9 million, or $5.11, net of tax, per
    share, associated with the impairment of goodwill and other long-term
    assets within the Thermal Equipment and Services segment.
  oDiluted net income per share was $5.18, which included a gain of $560.7
    million or $6.26, net of tax, per share related to the sale of the Service
    Solutions business for approximately $1.15 billion. The results for this
    business unit, including the gain on the sale, are reported as a
    discontinued operation.
  oNet cash from continuing operations was $84.7 million, compared to $252.5
    million in the prior year. 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, higher pension contributions, and higher tax payments.
  oFree cash flow from continuing operations* was $0.4 million, compared to
    $105.5 million in the prior year. The decrease was due primarily to the
    items noted above, offset by lower capital expenditures as spending on the
    expansion of our power transformer facility was essentially completed in
    the fourth quarter of 2011.

Full Year 2013 Expectations:

  oRevenues are expected to be in the range of $5.10 to $5.35 billion, or
    flat to growth of 5% organically compared to 2012.
  oSegment income margins are forecasted to expand between 80 and 130 basis
    points.
  oCapital allocation plans include $200 million of share repurchases and
    $250 million of voluntary pension contributions. The net cash impact of
    the voluntary pension contributions is expected to be $160 million dollars
    as there is approximately a $90 million dollar tax benefit related to this
    contribution. These actions are expected to increase earnings per share by
    approximately $0.30 in 2013.
  oEarnings per share from continuing operations are expected to be $4.60 to
    $5.10. This includes the expected benefit from the previously mentioned
    capital allocation plans.
  oAdjusted net cash from continuing operations* is expected to be $350 to
    $390 million. This does not include voluntary pension contributions and
    taxes payable on the sale of Service Solutions. Capital expenditures are
    expected to be approximately $90 million. The resulting adjusted free cash
    flow* range is expected to be between $260 and $300 million. This
    performance represents approximately 125% conversion of expected net
    income.

"We finished 2012 with our strongest financial quarter of the year,
highlighted by sequential revenue growth and margin expansion across all three
segments and an increased contribution from ClydeUnion, in line with our
expectations. In addition, we completed the sale of Service Solutions for
approximately $1.15 billion. Consistent with our previously communicated $700
million capital allocation plans, we used $350 million of the proceeds to
repurchase shares and $350 million of the proceeds to reduce bank debt during
the year.

"Building on these capital allocation actions, we plan to reinvest an
additional $450 million of capital this year on actions we believe will
generate a solid return on investment and will increase earnings per share by
$0.30 in 2013 and approximately $0.50 on an annualized basis. In 2013, we are
targeting to repurchase $200 million of shares and make $250 million of
voluntary pension contributions, essentially fully funding our US qualified
pension plan. Following these actions, we are projecting $1.2 billion of
liquidity at the end of 2013," said Christopher J. Kearney, Chairman,
President and Chief Executive Officer of SPX.

"2012 was a year of strategic transition in which we continued our efforts to
further align SPX to serve end markets with attractive near and long-term
growth potential. We are in a strong financial position with significant
liquidity and have started 2013 well positioned for future growth," Kearney
added.

FINANCIAL HIGHLIGHTS – CONTINUING OPERATIONS

Flow Technology 

Revenues for the fourth quarter of 2012 were $728.2 million compared to $565.4
million in the fourth quarter of 2011, an increase of $162.8 million, or
28.8%. Organic revenues* decreased 0.7%, while completed acquisitions and
currency fluctuations favorably impacted revenues by 29.5%.

Segment income was $90.8 million, or 12.5% of revenues, in the fourth quarter
of 2012 compared to $85.3 million, or 15.1% of revenues, in the fourth quarter
of 2011. The decline in segment income margin was due primarily to reduced
profitability in Europe, a higher mix of food & beverage system project
revenue, which carries a lower profitability margin, and 50 basis points of
dilution from ClydeUnion.

Thermal Equipment and Services

Revenues for the fourth quarter of 2012 were $446.7 million compared to $450.1
million in the fourth quarter of 2011, a decrease of $3.4 million, or 0.8%.
Organic revenues* increased 2.0%, while completed divestitures and currency
fluctuations decreased revenues by 1.3% and 1.5%, respectively.

Segment income was $50.9 million, or 11.4% of revenues, in the fourth quarter
of 2012 compared to $44.2 million, or 9.8% of revenues, in the fourth quarter
of 2011. The increase in segment income and margin was due primarily to higher
sales of residential boilers, in support of Hurricane Sandy rebuilding
efforts.

Industrial Products and Services

Revenues for the fourth quarter of 2012 were $260.8 million compared to $242.6
million in the fourth quarter of 2011, an increase of $18.2 million, or 7.5%.
Organic revenues* increased 7.5% in the quarter. The primary driver of the
revenue increase was a 24% increase in power transformer sales. This was
partially offset by lower sales of communication technologies and fare
collection systems.

Segment income was $32.1 million, or 12.3% of revenues, in the fourth quarter
of 2012 compared to $31.0 million, or 12.8% of revenues, in the fourth quarter
of 2011. The decrease in segment income margin was due primarily to the
revenue mix noted above, with the increased transformer sales having a
dilutive impact.

OTHER ITEMS

Disposition: On December 3, 2012, the company announced that it had completed
the sale of its Service Solutions business to Robert Bosch GmbH for
approximately $1.15 billion, subject to working capital adjustments. As a
result of the sale, the company recorded a pre-tax gain of $560.7 million.
This business unit has been reported as a discontinued operation.

Share Repurchases: In the first quarter of 2012, the company entered into a
10b5-1 share repurchase plan to facilitate the repurchase of $350 million of
its stock. Phase I of this share repurchase plan was completed in Q2 2012 and
totaled $75 million or 1.0 million shares. Shortly after receiving the
proceeds from the sale of Service Solutions, Phase II of the company's 10b5-1
share repurchase plan began trading.Under Phase II, completed in January
2013, the company repurchased $275 million or 4.1 million shares.

Dividend: On November 27, 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 December 12, 2012, which was paid on December 27,
2012.

Form 10-K: The company expects to file its annual report on Form 10-K for the
year ended December 31, 2012 with the Securities and Exchange Commission no
later than March 1, 2013. 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.

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 approximately
15,000 employees. The company's highly-specialized, engineered products and
technologies are concentrated in Flow Technology and energy infrastructure.
Many of SPX's innovative solutions are playing a role in helping to meet
rising global demand for electricity and processed foods and beverages,
particularly in emerging markets. The company's products include food
processing systems for the food and beverage industry, power transformers for
utility companies, and cooling systems for power plants. 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.

Investor Meeting for Q4 2012 Earnings and 2013 Guidance

SPX will meet with investors today at 8 a.m. Eastern Time to present the
company's Q4 and full year 2012 results, issue financial guidance for 2013 and
also provide its capital allocation expectations for this year. The meeting
will last approximately 90 minutes and will feature remarks by Chris Kearney,
Chairman, President and CEO, and Jeremy Smeltser, Vice President and Chief
Financial Officer.

This meeting will be webcast. A link to the webcast and the printable file of
the slide presentation will be available in the Investor Relations section of
the company's website at www.spx.com. A replay of the webcast will be
available until Thursday, March 14, 2013. If you would like to listen to the
live meeting, call 866-510-0710 (from outside the United States: +1
617-597-5378).Use participant code: 99805695.

SPX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in millions, except per share amounts)
                         Three months ended          Twelve months ended
                         December 31,  December 31,  December 31,  December
                         2012          2011          2012          31, 2011
                         $        $        $        $     
Revenues                                              
                         1,435.7      1,258.1        5,100.2  4,536.9
Costs and expenses:
 Cost of products     1,033.2       912.2         3,725.2       3,262.2
sold
 Selling, general and 265.6         217.2         1,020.9       911.3
administrative
 Intangible           7.9           6.3           35.1          23.3
amortization
 Impairment of
goodwill and other       285.9         3.6           285.9         28.3
long-term assets
 Special charges,     6.2           11.5          24.1          25.3
net
 Operating income  (163.1)       107.3         9.0           286.5
(loss)
Other income (expense),  (5.1)         (22.0)        14.0          (53.6)
net
Interest expense         (29.3)        (25.5)        (114.4)       (97.0)
Interest income          1.8           1.5           6.3           5.6
Equity earnings in joint 13.6          7.5           38.6          28.4
ventures
 Income (loss) from
continuing operations    (182.1)       68.8          (46.5)        169.9
before income taxes
Income tax (provision)   2.9           (10.3)        (31.9)        (14.3)
benefit
 Income (loss) from   (179.2)       58.5          (78.4)        155.6
continuing operations
Income from discontinued 5.0           5.9           27.0          29.7
operations, net of tax
Gain (loss) on
disposition of           315.0         (0.9)         313.4         0.3
discontinued operations,
net of tax
 Income from          320.0         5.0           340.4         30.0
discontinued operations
Net income              140.8         63.5          262.0         185.6
Less: Net income
attributable to          0.3           1.0           2.8           5.0
noncontrolling interests
Net income attributable  $        $        $        $     
to SPX Corporation                                    
common shareholders        140.5        62.5       259.2   180.6
Amounts attributable to
SPX Corporation common
shareholders:
Income (loss) from       $        $        $        $     
continuing operations,                                
net of tax                (179.5)        57.5                150.6
                                                     (81.2)
Income from discontinued 320.0         5.0           340.4         30.0
operations, net of tax
                         $        $        $        $     
Net income                                            
                           140.5        62.5       259.2   180.6
Basic income (loss) per
share of common stock:
 Income (loss) from                               $     
continuing operations    $        $                $     
attributable to SPX                                      
Corporation common         (3.62)       1.14    (1.62)         2.98
shareholders
 Income from
discontinued operations
attributable to SPX      6.45          0.10          6.80          0.60
Corporation common
shareholders
 Net income per     $        $        $        $     
share attributable to                                 
SPX Corporation common      2.83       1.24                3.58
shareholders                                         5.18
Weighted-average number
of common shares         49.605        50.558        50.031        50.499
outstanding - basic
Diluted income (loss)
per share of common
stock:
 Income (loss) from                               $     
continuing operations    $        $                $     
attributable to SPX                                      
Corporation common         (3.62)       1.13    (1.62)         2.96
shareholders
 Income from
discontinued operations
attributable to SPX      6.45          0.10          6.80          0.58
Corporation common
shareholders
 Net income per     $        $        $        $     
share attributable to                                 
SPX Corporation common      2.83       1.23                3.54
shareholders                                         5.18
Weighted-average number
of common shares         49.605        50.672        50.031        50.946
outstanding - diluted





SPX CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions)
                                           December 31,          December 31,
                                           2012                  2011
ASSETS
Current assets:
 Cash and equivalents                   $       984.1  $      
                                                                 551.0
 Accounts receivable, net               1,333.0               1,221.2
 Inventories                            555.6                 587.2
 Other current assets                   149.9                 131.8
 Deferred income taxes                 92.4                  66.2
 Assets of discontinued operations      -                     731.6
 Total current assets                 3,115.0               3,289.0
Property, plant and equipment:
 Land                                   45.4                  48.4
 Buildings and leasehold improvements   404.9                 302.7
 Machinery and equipment                806.9                 774.5
                                           1,257.2               1,125.6
 Accumulated depreciation               (512.2)               (476.1)
 Property, plant and equipment, net     745.0                 649.5
Goodwill                                  1,574.0               1,772.1
Intangibles, net                          962.4                 972.1
Other assets                              733.7                 709.1
TOTAL ASSETS                              $      7,130.1  $     
                                                                 7,391.8
LIABILITIES AND EQUITY
Current liabilities:
 Accounts payable                       $              $      
                                           571.4                 640.8
 Accrued expenses                       996.6                 977.3
 Income taxes payable                   126.5                 26.7
 Short-term debt                        33.4                  71.3
 Current maturities of long-term debt   8.7                   4.2
 Liabilities of discontinued            -                     241.7
operations
 Total current liabilities            1,736.6               1,962.0
Long-term debt                            1,649.9               1,925.6
Deferred and other income taxes          251.1                 131.1
Other long-term liabilities               1,212.5               1,135.8
 Total long-term liabilities           3,113.5               3,192.5
Equity:
 SPX Corporation shareholders' equity:
 Common stock                           998.9                 993.6
 Paid-in capital                        1,553.7               1,502.2
 Retained earnings                      2,696.6               2,488.3
 Accumulated other comprehensive loss   (228.9)               (246.5)
 Common stock in treasury               (2,751.6)             (2,510.3)
 Total SPX Corporation shareholders'  2,268.7               2,227.3
equity
 Noncontrolling interests               11.3                  10.0
Total equity                              2,280.0               2,237.3
TOTAL LIABILITIES AND EQUITY               $      7,130.1  $     
                                                                 7,391.8





SPX CORPORATION AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT
(Unaudited; in millions)
                   Three months ended             Twelve months ended
                   December    December  %        December    December  %
                   31, 2012    31, 2011           31, 2012    31, 2011
Flow Technology
reportable
segment
                   $       $              $       $    
Revenues                       28.8%                 31.4%
                   728.2      565.4             2,682.2     2,042.0
Gross profit       226.2       185.4              807.9       673.8
Selling, general
and                129.6       95.2               495.1       388.7
administrative
expense
Intangible
amortization       5.8         4.9                27.7        16.7
expense
                   $       $              $       $    
Income                         6.4%                 6.2%
                    90.8      85.3             285.1      268.4
as a percent of   12.5%       15.1%              10.6%       13.1%
revenues
Thermal Equipment
and Services
reportable segment
                   $       $              $       $    
Revenues                       -0.8%                 -8.9%
                   446.7      450.1             1,490.9     1,636.4
Gross profit       108.3       96.6               316.6       353.9
Selling, general
and                56.2        51.1               204.7       205.8
administrative
expense
Intangible
amortization       1.2         1.3                5.2         5.6
expense
                   $       $              $       $    
Income                         15.2%                -25.1%
                    50.9      44.2             106.7      142.5
as a percent of   11.4%       9.8%               7.2%        8.7%
revenues
Industrial
Products and
Services
                   $       $              $       $    
Revenues                       7.5%                 8.0%
                   260.8      242.6              927.1      858.5
Gross profit       70.4        66.5               261.1       257.0
Selling, general
and                37.4        35.4               144.8       146.3
administrative
expense
Intangible
amortization       0.9         0.1                2.2         1.0
expense
                   $       $              $       $    
Income                         3.5%                 4.0%
                    32.1      31.0             114.1      109.7
as a percent of   12.3%       12.8%              12.3%       12.8%
revenues
Total income for   $       $              $       $    
reportable and                                     
other operating    173.8      160.5              505.9      520.6
segments
Corporate expense  29.5        23.1               108.8       105.9
Pension and
postretirement     9.8         8.7                38.7        35.4
expense
Stock-based
compensation       5.5         6.3                39.4        39.2
expense
Impairment of
goodwill and other 285.9       3.6                285.9       28.3
long-term assets
Special charges,   6.2         11.5               24.1        25.3
net
Consolidated       $       $              $       $    
Operating Income               -252.0%              -96.9%
(Loss)             (163.1)     107.3                9.0    286.5





SPX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
                      Three months ended           Twelve months ended
                      December 31,   December 31,  December 31,  December 31,
                      2012           2011          2012          2011
Cash flows from
operating activities:
                      $        $        $        $      
Net income                                 262.0     185.6
                      140.8           63.5
Less: Income from
discontinued          320.0          5.0           340.4         30.0
operations, net of
tax
Income (loss) from    (179.2)        58.5          (78.4)        155.6
continuing operations
Adjustments to
reconcile income
(loss) from
continuing operations
 to net cash from
operating activities:
 Special charges,   6.2            11.5          24.1          25.3
net
 Gain on sale of a  -              -             (20.5)        -
business
 Impairment of
goodwill and other    285.9          3.6           285.9         28.3
long-term assets
 Deferred and other 5.6            (10.0)        11.0          (35.7)
income taxes
 Depreciation and   26.7           23.7          111.8         87.7
amortization
 Pension and other  14.6           13.3          58.3          56.5
employee benefits
 Stock-based        5.5            6.3           39.4          39.2
compensation
 Other, net         (2.4)          (29.0)        8.4           9.0
Changes in operating
assets and
liabilities, net of
 effects from
acquisitions and
divestitures:
 Accounts
receivable and other  (13.4)         42.8          (211.6)       (14.5)
assets
 Inventories        87.9           32.8          73.2          (73.2)
 Accounts payable,
accrued expenses and  (7.2)          (2.7)         (196.8)       (2.3)
other
 Cash spending on   (4.8)          (5.9)         (20.1)        (23.4)
restructuring actions
Net cash from         225.4          144.9         84.7          252.5
continuing operations
Net cash from (used
in) discontinued      (2.4)          56.5          (14.9)        70.1
operations
Net cash from         223.0          201.4         69.8          322.6
operating activities
Cash flows from (used
in) investing
activities:
 Proceeds from      8.9            0.8           19.1          1.1
asset sales and other
 (Increase)
decrease in           -              2.3           1.9           (0.4)
restricted cash
 Business
acquisitions and      (3.8)          (739.4)       (34.3)        (747.5)
other investments,
net of cash acquired
 Capital            (25.9)         (74.5)        (84.3)        (147.0)
expenditures
Net cash used in      (20.8)         (810.8)       (97.6)        (893.8)
continuing operations
Net cash from (used
in) discontinued      1,132.4        (0.5)         1,128.3       (50.5)
operations
Net cash from (used
in) investing         1,111.6        (811.3)       1,030.7       (944.3)
activities
Cash flows from (used
in) financing
activities:
 Borrowings under
senior credit         179.0          1,221.1       1,065.0       1,881.1
facilities
 Repayments under
senior credit         (640.0)        (390.0)       (1,421.9)     (1,050.0)
facilities
 Repayments under   -              -             -             (49.5)
senior notes
 Borrowings under
trade receivables     -              22.0          127.3         118.0
agreement
 Repayments under
trade receivables     (46.0)         (68.0)        (127.3)       (118.0)
agreement
 Net borrowings
(repayments) under    (3.8)          1.3           (8.6)         2.8
other financing
arrangements
 Purchases of       (170.6)        -             (245.6)       -
common stock
 Proceeds from
exercise of employee
stock options and
other,
 net of minimum
withholdings paid on
behalf of employees   0.2            0.1           5.3           0.1
for net share
settlements
 Dividends paid     (25.1)         (12.7)        (63.6)        (53.4)
 Financing fees     -              (5.5)         (0.2)         (17.2)
paid
Net cash from (used
in) continuing        (706.3)        768.3         (669.6)       713.9
operations
Net cash from
discontinued          -              -             -             -
operations
Net cash from (used
in) financing         (706.3)        768.3         (669.6)       713.9
activities
Change in cash and
equivalents due to    9.5            (3.6)         2.2           3.4
changes in foreign
exchange rates
Net change in cash    637.8          154.8         433.1         95.6
and equivalents
Consolidated cash and
equivalents,          346.3          396.2         551.0         455.4
beginning of period
Consolidated cash and $        $        $        $      
equivalents, end of                        984.1     551.0
period                984.1          551.0



SPX CORPORATION AND SUBSIDIARIES
ORGANIC REVENUE RECONCILIATION
(Unaudited)
              Three months ended December 31, 2012
              Net                                       Foreign     Organic
              Revenue                                               Revenue
              Growth       Acquisitions/Divestitures    Currency    Growth
              (Decline)                                             (Decline)
Flow
Technology    28.8      %  29.8                      %  (0.3)    %  (0.7)     %
reportable
segment
Thermal
Equipment
and Services  (0.8)     %  (1.3)                     %  (1.5)    %  2.0       %
reportable
segment
Industrial
Products and  7.5       %  -                         %  -        %  7.5       %
Services
Consolidated  14.1      %  12.9                      %  (0.7)    %  1.9       %
              Twelve months ended December 31, 2012
              Net                                       Foreign     Organic
              Revenue                                               Revenue
              Growth       Acquisitions/Divestitures    Currency    Growth
              (Decline)                                             (Decline)
Flow
Technology    31.4      %  29.2                      %  (3.0)    %  5.2       %
reportable
segment
Thermal
Equipment
and Services  (8.9)     %  (1.6)                     %  (3.6)    %  (3.7)     %
reportable
segment
Industrial
Products and  8.0       %  -                         %  (0.4)    %  8.4       %
Services
Consolidated  12.4      %  12.6                      %  (2.7)    %  2.5       %







SPX CORPORATION AND SUBSIDIARIES
FREE CASH FLOW RECONCILIATION
(Unaudited; in millions)
                      Three months ended           Twelve months ended
                      December 31,   December 31,   December 31,  December 31,
                      2012           2011           2012          2011
Net cash from         $        $        $        $     
continuing              225.4       144.9          84.7     252.5
operations
Capital expenditures
- continuing          (25.9)         (74.5)         (84.3)        (147.0)
operations
Free cash flow from   $        $        $        $     
continuing              199.5        70.4          0.4    105.5
operations



SPX CORPORATION AND SUBSIDIARIES
CASH AND DEBT RECONCILIATION
(Unaudited; in millions)
                     Twelve
                     months ended
                     December 31,
                     2012
Beginning cash and   $     
equivalents               
                     551.0
Operational cash     84.7
flow
Business
acquisitions and
other investments,   (34.3)
net of cash
acquired
Capital              (84.3)
expenditures
Decrease in          1.9
restricted cash
Proceeds from asset  19.1
sales and other
Borrowings under
senior credit        1,065.0
facilities
Repayments under
senior credit        (1,421.9)
facilities
Net repayments
under other          (8.6)
financing
arrangements
Dividends paid       (63.6)
Purchases of common  (245.6)
stock
Proceeds from
exercise of
employee stock
options and other,
 net of minimum
withholdings paid
on behalf of         5.3
employees for net
share settlements
Financing fee paid   (0.2)
Cash from
discontinued         1,113.4
operations
Change in cash due
to changes in        2.2
foreign exchange
rates
Ending cash and      $     
equivalents               
                     984.1
                     Debt at                                       Debt at
                     12/31/2011    Borrowings   Repayments  Other  12/31/2012
                                                            $  
Domestic revolving   $        $       $           $     
loan facility                1,065.0     (1,065.0)           
                        -                                     -
                                                            -
Foreign revolving    30.9          -            (31.9)      1.0    -
loan facility
Term Loan 1          300.0         -            (300.0)     -      -
Term Loan 2          500.0         -            (25.0)      -      475.0
6.875% senior notes  600.0         -            -           -      600.0
7.625% senior notes  500.0         -            -           -      500.0
Trade receivables
financing            -             127.3        (127.3)     -      -
arrangement
Other indebtedness   70.2          17.7         (26.3)      55.4   117.0
                                                            $  
                     $        $       $           $     
Totals                        1,210.0     (1,575.5)        
                     2,001.1                                      1,692.0
                                                            56.4







SPX CORPORATION AND SUBSIDIARIES
FREE CASH FLOW RECONCILIATION
(Unaudited; in millions)
                                           2013E Current Guidance Range
Net cash from continuing operations        $          $       
                                           75.0              115.0
Estimated tax payment on the gain from     115.0              115.0
the sale of Service Solutions
Voluntary pension contribution, net of     160.0              160.0
$90 tax benefit
Adjusted net cash from continuing          $          $       
operations                                 350.0              390.0
Capital expenditures - continuing          (90.0)             (90.0)
operations
Adjusted free cash flow from continuing    $          $       
operations                                 260.0              300.0

SOURCE SPX Corporation

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