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May 27, 2015 9:03 AM ET

Machinery

Company Overview of SPX Corporation

Company Overview

SPX Corporation provides specialized engineered solutions worldwide. The company operates through two segments, Flow Technology, and Thermal Equipment and Services. The Flow Technology segment designs, engineers, manufactures, and markets products and solutions used to process, blend, filter, dry, meter, and transport fluids for original equipment installation, including turnkey and skidded systems, and components, as well as aftermarket components and support services. This segment primarily offers engineered pumps, valves, mixers, plate heat exchangers, and dehydration and filtration technologies. It serves customers in food and beverage, power and energy, and industrial end markets. The T...

13320 Ballantyne Corporate Place

Charlotte, NC 28277

United States

Founded in 1911

14,000 Employees

Phone:

704-752-4400

Key Executives for SPX Corporation

Chairman, Chief Executive Officer and President
Age: 58
Total Annual Compensation: $1.2M
Chief Financial Officer and Vice President
Age: 39
Total Annual Compensation: $556.9K
President of Global Manufacturing Operations
Age: 56
Total Annual Compensation: $1.7M
Executive Vice President of Global Business Systems & Services and President of Asia Pacific
Age: 56
Total Annual Compensation: $832.8K
Vice President of Corporate Development
Age: 42
Total Annual Compensation: $521.1K
Compensation as of Fiscal Year 2014.

SPX Corporation Key Developments

SPX Corporation Approves Amendments to Certificate of Incorporation

The shareholders of SPX Corporation approved amendments to company's certificate of incorporation to reduce par value at the AGM held on May 8, 2015.

SPX Corporation Presents at Electrical Products Group 2015 Conference, May-18-2015 02:45 PM

SPX Corporation Presents at Electrical Products Group 2015 Conference, May-18-2015 02:45 PM. Venue: The Resort at Longboat Key Club, Longboat Key, Florida, United States. Speakers: Christopher J. Kearney, Chairman, Chief Executive Officer and President, Eugene Joseph Lowe, President of Thermal Equipment and Services Segment.

SPX Corporation Announces Unaudited Consolidated Earnings Results for First Quarter Ended March 28, 2015 ; Provides Consolidated Earnings Guidance for the Second Quarter, Second Half and Full Year 2015

SPX Corporation announced unaudited consolidated earnings results for first quarter ended March 28, 2015. For the quarter, the company reported revenues of $946.9 million, operating income of $14.8 million, loss from continuing operations before income taxes of $0.1 million, loss from continuing operations of $9.6 million or $0.17 per diluted share, net loss attributable to company common shareholders of $7.1 million or $0.18 per diluted share, net cash used in operating activities of $108.8 million, capital expenditures of $14.4 million compared to the revenues of $1,077.1 million, operating income of $15.7 million, income from continuing operations before income taxes of $456.7 million, income from continuing operations of $296.7 million or $6.59 per diluted share, net income attributable to company common shareholders of $318.2 million or $7.06 per diluted share, net cash used in operating activities of $60.6 million, capital expenditures of $11.3 million for the same quarter a year ago. For the second quarter, the company’s modeling targets, consistent with the first quarter, The company expects revenue to be down about 12%. The company expects organic revenue to decline 4% to 6% due primarily to lower power and energy sales in Flow and Thermal segments. For the second half, The company expects to generate 2/3 of full year segment income. This is partly due to normal seasonality, particularly in comfort heating and aftermarket businesses. In the second half of the year, the company also expect to begin recognizing revenue on several of the recent large Food and Beverage awards. For the year 2015, the company expected net income of $177.0 million, net interest expense of $68.0 million, income before interest and taxes of $325.0 million, depreciation and amortization expense of $104.0 million, EBITDA $429.0 million, and consolidated EBITDA of $520.0 million. On a consolidated basis, the company now expecting revenue to decline 6% to 10% year-over-year to about $4.36 billion at the midpoint. This includes a 6% headwind from currency translation. On an organic basis, the company expects revenue to be flat to down 4%.

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Recent Private Companies Transactions

Type
Date
Target
Spin-Off/Split-Off
October 29, 2014
SPX Flow, Inc
Merger/Acquisition
July 28, 2014
Fenn, LLC
 

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