{"id":2157,"date":"2025-07-22T18:29:33","date_gmt":"2025-07-22T18:29:33","guid":{"rendered":"https:\/\/live-spx-corp.pantheonsite.io\/?p=2157"},"modified":"2025-08-04T13:05:39","modified_gmt":"2025-08-04T13:05:39","slug":"spx-reports-first-quarter-2020-results","status":"publish","type":"post","link":"https:\/\/spx.com\/fr\/spx-reports-first-quarter-2020-results\/","title":{"rendered":"SPX Reports First Quarter 2020 Results"},"content":{"rendered":"

Q1 GAAP EPS of\u00a0$0.50; Adjusted EPS* of\u00a0$0.62
\n<\/strong>Solid First Quarter Performance
\n<\/strong>Withdrawing 2020 Guidance on Near-Term Uncertainty
\n<\/strong>Well-Positioned to Navigate Challenging Environment; Substantial Available Liquidity<\/strong><\/p>\n

CHARLOTTE, N.C.,\u00a0April 30, 2020\u00a0(GLOBE NEWSWIRE) —\u00a0SPX Corporation\u00a0(NYSE:SPXC) today reported results for the quarter ended\u00a0March 28, 2020.<\/p>\n

Gene Lowe, President and CEO, remarked, \u201cSPX\u2019s first quarter 2020 performance was strong overall. Our Engineered Solutions segment generated a significant increase in segment income, partially offset by the impact of lower weather-driven demand of HVAC heating products compared with the strong prior-year winter.\u00a0 During the quarter, we experienced only a modest impact from the COVID-19 crisis. However, the effect accelerated during March and April, as actions to slow the rate of infection grew outside of\u00a0China. As a result of the current uncertain economic environment, we are withdrawing our full-year 2020 guidance.\u201d<\/p>\n

Mr. Lowe\u00a0continued, \u201cWe believe that SPX is well positioned to manage through the current difficult environment with our strong balance sheet and liquidity position, our high portion of replacement sales, and our leadership role in niche markets for products and services that are essential to critical infrastructure.\u00a0Our business system has enabled us to adapt successfully to a rapidly changing environment by leveraging the processes and practices we have put in place company-wide to drive efficiencies.\u00a0 Additionally, our team remains keenly focused on managing the levers in our control to mitigate the effect of near-term economic weakness, while continuing to make employee safety our top priority, and protecting SPX\u2019s ability to react quickly in a recovery.\u201d<\/p>\n

First Quarter 2020 Overview:<\/strong><\/p>\n

For the first quarter of 2020, the company reported revenue of\u00a0$369.3 million\u00a0and operating income of\u00a0$32.7 million, compared with revenue of\u00a0$343.6 million\u00a0and operating income of\u00a0$3.0 million\u00a0in the first quarter of 2019. Diluted income per share from continuing operations in the first quarter of 2020 was\u00a0$0.50, compared with a diluted income per share of\u00a0$0.01\u00a0in the first quarter of 2019.<\/p>\n

SPX\u2019s adjusted revenue* was\u00a0$365.3 million\u00a0and adjusted operating income* was\u00a0$39.2 million, compared with adjusted revenue* of\u00a0$351.5 million\u00a0and adjusted operating income* of\u00a0$31.9 million\u00a0in the first quarter of 2019.\u00a0Adjusted income per share* in the first quarter of 2020 was\u00a0$0.62, compared with\u00a0$0.51\u00a0in the first quarter of 2019.<\/p>\n

First Quarter Financial Comparisons:<\/strong><\/p>\n

GAAP Results:<\/strong><\/p>\n\n\n\n\n\n\n
($ millions)<\/strong><\/td>\n<\/td>\nQ1 2020<\/strong><\/td>\n<\/td>\nQ1 2019<\/strong><\/td>\n<\/td>\n<\/tr>\n
Revenue<\/td>\n<\/td>\n$<\/td>\n369.3<\/td>\n<\/td>\n$<\/td>\n343.6<\/td>\n<\/td>\n<\/tr>\n
Segment Income<\/td>\n<\/td>\n<\/td>\n47.2<\/td>\n<\/td>\n<\/td>\n20.8<\/td>\n<\/td>\n<\/tr>\n
Operating Income<\/td>\n<\/td>\n<\/td>\n32.7<\/td>\n<\/td>\n<\/td>\n3.0<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Adjusted Results:<\/strong><\/p>\n\n\n\n\n\n\n
($ millions)<\/strong><\/td>\n<\/td>\nQ1 2020<\/strong><\/td>\n<\/td>\nQ1 2019<\/strong><\/td>\n<\/td>\n<\/tr>\n
Adjusted Revenue*<\/td>\n<\/td>\n$<\/td>\n365.3<\/td>\n<\/td>\n$<\/td>\n351.5<\/td>\n<\/td>\n<\/tr>\n
Adjusted Segment Income*<\/td>\n<\/td>\n<\/td>\n53.8<\/td>\n<\/td>\n<\/td>\n46.3<\/td>\n<\/td>\n<\/tr>\n
Adjusted Operating Income*<\/td>\n<\/td>\n<\/td>\n39.2<\/td>\n<\/td>\n<\/td>\n31.9<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

* Non-GAAP financial measure. See attached schedules for reconciliation to most comparable GAAP financial measure.<\/p>\n

CVC<\/strong><\/p>\n

Revenue for Q1\u00a02020 was\u00a0$118.5 million, compared with\u00a0$128.4 million\u00a0in Q1\u00a02019, a decrease of 7.7%, including an 8.5% increase from acquisitions and a 0.5% unfavorable impact related to currency fluctuation. Organic revenue* decreased 15.7%, primarily reflecting a decrease in seasonal market demand for heating products.\u00a0 A decline in international cooling volumes associated with the COVID-19 pandemic was largely offset by higher sales of cooling products in the\u00a0Americas\u00a0region.<\/p>\n

Segment income in Q1\u00a02020 was\u00a0$15.0 million, compared to\u00a0$18.4 million\u00a0in Q1 2019.\u00a0 Adjusted segment income*, which excludes intangible amortization expense of\u00a0$0.8 million\u00a0and acquisition related costs of\u00a0$0.1 million, was\u00a0$15.9 million, or 13.4% of revenue. This compares with adjusted segment income* of\u00a0$18.5 million, or 14.4% of revenue in Q1\u00a02019, which excludes intangible amortization expense of\u00a0$0.1 million.\u00a0 The decrease in adjusted segment income* and 100 basis point decrease in adjusted segment income margin* was due to lower sales volumes of heating products.<\/p>\n

Detection & Measurement<\/strong><\/p>\n

Revenue for Q1\u00a02020 was\u00a0$91.9 million, compared with\u00a0$85.1 million\u00a0in Q1\u00a02019, an increase of 8.0%, including a 2.5% increase from the Sabik acquisition and a 0.9% unfavorable impact related to currency fluctuation. Organic revenue* increased 6.4%, largely due to the timing of project-related sales compared with 2019.<\/p>\n

Segment income in Q1 2020 was\u00a0$18.2 million, compared to\u00a0$17.0 million\u00a0in Q1 2019. Adjusted segment income*, which excludes intangible amortization expense of\u00a0$1.8 million, was\u00a0$20.0 million, or 21.8% of revenue. This compares with adjusted segment income* of\u00a0$19.8 million, or 23.3% of revenue, in Q1 2019, which excludes intangible amortization expense of\u00a0$1.5 million\u00a0and acquisition related costs of\u00a0$1.3 million.\u00a0 The 150 basis point decrease in adjusted segment income margin* was driven primarily by a less favorable business mix.<\/p>\n

Engineered Solutions<\/strong><\/p>\n

Revenue in Q1\u00a02020 was\u00a0$154.9 million, compared with\u00a0$138.0 million\u00a0in Q1\u00a02019, an increase of 12.2%. The increase was driven by higher revenue in our Transformers business and, to a lesser extent, in our process cooling business.<\/p>\n

Segment income in Q1\u00a02020 was\u00a0$17.9 million, or 11.6% of revenue, compared with segment income of\u00a0$8.0 million, or 5.8% of revenue, in Q1\u00a02019. The increase in income and margin was driven primarily by the higher revenue noted above.<\/p>\n

All Other<\/em><\/p>\n

All Other, which includes the South African and Heat Transfer operations, had revenue of\u00a0$4.0 million\u00a0in Q1 2020, compared with\u00a0($7.9) million\u00a0in Q1 2019.\u00a0 The increase was due largely to a prior-year asset impairment that reduced the cumulative revenue associated with the South African projects by\u00a0$17.5 million.<\/p>\n

All Other incurred a loss in Q1 2020 of\u00a0$3.9 million, compared with a loss of\u00a0$22.6 million\u00a0in Q1 2019.\u00a0 The decrease in the loss was due primarily to the asset impairment noted above associated with the South African projects in the prior year period.<\/p>\n

Financial Update:<\/strong><\/p>\n

As of\u00a0March 28, 2020, SPX had total outstanding debt of\u00a0$511.5 million\u00a0and total cash of\u00a0$163.1 million.\u00a0During Q1 2020, SPX generated net operating cash from continuing operations of\u00a0$2.7 million, including net cash usage associated with the South African operations of approximately\u00a0$3 million. \u00a0Net leverage, as calculated under the company\u2019s bank credit agreement, was 1.6x, unchanged from the end of 2019.<\/p>\n

Non-GAAP Presentation:<\/strong>\u00a0To provide additional clarity to its operating results, the company discusses results that include \u201cadjusted\u201d non-GAAP financial measures. Adjusted results for the company exclude, among other items, the effect of the South African and Heat Transfer operations, categorized as \u201cAll Other\u201d in the company\u2019s segment reporting structure. The company reports separately on the results of the \u201cAll Other\u201d category. The company anticipates reporting the results of businesses included in the \u201cAll Other\u201d category as discontinued operations, at such time as they meet the accounting requirements for this treatment.<\/p>\n

Form 10-Q:<\/strong>\u00a0 The company expects to file its quarterly report on Form 10-Q for the quarter ended\u00a0March 28, 2020\u00a0with the\u00a0Securities and Exchange Commission\u00a0on or before\u00a0May 11, 2020. This press release should be read in conjunction with that filing, which will be available on the company’s website at\u00a0www.spx.com<\/a>, in the Investor Relations section.<\/p>\n

Conference Call:<\/strong>\u00a0 SPX will host a conference call at\u00a04:45 p.m. (EDT)\u00a0today to discuss first quarter results. The call will be simultaneously webcast via the company’s website at\u00a0www.spx.com<\/a>\u00a0and the slide presentation will be available in the Investor Relations section of the site.<\/p>\n

Conference call
\nDial in:\u00a0 877-341-7727
\nFrom outside the United States:\u00a0 +1 262-558-6098
\nParticipant code:\u00a0 3364666<\/p>\n

A replay of the call will be available by telephone through\u00a0Thursday, May 7th<\/sup>.<\/p>\n

To listen to a replay of the call
\nDial in:\u00a0 855-859-2056
\nFrom outside the United States:\u00a0 +1 404-537-3406
\nParticipant code:\u00a0 3364666<\/p>\n

Upcoming Investor Events:\u00a0\u00a0<\/strong>Company management plans to conduct virtual meetings with investors during the second quarter of 2020 and SPX will also be virtually participating in the\u00a0Oppenheimer Industrial Growth Conference\u00a0on\u00a0May 5th<\/sup>. In addition, SPX will be virtually hosting SPX Corporation\u2019s Annual Meeting of\u00a0 Stockholders on\u00a0Thursday, May 14th<\/sup>\u00a0at\u00a08am eastern time.<\/p>\n

About\u00a0SPX Corporation<\/strong>:\u00a0\u00a0SPX Corporation\u00a0is a supplier of highly engineered products and technologies, holding leadership positions in the HVAC, detection and measurement, and engineered solutions markets. Based in\u00a0Charlotte, North Carolina,\u00a0SPX Corporation\u00a0had approximately\u00a0$1.5 billion\u00a0in annual revenue in 2020 and over 4,500 employees in 17 countries.\u00a0SPX Corporation\u00a0is listed on the\u00a0New York Stock Exchange\u00a0under the ticker symbol \u201cSPXC.\u201d\u00a0 For more information, please visit\u00a0www.spx.com<\/a>.<\/p>\n

*Non-GAAP financial measure. See attached schedules for reconciliation to most comparable GAAP financial measure.<\/p>\n

Certain statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section\u00a021E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. Actual results may differ materially from these statements. The words \u201cbelieve,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cproject\u201d and similar expressions identify forward-looking statements. Please read these forward-looking statements in conjunction with the company\u2019s documents filed with the\u00a0Securities and Exchange Commission, including the company\u2019s most recent annual reports on Form\u00a010-K. These filings identify important risk factors and other uncertainties that could cause actual results to differ from those contained in the forward-looking statements. In addition to the risks and uncertainties identified in those filings, the forward-looking statements contained in this press release are subject to risks and uncertainties related to the COVID-19 pandemic, including the impact of the pandemic or related government responses on the company\u2019s businesses, the businesses of its customers and vendors, and whether the company\u2019s businesses and those of its customers and vendors will continue to be treated as \u201cessential\u201d operations under government orders restricting business activities or, even if so treated, whether health and safety concerns might otherwise require certain of the company\u2019s operations to be halted for some period of time. 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, forward-looking statements are based on the company\u2019s current complement of businesses, which is subject to change.<\/p>\n

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.<\/p>\n

SOURCE\u00a0SPX Corporation.<\/p>\n

Investor and Media Contacts:<\/strong>
\nMark A. Carano, vice-pr\u00e9sident, directeur financier et tr\u00e9sorier
\nPhone:\u00a0 980-474-3806
\nE-mail:\u00a0spx.investor@spx.com<\/a><\/p>\n

Pat Uotila, Manager, Investor Relations
\nPhone:\u00a0 980-474-3806
\nE-mail:\u00a0spx.investor@spx.com<\/a><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
SPX CORPORATION AND SUBSIDIARIES<\/strong><\/td>\n<\/tr>\n
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<\/strong><\/td>\n<\/tr>\n
(Unaudited; in millions, except per share amounts)<\/strong><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\nThree months ended<\/strong><\/td>\n<\/tr>\n
<\/td>\nMarch 28, 2020<\/strong><\/td>\n<\/td>\nMarch 30, 2019<\/strong><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Revenues<\/td>\n$<\/td>\n369.3<\/td>\n<\/td>\n<\/td>\n$<\/td>\n343.6<\/td>\n<\/td>\n<\/tr>\n
Costs and expenses:<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Cost of products sold<\/td>\n<\/td>\n255.2<\/td>\n<\/td>\n<\/td>\n<\/td>\n260.4<\/td>\n<\/td>\n<\/tr>\n
Selling, general and administrative<\/td>\n<\/td>\n78.9<\/td>\n<\/td>\n<\/td>\n<\/td>\n76.7<\/td>\n<\/td>\n<\/tr>\n
Intangible amortization<\/td>\n<\/td>\n2.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n1.6<\/td>\n<\/td>\n<\/tr>\n
Special charges, net<\/td>\n<\/td>\n0.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.1<\/td>\n<\/td>\n<\/tr>\n
Other operating (income) expense<\/td>\n<\/td>\n(0.4<\/td>\n)<\/td>\n<\/td>\n<\/td>\n1.8<\/td>\n<\/td>\n<\/tr>\n
Operating income<\/td>\n<\/td>\n32.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n3.0<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Other income, net<\/td>\n<\/td>\n0.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n7.2<\/td>\n<\/td>\n<\/tr>\n
Interest expense<\/td>\n<\/td>\n(4.7<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(5.3<\/td>\n)<\/td>\n<\/tr>\n
Interest income<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.3<\/td>\n<\/td>\n<\/tr>\n
Income from continuing operations before income taxes<\/td>\n<\/td>\n28.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n5.2<\/td>\n<\/td>\n<\/tr>\n
Income tax provision<\/td>\n<\/td>\n(6.0<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(4.6<\/td>\n)<\/td>\n<\/tr>\n
Income from continuing operations<\/td>\n<\/td>\n22.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.6<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Income (loss) from discontinued operations, net of tax<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/tr>\n
Loss on disposition of discontinued operations, net of tax<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n(1.4<\/td>\n)<\/td>\n<\/tr>\n
Loss from discontinued operations, net of tax<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n(1.4<\/td>\n)<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Net income (loss)<\/td>\n$<\/td>\n22.7<\/td>\n<\/td>\n<\/td>\n$<\/td>\n(0.8<\/td>\n)<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Basic income (loss) per share of common stock:<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Income from continuing operations<\/td>\n$<\/td>\n0.51<\/td>\n<\/td>\n<\/td>\n$<\/td>\n0.01<\/td>\n<\/td>\n<\/tr>\n
Loss from discontinued operations<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n(0.03<\/td>\n)<\/td>\n<\/tr>\n
Net income (loss) per share<\/td>\n$<\/td>\n0.51<\/td>\n<\/td>\n<\/td>\n$<\/td>\n(0.02<\/td>\n)<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Weighted-average number of common shares outstanding \u2014 basic<\/td>\n<\/td>\n44.309<\/td>\n<\/td>\n<\/td>\n<\/td>\n43.618<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Diluted income (loss) per share of common stock:<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Income from continuing operations<\/td>\n$<\/td>\n0.50<\/td>\n<\/td>\n<\/td>\n$<\/td>\n0.01<\/td>\n<\/td>\n<\/tr>\n
Loss from discontinued operations<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n(0.03<\/td>\n)<\/td>\n<\/tr>\n
Net income (loss) per share<\/td>\n$<\/td>\n0.50<\/td>\n<\/td>\n<\/td>\n$<\/td>\n(0.02<\/td>\n)<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Weighted-average number of common shares outstanding \u2014 diluted<\/td>\n<\/td>\n45.527<\/td>\n<\/td>\n<\/td>\n<\/td>\n44.880<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
SPX CORPORATION AND SUBSIDIARIES<\/strong><\/td>\n<\/tr>\n
CONDENSED CONSOLIDATED BALANCE SHEETS<\/strong><\/td>\n<\/tr>\n
(Unaudited; in millions)<\/strong><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\nMarch 28, 2020<\/strong><\/td>\n<\/td>\nDecember 31, 2019<\/strong><\/td>\n<\/tr>\n
ASSETS<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Current assets:<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Cash and equivalents<\/td>\n$<\/td>\n163.1<\/td>\n<\/td>\n<\/td>\n$<\/td>\n54.7<\/td>\n<\/td>\n<\/tr>\n
Accounts receivable, net<\/td>\n<\/td>\n239.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n265.9<\/td>\n<\/td>\n<\/tr>\n
Contract assets<\/td>\n<\/td>\n73.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n63.4<\/td>\n<\/td>\n<\/tr>\n
Inventories, net<\/td>\n<\/td>\n175.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n154.9<\/td>\n<\/td>\n<\/tr>\n
Other current assets (includes income taxes receivable of\u00a0$22.7\u00a0and\u00a0$23.0\u00a0at\u00a0March 28, 2020\u00a0and\u00a0December 31, 2019, respectively)<\/td>\n<\/td>\n92.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n93.2<\/td>\n<\/td>\n<\/tr>\n
Total current assets<\/td>\n<\/td>\n744.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n632.1<\/td>\n<\/td>\n<\/tr>\n
Property, plant and equipment:<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Land<\/td>\n<\/td>\n18.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n18.7<\/td>\n<\/td>\n<\/tr>\n
Buildings and leasehold improvements<\/td>\n<\/td>\n121.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n121.9<\/td>\n<\/td>\n<\/tr>\n
Machinery and equipment<\/td>\n<\/td>\n343.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n342.6<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n483.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n483.2<\/td>\n<\/td>\n<\/tr>\n
Accumulated depreciation<\/td>\n<\/td>\n(306.1<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(304.1<\/td>\n)<\/td>\n<\/tr>\n
Property, plant and equipment, net<\/td>\n<\/td>\n176.9<\/td>\n<\/td>\n<\/td>\n<\/td>\n179.1<\/td>\n<\/td>\n<\/tr>\n
Goodwill<\/td>\n<\/td>\n446.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n449.3<\/td>\n<\/td>\n<\/tr>\n
Intangibles, net<\/td>\n<\/td>\n247.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n251.7<\/td>\n<\/td>\n<\/tr>\n
Other assets<\/td>\n<\/td>\n592.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n605.9<\/td>\n<\/td>\n<\/tr>\n
Deferred income taxes<\/td>\n<\/td>\n14.8<\/td>\n<\/td>\n<\/td>\n<\/td>\n16.4<\/td>\n<\/td>\n<\/tr>\n
TOTAL ASSETS<\/td>\n$<\/td>\n2,221.9<\/td>\n<\/td>\n<\/td>\n$<\/td>\n2,134.5<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
LIABILITIES AND EQUITY<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Current liabilities:<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Accounts payable<\/td>\n$<\/td>\n148.0<\/td>\n<\/td>\n<\/td>\n$<\/td>\n141.6<\/td>\n<\/td>\n<\/tr>\n
Contract liabilities<\/td>\n<\/td>\n94.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n100.8<\/td>\n<\/td>\n<\/tr>\n
Accrued expenses<\/td>\n<\/td>\n195.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n220.4<\/td>\n<\/td>\n<\/tr>\n
Income taxes payable<\/td>\n<\/td>\n2.2<\/td>\n<\/td>\n<\/td>\n<\/td>\n2.2<\/td>\n<\/td>\n<\/tr>\n
Short-term debt<\/td>\n<\/td>\n260.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n142.6<\/td>\n<\/td>\n<\/tr>\n
Current maturities of long-term debt<\/td>\n<\/td>\n2.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n1.0<\/td>\n<\/td>\n<\/tr>\n
Total current liabilities<\/td>\n<\/td>\n702.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n608.6<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Long-term debt<\/td>\n<\/td>\n248.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n249.9<\/td>\n<\/td>\n<\/tr>\n
Deferred and other income taxes<\/td>\n<\/td>\n26.2<\/td>\n<\/td>\n<\/td>\n<\/td>\n26.3<\/td>\n<\/td>\n<\/tr>\n
Other long-term liabilities<\/td>\n<\/td>\n729.9<\/td>\n<\/td>\n<\/td>\n<\/td>\n747.3<\/td>\n<\/td>\n<\/tr>\n
Total long-term liabilities<\/td>\n<\/td>\n1,004.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n1,023.5<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Equity:<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Common stock<\/td>\n<\/td>\n0.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.5<\/td>\n<\/td>\n<\/tr>\n
Paid-in capital<\/td>\n<\/td>\n1,298.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n1,302.4<\/td>\n<\/td>\n<\/tr>\n
Retained deficit<\/td>\n<\/td>\n(562.6<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(584.8<\/td>\n)<\/td>\n<\/tr>\n
Accumulated other comprehensive income<\/td>\n<\/td>\n231.4<\/td>\n<\/td>\n<\/td>\n<\/td>\n244.3<\/td>\n<\/td>\n<\/tr>\n
Common stock in treasury<\/td>\n<\/td>\n(452.7<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(460.0<\/td>\n)<\/td>\n<\/tr>\n
Total equity<\/td>\n<\/td>\n515.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n502.4<\/td>\n<\/td>\n<\/tr>\n
TOTAL LIABILITIES AND EQUITY<\/td>\n$<\/td>\n2,221.9<\/td>\n<\/td>\n<\/td>\n$<\/td>\n2,134.5<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/tr>\n
SPX CORPORATION AND SUBSIDIARIES<\/strong><\/td>\n<\/tr>\n
RESULTS OF REPORTABLE AND OTHER OPERATING SEGMENTS<\/strong><\/td>\n<\/tr>\n
(Unaudited; in millions)<\/strong><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\nThree months ended<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\nMarch 28, 2020<\/strong><\/td>\n<\/td>\nMarch 30, 2019<\/strong><\/td>\n<\/td>\n\u0394<\/strong><\/td>\n%\/bps<\/strong><\/em><\/td>\n<\/tr>\n
HVAC reportable segment<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Revenues<\/td>\n$<\/td>\n118.5<\/td>\n<\/td>\n<\/td>\n$<\/td>\n128.4<\/td>\n<\/td>\n<\/td>\n$<\/td>\n(9.9<\/td>\n)<\/td>\n(7.7<\/em>)%<\/em><\/td>\n<\/tr>\n
Gross profit<\/td>\n<\/td>\n40.4<\/td>\n<\/td>\n<\/td>\n<\/td>\n41.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n(1.2<\/td>\n)<\/td>\n<\/td>\n<\/tr>\n
Selling, general and administrative expense<\/td>\n<\/td>\n24.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n23.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n1.5<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Intangible amortization expense<\/td>\n<\/td>\n0.8<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.7<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Income<\/td>\n$<\/td>\n15.0<\/td>\n<\/td>\n<\/td>\n$<\/td>\n18.4<\/td>\n<\/td>\n<\/td>\n$<\/td>\n(3.4<\/td>\n)<\/td>\n(18.5<\/em>)%<\/em><\/td>\n<\/tr>\n
as a percent of revenues<\/td>\n<\/td>\n12.7<\/td>\n%<\/td>\n<\/td>\n<\/td>\n14.3<\/td>\n%<\/td>\n<\/td>\n<\/td>\n-160 bps<\/em><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Detection & Measurement reportable segment<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Revenues<\/td>\n$<\/td>\n91.9<\/td>\n<\/td>\n<\/td>\n$<\/td>\n85.1<\/td>\n<\/td>\n<\/td>\n$<\/td>\n6.8<\/td>\n<\/td>\n8.0\u00a0<\/em>%<\/em><\/td>\n<\/tr>\n
Gross profit<\/td>\n<\/td>\n41.9<\/td>\n<\/td>\n<\/td>\n<\/td>\n39.4<\/td>\n<\/td>\n<\/td>\n<\/td>\n2.5<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Selling, general and administrative expense<\/td>\n<\/td>\n21.9<\/td>\n<\/td>\n<\/td>\n<\/td>\n20.9<\/td>\n<\/td>\n<\/td>\n<\/td>\n1.0<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Intangible amortization expense<\/td>\n<\/td>\n1.8<\/td>\n<\/td>\n<\/td>\n<\/td>\n1.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.3<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Income<\/td>\n$<\/td>\n18.2<\/td>\n<\/td>\n<\/td>\n$<\/td>\n17.0<\/td>\n<\/td>\n<\/td>\n$<\/td>\n1.2<\/td>\n<\/td>\n7.1\u00a0<\/em>%<\/em><\/td>\n<\/tr>\n
as a percent of revenues<\/td>\n<\/td>\n19.8<\/td>\n%<\/td>\n<\/td>\n<\/td>\n20.0<\/td>\n%<\/td>\n<\/td>\n<\/td>\n-20 bps<\/em><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Engineered Solutions reportable segment<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Revenues<\/td>\n$<\/td>\n154.9<\/td>\n<\/td>\n<\/td>\n$<\/td>\n138.0<\/td>\n<\/td>\n<\/td>\n$<\/td>\n16.9<\/td>\n<\/td>\n12.2\u00a0<\/em>%<\/em><\/td>\n<\/tr>\n
Gross profit<\/td>\n<\/td>\n31.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n21.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n10.1<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Selling, general and administrative expense<\/td>\n<\/td>\n13.8<\/td>\n<\/td>\n<\/td>\n<\/td>\n13.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.2<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Income<\/td>\n$<\/td>\n17.9<\/td>\n<\/td>\n<\/td>\n$<\/td>\n8.0<\/td>\n<\/td>\n<\/td>\n$<\/td>\n9.9<\/td>\n<\/td>\n123.8\u00a0<\/em>%<\/em><\/td>\n<\/tr>\n
as a percent of revenues<\/td>\n<\/td>\n11.6<\/td>\n%<\/td>\n<\/td>\n<\/td>\n5.8<\/td>\n%<\/td>\n<\/td>\n<\/td>\n580 bps<\/em><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
All Other<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Revenues<\/td>\n$<\/td>\n4.0<\/td>\n<\/td>\n<\/td>\n$<\/td>\n(7.9<\/td>\n)<\/td>\n<\/td>\n$<\/td>\n11.9<\/td>\n<\/td>\n150.6\u00a0<\/em>%<\/em><\/td>\n<\/tr>\n
Gross profit (loss)<\/td>\n<\/td>\n0.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n(19.4<\/td>\n)<\/td>\n<\/td>\n<\/td>\n19.5<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Selling, general and administrative expense<\/td>\n<\/td>\n4.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n3.2<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.8<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Loss<\/td>\n$<\/td>\n(3.9<\/td>\n)<\/td>\n<\/td>\n$<\/td>\n(22.6<\/td>\n)<\/td>\n<\/td>\n$<\/td>\n18.7<\/td>\n<\/td>\n82.7\u00a0<\/em>%<\/em><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Consolidated Revenues<\/strong><\/td>\n$<\/strong><\/td>\n369.3<\/strong><\/td>\n<\/td>\n<\/td>\n$<\/strong><\/td>\n343.6<\/strong><\/td>\n<\/td>\n<\/td>\n$<\/strong><\/td>\n25.7<\/strong><\/td>\n<\/td>\n7.5\u00a0<\/strong><\/em>%<\/strong><\/em><\/td>\n<\/tr>\n
Consolidated Segment Income<\/strong><\/td>\n<\/td>\n47.2<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n20.8<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n26.4<\/strong><\/td>\n<\/td>\n126.9\u00a0<\/strong><\/em>%<\/strong><\/em><\/td>\n<\/tr>\n
as a percent of revenues<\/strong><\/td>\n<\/td>\n12.8<\/strong><\/td>\n%<\/strong><\/td>\n<\/td>\n<\/td>\n6.1<\/strong><\/td>\n%<\/strong><\/td>\n<\/td>\n<\/td>\n670 bps<\/strong><\/em><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Total segment income<\/td>\n$<\/td>\n47.2<\/td>\n<\/td>\n<\/td>\n$<\/td>\n20.8<\/td>\n<\/td>\n<\/td>\n$<\/td>\n26.4<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Corporate expense<\/td>\n<\/td>\n11.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n12.4<\/td>\n<\/td>\n<\/td>\n<\/td>\n(1.3<\/td>\n)<\/td>\n<\/td>\n<\/tr>\n
Long-term incentive compensation expense<\/td>\n<\/td>\n3.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n3.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Special charges, net<\/td>\n<\/td>\n0.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.2<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Other operating (income) expense<\/td>\n<\/td>\n(0.4<\/td>\n)<\/td>\n<\/td>\n<\/td>\n1.8<\/td>\n<\/td>\n<\/td>\n<\/td>\n(2.2<\/td>\n)<\/td>\n<\/td>\n<\/tr>\n
Consolidated operating income<\/strong><\/td>\n$<\/td>\n32.7<\/td>\n<\/td>\n<\/td>\n$<\/td>\n3.0<\/td>\n<\/td>\n<\/td>\n$<\/td>\n29.7<\/td>\n<\/td>\n990.0\u00a0<\/em>%<\/em><\/td>\n<\/tr>\n
\u00a0as a percent of revenues<\/td>\n<\/td>\n8.9<\/td>\n%<\/td>\n<\/td>\n<\/td>\n0.9<\/td>\n%<\/td>\n<\/td>\n<\/td>\n800 bps<\/em><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
SPX CORPORATION AND SUBSIDIARIES<\/strong><\/td>\n<\/tr>\n
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS<\/strong><\/td>\n<\/tr>\n
(Unaudited; in millions)<\/strong><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\nThree months ended<\/strong><\/td>\n<\/tr>\n
<\/td>\nMarch 28, 2020<\/strong><\/td>\n<\/td>\nMarch 30, 2019<\/strong><\/td>\n<\/tr>\n
Cash flows from (used in) operating activities:<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Net income (loss)<\/td>\n$<\/td>\n22.7<\/td>\n<\/td>\n<\/td>\n$<\/td>\n(0.8<\/td>\n)<\/td>\n<\/tr>\n
Less: Loss from discontinued operations, net of tax<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n(1.4<\/td>\n)<\/td>\n<\/tr>\n
Income from continuing operations<\/td>\n<\/td>\n22.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.6<\/td>\n<\/td>\n<\/tr>\n
Adjustments to reconcile income from continuing operations to net cash from (used in) operating activities:<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Special charges, net<\/td>\n<\/td>\n0.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.1<\/td>\n<\/td>\n<\/tr>\n
Gain on change in fair value of equity security<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n(6.3<\/td>\n)<\/td>\n<\/tr>\n
Deferred and other income taxes<\/td>\n<\/td>\n3.9<\/td>\n<\/td>\n<\/td>\n<\/td>\n2.5<\/td>\n<\/td>\n<\/tr>\n
Depreciation and amortization<\/td>\n<\/td>\n9.2<\/td>\n<\/td>\n<\/td>\n<\/td>\n8.1<\/td>\n<\/td>\n<\/tr>\n
Pension and other employee benefits<\/td>\n<\/td>\n2.2<\/td>\n<\/td>\n<\/td>\n<\/td>\n2.8<\/td>\n<\/td>\n<\/tr>\n
Long-term incentive compensation<\/td>\n<\/td>\n3.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n3.5<\/td>\n<\/td>\n<\/tr>\n
Other, net<\/td>\n<\/td>\n0.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.3<\/td>\n<\/td>\n<\/tr>\n
Changes in operating assets and liabilities, net of effects from acquisitions:<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Accounts receivable and other assets<\/td>\n<\/td>\n23.8<\/td>\n<\/td>\n<\/td>\n<\/td>\n47.5<\/td>\n<\/td>\n<\/tr>\n
Inventories<\/td>\n<\/td>\n(22.7<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(14.4<\/td>\n)<\/td>\n<\/tr>\n
Accounts payable, accrued expenses and other<\/td>\n<\/td>\n(40.4<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(32.2<\/td>\n)<\/td>\n<\/tr>\n
Cash spending on restructuring actions<\/td>\n<\/td>\n(0.5<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(1.0<\/td>\n)<\/td>\n<\/tr>\n
Net cash from continuing operations<\/td>\n<\/td>\n2.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n11.5<\/td>\n<\/td>\n<\/tr>\n
Net cash used in discontinued operations<\/td>\n<\/td>\n(3.1<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(0.9<\/td>\n)<\/td>\n<\/tr>\n
Net cash from (used in) operating activities<\/td>\n<\/td>\n(0.4<\/td>\n)<\/td>\n<\/td>\n<\/td>\n10.6<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Cash flows from (used in) investing activities:<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Proceeds from company-owned life insurance policies, net<\/td>\n<\/td>\n1.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.5<\/td>\n<\/td>\n<\/tr>\n
Business acquisitions, net of cash acquired<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n(77.0<\/td>\n)<\/td>\n<\/tr>\n
Net proceeds from sales of assets<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n5.5<\/td>\n<\/td>\n<\/tr>\n
Capital expenditures<\/td>\n<\/td>\n(3.6<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(3.7<\/td>\n)<\/td>\n<\/tr>\n
Net cash used in continuing operations<\/td>\n<\/td>\n(2.5<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(74.7<\/td>\n)<\/td>\n<\/tr>\n
Net cash from discontinued operations<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/tr>\n
Net cash used in investing activities<\/td>\n<\/td>\n(2.5<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(74.7<\/td>\n)<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Cash flows from (used in) financing activities:<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Borrowings under senior credit facilities<\/td>\n<\/td>\n178.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n89.3<\/td>\n<\/td>\n<\/tr>\n
Repayments under senior credit facilities<\/td>\n<\/td>\n(88.7<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(64.5<\/td>\n)<\/td>\n<\/tr>\n
Borrowings under trade receivables financing arrangement<\/td>\n<\/td>\n55.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n40.0<\/td>\n<\/td>\n<\/tr>\n
Repayments under trade receivables financing arrangement<\/td>\n<\/td>\n(27.0<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(29.0<\/td>\n)<\/td>\n<\/tr>\n
Net borrowings (repayments) under other financing arrangements<\/td>\n<\/td>\n(0.7<\/td>\n)<\/td>\n<\/td>\n<\/td>\n2.8<\/td>\n<\/td>\n<\/tr>\n
Payment of contingent consideration<\/td>\n<\/td>\n(1.5<\/td>\n)<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/tr>\n
Minimum withholdings paid on behalf of employees for net share settlements, net of proceeds from the exercise of employee stock options<\/td>\n<\/td>\n(2.8<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(5.9<\/td>\n)<\/td>\n<\/tr>\n
Net cash from continuing operations<\/td>\n<\/td>\n113.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n32.7<\/td>\n<\/td>\n<\/tr>\n
Net cash from (used in) discontinued operations<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/tr>\n
Net cash from financing activities<\/td>\n<\/td>\n113.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n32.7<\/td>\n<\/td>\n<\/tr>\n
Change in cash and equivalents due to changes in foreign currency exchange rates<\/td>\n<\/td>\n(1.7<\/td>\n)<\/td>\n<\/td>\n<\/td>\n1.6<\/td>\n<\/td>\n<\/tr>\n
Net change in cash and equivalents<\/td>\n<\/td>\n108.4<\/td>\n<\/td>\n<\/td>\n<\/td>\n(29.8<\/td>\n)<\/td>\n<\/tr>\n
Consolidated cash and equivalents, beginning of period<\/td>\n<\/td>\n54.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n68.8<\/td>\n<\/td>\n<\/tr>\n
Consolidated cash and equivalents, end of period<\/td>\n$<\/td>\n163.1<\/td>\n<\/td>\n<\/td>\n$<\/td>\n39.0<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
SPX CORPORATION AND SUBSIDIARIES<\/strong><\/td>\n<\/tr>\n
CASH AND DEBT RECONCILIATION<\/strong><\/td>\n<\/tr>\n
(Unaudited; in millions)<\/strong><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\nThree months ended<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\nMarch 28, 2020<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Beginning cash and equivalents<\/td>\n$<\/td>\n54.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Cash from continuing operations<\/td>\n<\/td>\n2.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Capital expenditures<\/td>\n<\/td>\n(3.6<\/td>\n)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Proceeds from company-owned life insurance policies, net<\/td>\n<\/td>\n1.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Borrowings under senior credit facilities<\/td>\n<\/td>\n178.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Repayments under senior credit facilities<\/td>\n<\/td>\n(88.7<\/td>\n)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Net borrowings under other financing arrangements<\/td>\n<\/td>\n27.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Payment of contingent consideration<\/td>\n<\/td>\n(1.5<\/td>\n)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Minimum withholdings paid on behalf of employees for net share settlements, net of proceeds from the exercise of employee stock options<\/td>\n<\/td>\n(2.8<\/td>\n)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Cash used in discontinued operations<\/td>\n<\/td>\n(3.1<\/td>\n)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Change in cash due to changes in foreign currency exchange rates<\/td>\n<\/td>\n(1.7<\/td>\n)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Ending cash and equivalents<\/td>\n$<\/td>\n163.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\nDebt at<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\nDebt at<\/strong><\/td>\n<\/tr>\n
<\/td>\nDecember 31, 2019<\/strong><\/td>\n<\/td>\nBorrowings<\/strong><\/td>\n<\/td>\nRepayments<\/strong><\/td>\n<\/td>\nAutres<\/strong><\/td>\n<\/td>\nMarch 28, 2020<\/strong><\/td>\n<\/tr>\n
Revolving loans<\/td>\n$<\/td>\n140.0<\/td>\n<\/td>\n<\/td>\n$<\/td>\n178.7<\/td>\n<\/td>\n$<\/td>\n(88.7<\/td>\n)<\/td>\n<\/td>\n$<\/td>\n–<\/td>\n<\/td>\n$<\/td>\n230.0<\/td>\n<\/td>\n<\/tr>\n
Term loan<\/td>\n<\/td>\n250.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n250.0<\/td>\n<\/td>\n<\/tr>\n
Trade receivables financing arrangement<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n55.0<\/td>\n<\/td>\n<\/td>\n(27.0<\/td>\n)<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n28.0<\/td>\n<\/td>\n<\/tr>\n
Other indebtedness<\/td>\n<\/td>\n5.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n(0.7<\/td>\n)<\/td>\n<\/td>\n<\/td>\n0.6<\/td>\n<\/td>\n<\/td>\n5.2<\/td>\n<\/td>\n<\/tr>\n
Less: Deferred financing costs associated with the term loan<\/td>\n<\/td>\n(1.8<\/td>\n)<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.1<\/td>\n<\/td>\n<\/td>\n(1.7<\/td>\n)<\/td>\n<\/tr>\n
Totals<\/td>\n$<\/td>\n393.5<\/td>\n<\/td>\n<\/td>\n$<\/td>\n233.7<\/td>\n<\/td>\n$<\/td>\n(116.4<\/td>\n)<\/td>\n<\/td>\n$<\/td>\n0.7<\/td>\n<\/td>\n$<\/td>\n511.5<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
SPX CORPORATION AND SUBSIDIARIES<\/strong><\/td>\n<\/tr>\n
NON-GAAP RECONCILIATION – ORGANIC REVENUE<\/strong><\/td>\n<\/tr>\n
HVAC, DETECTION & MEASUREMENT AND ENGINEERED SOLUTIONS REPORTABLE SEGMENTS<\/strong><\/td>\n<\/tr>\n
(Unaudited)<\/strong><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\nThree months ended\u00a0March 28, 2020<\/strong><\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\nCVC<\/strong><\/td>\n<\/td>\nDetection & Measurement<\/strong><\/td>\n<\/td>\nEngineered Solutions<\/strong><\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Net Revenue Growth (Decline)<\/td>\n<\/td>\n(7.7<\/td>\n)<\/td>\n%<\/td>\n8.0<\/td>\n<\/td>\n%<\/td>\n12.2<\/td>\n%<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Exclude: Foreign Currency<\/td>\n<\/td>\n(0.5<\/td>\n)<\/td>\n%<\/td>\n(0.9<\/td>\n)<\/td>\n%<\/td>\n–<\/td>\n%<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Exclude: Acquisitions<\/td>\n<\/td>\n8.5<\/td>\n<\/td>\n%<\/td>\n2.5<\/td>\n<\/td>\n%<\/td>\n–<\/td>\n%<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Organic Revenue Growth (Decline)<\/td>\n<\/td>\n(15.7<\/td>\n)<\/td>\n%<\/td>\n6.4<\/td>\n<\/td>\n%<\/td>\n12.2<\/td>\n%<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
SPX CORPORATION AND SUBSIDIARIES<\/strong><\/td>\n<\/tr>\n
NON-GAAP RECONCILIATION – REVENUE AND SEGMENT INCOME<\/strong><\/td>\n<\/tr>\n
(Unaudited; in millions)<\/strong><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
CONSOLIDATED SPX:<\/strong><\/td>\n<\/td>\nThree months ended<\/strong><\/td>\n<\/tr>\n
<\/td>\n<\/td>\nMarch 28, 2020<\/strong><\/td>\n<\/td>\nMarch 30, 2019<\/strong><\/td>\n<\/tr>\n
Consolidated revenue<\/td>\n<\/td>\n$<\/td>\n369.3<\/td>\n<\/td>\n<\/td>\n$<\/td>\n343.6<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Exclude: “All Other” operating segments(1)<\/sup><\/td>\n<\/td>\n<\/td>\n4.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n(7.9<\/td>\n)<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Adjusted consolidated revenue<\/td>\n<\/td>\n$<\/td>\n365.3<\/td>\n<\/td>\n<\/td>\n$<\/td>\n351.5<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Total segment income<\/td>\n<\/td>\n$<\/td>\n47.2<\/td>\n<\/td>\n<\/td>\n$<\/td>\n20.8<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Exclude: “All Other” operating segments(1)<\/sup><\/td>\n<\/td>\n<\/td>\n(3.9<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(22.6<\/td>\n)<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Exclude: One time acquisition related costs\u00a0(2)<\/sup><\/td>\n<\/td>\n<\/td>\n(0.1<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(1.3<\/td>\n)<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Exclude: Amortization expense\u00a0(3)<\/sup><\/td>\n<\/td>\n<\/td>\n(2.6<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(1.6<\/td>\n)<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Adjusted segment income<\/td>\n<\/td>\n$<\/td>\n53.8<\/td>\n<\/td>\n<\/td>\n$<\/td>\n46.3<\/td>\n<\/td>\n<\/tr>\n
as a percent of adjusted revenues\u00a0(4)<\/sup><\/td>\n<\/td>\n<\/td>\n14.7<\/td>\n%<\/td>\n<\/td>\n<\/td>\n13.2<\/td>\n%<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
HVAC REPORTABLE SEGMENT:<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\nThree months ended<\/strong><\/td>\n<\/tr>\n
<\/td>\n<\/td>\nMarch 28, 2020<\/strong><\/td>\n<\/td>\nMarch 30, 2019<\/strong><\/td>\n<\/tr>\n
HVAC segment income<\/td>\n<\/td>\n$<\/td>\n15.0<\/td>\n<\/td>\n<\/td>\n$<\/td>\n18.4<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Exclude: One time acquisition related costs\u00a0(2)<\/sup><\/td>\n<\/td>\n<\/td>\n(0.1<\/td>\n)<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Exclude: Amortization expense\u00a0(3)<\/sup><\/td>\n<\/td>\n<\/td>\n(0.8<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(0.1<\/td>\n)<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
HVAC adjusted segment income<\/td>\n<\/td>\n$<\/td>\n15.9<\/td>\n<\/td>\n<\/td>\n$<\/td>\n18.5<\/td>\n<\/td>\n<\/tr>\n
as a percent of HVAC segment revenues\u00a0(4)<\/sup><\/td>\n<\/td>\n<\/td>\n13.4<\/td>\n%<\/td>\n<\/td>\n<\/td>\n14.4<\/td>\n%<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
DETECTION & MEASUREMENT REPORTABLE SEGMENT:<\/strong><\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\nThree months ended<\/strong><\/td>\n<\/tr>\n
<\/td>\n<\/td>\nMarch 28, 2020<\/strong><\/td>\n<\/td>\nMarch 30, 2019<\/strong><\/td>\n<\/tr>\n
Detection & Measurement segment income<\/td>\n<\/td>\n$<\/td>\n18.2<\/td>\n<\/td>\n<\/td>\n$<\/td>\n17.0<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Exclude: One time acquisition related costs\u00a0(2)<\/sup><\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n(1.3<\/td>\n)<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Exclude: Amortization expense\u00a0(3)<\/sup><\/td>\n<\/td>\n<\/td>\n(1.8<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(1.5<\/td>\n)<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Detection & Measurement adjusted segment income<\/td>\n<\/td>\n$<\/td>\n20.0<\/td>\n<\/td>\n<\/td>\n$<\/td>\n19.8<\/td>\n<\/td>\n<\/tr>\n
as a percent of Detection & Measurement segment revenues\u00a0(4)<\/sup><\/td>\n<\/td>\n<\/td>\n21.8<\/td>\n%<\/td>\n<\/td>\n<\/td>\n23.3<\/td>\n%<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
(1)\u00a0<\/sup>Represents the removal of the financial results of our\u00a0South Africa\u00a0and Heat Transfer businesses. Note: These businesses are reported as an “All Other” group of operating segments for\u00a0U.S.\u00a0GAAP purposes due to certain wind-down activities that are occurring within these businesses.<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
(2)\u00a0<\/sup>Represents one-time acquisition related costs during the three months ended\u00a0March 28, 2020\u00a0and additional “Cost of products sold” recorded during the three months ended\u00a0March 30, 2019\u00a0related to the step-up of inventory (to fair value) acquired in connection with the Sabik and Cues acquisitions.<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
(3)<\/sup>\u00a0Represents amortization expense associated with acquired intangible assets.<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
(4)<\/sup>\u00a0See “Results of Reportable and Other Operating Segments” for applicable percentages based on GAAP results.<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
SPX CORPORATION AND SUBSIDIARIES<\/strong><\/td>\n<\/tr>\n
NON-GAAP RECONCILIATION – OPERATING INCOME<\/strong><\/td>\n<\/tr>\n
(Unaudited; in millions)<\/strong><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\nThree months ended<\/strong><\/td>\n<\/tr>\n
<\/td>\n<\/td>\nMarch 28, 2020<\/strong><\/td>\n<\/td>\nMarch 30, 2019<\/strong><\/td>\n<\/tr>\n
Operating income<\/td>\n<\/td>\n$<\/td>\n32.7<\/td>\n<\/td>\n<\/td>\n$<\/td>\n3.0<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Exclude:<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Aggregate operating losses of the\u00a0South Africa\u00a0and Heat Transfer businesses\u00a0(1)<\/sup><\/td>\n<\/td>\n<\/td>\n(4.1<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(22.6<\/td>\n)<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
One-time acquisition related costs\u00a0(2)<\/sup><\/td>\n<\/td>\n<\/td>\n(0.2<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(2.9<\/td>\n)<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Other operating income\/expense\u00a0(3)<\/sup><\/td>\n<\/td>\n<\/td>\n0.4<\/td>\n<\/td>\n<\/td>\n<\/td>\n(1.8<\/td>\n)<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Amortization expense\u00a0(4)<\/sup><\/td>\n<\/td>\n<\/td>\n(2.6<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(1.6<\/td>\n)<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Adjusted operating income<\/td>\n<\/td>\n$<\/td>\n39.2<\/td>\n<\/td>\n<\/td>\n$<\/td>\n31.9<\/td>\n<\/td>\n<\/tr>\n
as a percent of adjusted revenues\u00a0(5)<\/sup><\/td>\n<\/td>\n<\/td>\n10.7<\/td>\n%<\/td>\n<\/td>\n<\/td>\n9.1<\/td>\n%<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
(1)<\/sup>\u00a0Represents the removal of the financial results of these businesses, inclusive of “special charges” of\u00a0$0.2\u00a0and\u00a0$0.0\u00a0during the three months ended\u00a0March 28, 2020\u00a0and\u00a0March 30, 2019, respectively.<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
(2)<\/sup>\u00a0Represents charges during the three months ended\u00a0March 28, 2020\u00a0for integration and transaction costs of\u00a0$0.2, and charges during the three months ended\u00a0March 30, 2019\u00a0associated with the Sabik and Cues acquisitions associated with inventory step-up\u00a0$1.3\u00a0and integration and transaction costs of\u00a0$1.6.<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
(3)<\/sup>\u00a0Represents income\/expense associated with revisions to estimates of certain liabilities retained in connection with the 2016 sale of the dry cooling business.<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
(4)<\/sup>\u00a0Represents amortization expense associated with acquired intangible assets.<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
(5)<\/sup>\u00a0See “Results of Reportable and Other Operating Segments” for applicable percentages based on GAAP results.<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
SPX CORPORATION AND SUBSIDIARIES<\/strong><\/td>\n<\/tr>\n
NON-GAAP RECONCILIATION – EARNINGS PER SHARE<\/strong><\/td>\n<\/tr>\n
Three Months Ended\u00a0March 28, 2020<\/strong><\/td>\n<\/tr>\n
(Unaudited; in millions, except per share values)<\/strong><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\nGAAP<\/strong><\/td>\n<\/td>\nAdjustments<\/strong><\/td>\n<\/td>\nAdjusted<\/strong><\/td>\n<\/tr>\n
Segment income\u00a0(1)<\/sup><\/td>\n$<\/td>\n47.2<\/td>\n<\/td>\n<\/td>\n$<\/td>\n6.6<\/td>\n<\/td>\n<\/td>\n$<\/td>\n53.8<\/td>\n<\/td>\n<\/tr>\n
Corporate expense\u00a0(2)<\/sup><\/td>\n<\/td>\n(11.1<\/td>\n)<\/td>\n<\/td>\n<\/td>\n0.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n(11.0<\/td>\n)<\/td>\n<\/tr>\n
Long-term incentive compensation expense<\/td>\n<\/td>\n(3.5<\/td>\n)<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n(3.5<\/td>\n)<\/td>\n<\/tr>\n
Special charges, net\u00a0(3)<\/sup><\/td>\n<\/td>\n(0.3<\/td>\n)<\/td>\n<\/td>\n<\/td>\n0.2<\/td>\n<\/td>\n<\/td>\n<\/td>\n(0.1<\/td>\n)<\/td>\n<\/tr>\n
Other operating income\u00a0(<\/sup>4<\/sup>)<\/sup><\/td>\n<\/td>\n0.4<\/td>\n<\/td>\n<\/td>\n<\/td>\n(0.4<\/td>\n)<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/tr>\n
Operating income<\/strong><\/td>\n<\/td>\n32.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n6.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n39.2<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Other income, net\u00a0(<\/sup>5<\/sup>)<\/sup><\/td>\n<\/td>\n0.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n1.2<\/td>\n<\/td>\n<\/tr>\n
Interest expense, net<\/td>\n<\/td>\n(4.7<\/td>\n)<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n(4.7<\/td>\n)<\/td>\n<\/tr>\n
Income from continuing operations before income taxes<\/strong><\/td>\n<\/td>\n28.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n7.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n35.7<\/td>\n<\/td>\n<\/tr>\n
Income tax provision\u00a0(6)<\/sup><\/td>\n<\/td>\n(6.0<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(1.3<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(7.3<\/td>\n)<\/td>\n<\/tr>\n
Income from continuing operations<\/strong><\/td>\n<\/td>\n22.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n5.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n28.4<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Dilutive shares outstanding<\/td>\n<\/td>\n45.527<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n45.527<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Earnings per share from continuing operations<\/strong><\/td>\n$<\/td>\n0.50<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n$<\/td>\n0.62<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
(1)<\/sup>\u00a0Adjustment primarily represents the removal of (i) operating losses associated with the\u00a0South Africa\u00a0and Heat Transfer businesses ($3.9) and (ii) amortization expense associated with acquired intangible assets ($2.6).<\/td>\n<\/tr>\n
<\/td>\n<\/tr>\n
(2)<\/sup>\u00a0Adjustment represents the removal of acquisition related expenses incurred during the period.<\/td>\n<\/tr>\n
<\/td>\n<\/tr>\n
(3)\u00a0<\/sup>Adjustment represents the removal of restructuring charges associated with the\u00a0South Africa\u00a0business.<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
(<\/sup>4<\/sup>)<\/sup>\u00a0Adjustment represents removal of income associated with revisions to estimates of certain liabilities retained in connection with the 2016 sale of the dry cooling business.<\/td>\n<\/tr>\n
<\/td>\n<\/tr>\n
(<\/sup>5<\/sup>)<\/sup>\u00a0Adjustment represents the removal of (i) non-service pension and postretirement charges ($0.2) and (ii) removal of foreign currency losses associated with the South African projects ($0.3).<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
(<\/sup>6<\/sup>)<\/sup>\u00a0Adjustment represents the tax impact of items (1) through (5) above.<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
SPX CORPORATION AND SUBSIDIARIES<\/strong><\/td>\n<\/tr>\n
NON-GAAP RECONCILIATION – EARNINGS PER SHARE<\/strong><\/td>\n<\/tr>\n
Three Months Ended\u00a0March 30, 2019<\/strong><\/td>\n<\/tr>\n
(Unaudited; in millions, except per share values)<\/strong><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\nGAAP<\/strong><\/td>\n<\/td>\nAdjustments<\/strong><\/td>\n<\/td>\nAdjusted<\/strong><\/td>\n<\/tr>\n
Segment income\u00a0(1)<\/sup><\/td>\n$<\/td>\n20.8<\/td>\n<\/td>\n<\/td>\n$<\/td>\n25.5<\/td>\n<\/td>\n<\/td>\n$<\/td>\n46.3<\/td>\n<\/td>\n<\/tr>\n
Corporate expense\u00a0(2)<\/sup><\/td>\n<\/td>\n(12.4<\/td>\n)<\/td>\n<\/td>\n<\/td>\n1.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n(10.8<\/td>\n)<\/td>\n<\/tr>\n
Long-term incentive compensation expense<\/td>\n<\/td>\n(3.5<\/td>\n)<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n(3.5<\/td>\n)<\/td>\n<\/tr>\n
Special charges, net<\/td>\n<\/td>\n(0.1<\/td>\n)<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n(0.1<\/td>\n)<\/td>\n<\/tr>\n
Other operating expense\u00a0(3)<\/sup><\/td>\n<\/td>\n(1.8<\/td>\n)<\/td>\n<\/td>\n<\/td>\n1.8<\/td>\n<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/tr>\n
Operating income<\/strong><\/td>\n<\/td>\n3.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n28.9<\/td>\n<\/td>\n<\/td>\n<\/td>\n31.9<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Other income, net\u00a0(4)<\/sup><\/td>\n<\/td>\n7.2<\/td>\n<\/td>\n<\/td>\n<\/td>\n(5.3<\/td>\n)<\/td>\n<\/td>\n<\/td>\n1.9<\/td>\n<\/td>\n<\/tr>\n
Interest expense, net<\/td>\n<\/td>\n(5.0<\/td>\n)<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n(5.0<\/td>\n)<\/td>\n<\/tr>\n
Income from continuing operations before income taxes<\/strong><\/td>\n<\/td>\n5.2<\/td>\n<\/td>\n<\/td>\n<\/td>\n23.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n28.8<\/td>\n<\/td>\n<\/tr>\n
Income tax provision\u00a0(5)<\/sup><\/td>\n<\/td>\n(4.6<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(1.2<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(5.8<\/td>\n)<\/td>\n<\/tr>\n
Income from continuing operations<\/strong><\/td>\n<\/td>\n0.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n22.4<\/td>\n<\/td>\n<\/td>\n<\/td>\n23.0<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Dilutive shares outstanding<\/td>\n<\/td>\n44.880<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n44.880<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Earnings per share from continuing operations<\/strong><\/td>\n$<\/td>\n0.01<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n$<\/td>\n0.51<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
(1)<\/sup>\u00a0Adjustment represents the removal of (i) operating losses associated with the\u00a0South Africa\u00a0and Heat Transfer businesses ($22.6), (ii) inventory step-up charges related to the Cues and Sabik acquisitions ($1.3), and (iii) amortization expense associated with acquired intangible assets ($1.6).<\/td>\n<\/tr>\n
<\/td>\n<\/tr>\n
(2)<\/sup>\u00a0Adjustment primarily represents removal of acquisition related expenses incurred during the period.<\/td>\n<\/tr>\n
<\/td>\n<\/tr>\n
(3)<\/sup>\u00a0Adjustment represents removal of charges associated with revisions to estimates of certain liabilities retained in connection with the 2016 sale of the dry cooling business, with such revision resulting from settlement activity during the period.<\/td>\n<\/tr>\n
<\/td>\n<\/tr>\n
(4)<\/sup>\u00a0Adjustment represents the removal of (i) a gain on an equity security associated with a fair value adjustment ($6.3) and (ii) non-service pension and postretirement charges ($1.0).<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
(5)<\/sup>\u00a0Adjustment represents the tax impact of items (1) through (4) above and the removal of certain income tax charges and benefits that are considered nonrecurring.<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\"SPX_LOGO_Horizontal_RGB<\/a><\/p>\n

Source: SPX Corporation<\/p>","protected":false},"excerpt":{"rendered":"

Q1 GAAP EPS of\u00a0$0.50; Adjusted EPS* of\u00a0$0.62 Solid First Quarter Performance Withdrawing 2020 Guidance on Near-Term Uncertainty Well-Positioned to Navigate Challenging Environment; Substantial Available Liquidity CHARLOTTE, N.C.,\u00a0April 30, 2020\u00a0(GLOBE NEWSWIRE) —\u00a0SPX Corporation\u00a0(NYSE:SPXC) today reported results for the quarter ended\u00a0March 28, 2020. Gene Lowe, President and CEO, remarked, \u201cSPX\u2019s first quarter 2020 performance was strong overall. […]<\/p>","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[24],"tags":[],"dipi_cpt_category":[],"class_list":["post-2157","post","type-post","status-publish","format-standard","hentry","category-earnings"],"acf":[],"yoast_head":"\nSPX Reports First Quarter 2020 Results - SPX Technologies in Charlotte, NC<\/title>\n<meta name=\"description\" content=\"SPX to share strategic insights and business updates at an upcoming virtual investor conference.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/spx.com\/fr\/spx-reports-first-quarter-2020-results\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SPX Reports First Quarter 2020 Results - 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