{"id":2215,"date":"2025-07-22T18:28:34","date_gmt":"2025-07-22T18:28:34","guid":{"rendered":"https:\/\/live-spx-corp.pantheonsite.io\/?p=2215"},"modified":"2025-08-04T13:19:10","modified_gmt":"2025-08-04T13:19:10","slug":"spx-reports-third-quarter-2020-results","status":"publish","type":"post","link":"https:\/\/spx.com\/fr\/spx-reports-third-quarter-2020-results\/","title":{"rendered":"SPX Reports Third Quarter 2020 Results"},"content":{"rendered":"

Q3\u00a0<\/strong>GAAP EPS of\u00a0$0.49; Adjusted EPS* of\u00a0$0.64\u00a0<\/strong>
\nAnticipate Full Year 2020 Earnings To Be Modestly-Higher-Than 2019<\/strong>
\nGrowth and Continuous Improvement Initiatives Accelerating<\/strong><\/p>\n

CHARLOTTE, N.C.,\u00a0Oct. 29, 2020\u00a0(GLOBE NEWSWIRE) —\u00a0SPX Corporation\u00a0(NYSE:SPXC) today reported results for the quarter ended\u00a0September 26, 2020.<\/p>\n

Gene Lowe, President and CEO, remarked, \u201cI am very pleased with our strong third quarter performance, in the face of continued pandemic-related headwinds. Our HVAC and Engineered Solutions segments both reported year-on-year increases in revenue and segment margin, reflecting continued strong operational execution. Within Detection & Measurement, our Locators business continued to recover from the low point in demand experienced in Q2, and our Communication Technologies business is beginning to see movement on delayed project shipments.\u201d<\/p>\n

Mr. Lowe\u00a0continued, \u201cLooking forward, we anticipate an overall solid finish to the year, and earnings for the full-year 2020 that are modestly higher than the prior year. While our growth and margin enhancement initiatives were temporarily slowed by the pandemic, we are now on track to make significant strides over the coming year. We are well-positioned to drive value for our shareholders, including through the deployment of capital to accelerate our growth in 2021 and beyond.\u201d<\/p>\n

Third<\/strong>\u00a0Quarter<\/strong>\u00a02020<\/strong>\u00a0Overview:<\/strong><\/p>\n

For the third quarter of 2020, the company reported revenue of\u00a0$363.4 million\u00a0and operating income of\u00a0$30.0 million, compared with revenue of\u00a0$364.8 million\u00a0and operating income of\u00a0$27.6 million\u00a0in the third quarter of 2019. Diluted income per share from continuing operations in the third quarter of 2020 was\u00a0$0.49, compared with a diluted income per share from continuing operations of\u00a0$0.47\u00a0in the third quarter of 2019.<\/p>\n

SPX\u2019s adjusted revenue* was\u00a0$362.9 million\u00a0and adjusted operating income* was\u00a0$39.5 million, compared with adjusted revenue* of\u00a0$358.8 million\u00a0and adjusted operating income* of\u00a0$37.1 million\u00a0in the third quarter of 2019.\u00a0Adjusted income per share* in the third quarter of 2020 was\u00a0$0.64, compared with\u00a0$0.60\u00a0in the third quarter of 2019.<\/p>\n

Third Quarter and Year-to-Date Financial Comparison:<\/p>\n

GAAP Results:<\/strong><\/p>\n\n\n\n\n\n\n
($ millions)<\/strong><\/td>\n<\/td>\nQ3<\/strong>\u00a02020<\/strong><\/td>\n<\/td>\nQ3<\/strong>\u00a02019<\/strong><\/td>\n<\/td>\n2020<\/strong>\u00a0YTD<\/strong><\/td>\n<\/td>\n2019<\/strong>\u00a0YTD<\/strong><\/td>\n<\/tr>\n
Revenue<\/td>\n<\/td>\n$363.4<\/td>\n<\/td>\n$364.8<\/td>\n<\/td>\n$1,105.9<\/td>\n<\/td>\n$1,080.8<\/td>\n<\/tr>\n
Segment Income<\/td>\n<\/td>\n44.2<\/td>\n<\/td>\n42.9<\/td>\n<\/td>\n139.0<\/td>\n<\/td>\n105.1<\/td>\n<\/tr>\n
Operating Income<\/td>\n<\/td>\n30.0<\/td>\n<\/td>\n27.6<\/td>\n<\/td>\n97.1<\/td>\n<\/td>\n56.9<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Adjusted Results:<\/strong><\/p>\n\n\n\n\n\n\n
($ millions)<\/strong><\/td>\n<\/td>\nQ3<\/strong>\u00a02020<\/strong><\/td>\n<\/td>\nQ3<\/strong>\u00a02019<\/strong><\/td>\n<\/td>\n2020<\/strong>\u00a0YTD<\/strong><\/td>\n<\/td>\n2019<\/strong>\u00a0YTD<\/strong><\/td>\n<\/tr>\n
Adjusted Revenue*<\/td>\n<\/td>\n$362.9<\/td>\n<\/td>\n$358.8<\/td>\n<\/td>\n$1,099.4<\/td>\n<\/td>\n$1,081.9<\/td>\n<\/tr>\n
Adjusted Segment Income*<\/td>\n<\/td>\n53.0<\/td>\n<\/td>\n50.6<\/td>\n<\/td>\n161.0<\/td>\n<\/td>\n151.6<\/td>\n<\/tr>\n
Adjusted Operating Income*<\/td>\n<\/td>\n39.5<\/td>\n<\/td>\n37.1<\/td>\n<\/td>\n120.2<\/td>\n<\/td>\n109.7<\/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 Q3\u00a02020 was\u00a0$154.6 million, compared with\u00a0$140.1 million\u00a0in Q3\u00a02019, an increase of 10.3%, including a 6.0% increase from the Patterson-Kelley acquisition and a 0.3% favorable impact related to currency fluctuation. Organic revenue* increased 4.0%, primarily reflecting an increase in international cooling volumes, partially offset by a decline in sales of domestic heating and cooling products, including a negative impact of the COVID-19 pandemic on customer demand.<\/p>\n

Segment income in Q3\u00a02020 was\u00a0$26.3 million, compared to\u00a0$22.2 million\u00a0in Q3 2019. Adjusted segment income*, which excludes intangible amortization expense of\u00a0$0.7 million, was\u00a0$27.0 million, or 17.5% of revenue. This compares with adjusted segment income* of\u00a0$22.3 million, or 15.9% of revenue in Q3\u00a02019, which excludes intangible amortization expense of\u00a0$0.1 million. The increase in adjusted segment income* and 160 basis points increase in adjusted segment income margin* were due to the higher international cooling volumes noted above, as well as stronger operational execution and a more favorable product mix in our domestic cooling business.<\/p>\n

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

Revenue for Q3\u00a02020 was\u00a0$85.2 million, compared with\u00a0$97.6 million\u00a0in Q3\u00a02019, a decrease of 12.7%, including a 3.1% increase from the ULC acquisition and a 0.9% favorable impact related to currency fluctuation. Organic revenue* decreased 16.7%, largely due to lower sales of communication technologies and obstruction lighting products, with a significant portion of the decrease attributable to lower customer demand and project order delays associated with the COVID-19 pandemic.<\/p>\n

Segment income in Q3 2020 was\u00a0$14.2 million, compared to\u00a0$20.5 million\u00a0in Q3 2019. Adjusted segment income*, which excludes intangible amortization expense of\u00a0$2.6 million, was\u00a0$16.8 million, or 19.7% of revenue. This compares with adjusted segment income* of\u00a0$22.4 million, or 23.0% of revenue, in Q3 2019, which excludes intangible amortization expense of\u00a0$1.9 million. The 330 basis points decrease in adjusted segment income margin* was driven primarily by the decrease in volumes noted above and a less favorable business mix associated with lower shipments of high margin products.<\/p>\n

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

Revenue in Q3\u00a02020 was\u00a0$123.1 million, compared with\u00a0$121.1 million\u00a0in Q3\u00a02019, an increase of 1.7% which included an organic increase of 1.8% and a 0.1% unfavorable impact related to currency fluctuation. The organic increase was primarily driven by higher revenue in our Transformers business, associated with more favorable pricing and mix, as well as a modest increase in Process Cooling revenue.<\/p>\n

Segment income in Q3\u00a02020 was\u00a0$9.2 million, or 7.5% of revenue, compared with segment income of\u00a0$5.9 million, or 4.9% of revenue, in Q3\u00a02019. The increase in income and margin was driven by a more favorable sales mix and improved pricing discipline at our Transformers business.<\/p>\n

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

All Other, which includes the South African and Heat Transfer operations, had revenue of\u00a0$0.5 million\u00a0in Q3 2020, compared with\u00a0$6.0 million\u00a0in Q3 2019. The decrease was due largely to the winding down of the Heat Transfer operations and construction work on the South African projects.<\/p>\n

All Other incurred a loss in Q3 2020 of\u00a0$5.5 million, compared with a loss of\u00a0$5.7 million\u00a0in Q3 2019. The decrease in the loss was due primarily to the decline in revenue noted above.<\/p>\n

Financial Update:<\/strong>\u00a0As of\u00a0September 26, 2020, SPX had total outstanding debt of\u00a0$463.9 million\u00a0and total cash of\u00a0$70.7 million.\u00a0During Q3 2020, SPX generated net operating cash from continuing operations of\u00a0$31.1 million. Net leverage, as calculated under the company\u2019s bank credit agreement, was 1.9x, and includes the effect of cash paid for the acquisition of ULC Robotics in early September.<\/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>\u00a0The company expects to file its quarterly report on Form 10-Q for the quarter ended\u00a0September 26, 2020\u00a0with the\u00a0Securities and Exchange Commission\u00a0on or before\u00a0November 5, 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>\u00a0SPX 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: 877-341-7727
\nFrom outside\u00a0the United States: +1 262-558-6098
\nParticipant code: 1979006<\/p>\n

A replay of the call will be available by telephone through\u00a0Thursday, November 5th<\/sup>.<\/p>\n

To listen to a replay of the call
\nDial in: 855-859-2056
\nFrom outside\u00a0the United States: +1 404-537-3406
\nParticipant code: 1979006<\/p>\n

Upcoming Investor Events:\u00a0\u00a0<\/strong>Company management plans to conduct virtual meetings with investors during the fourth quarter of 2020 and SPX will also be virtually participating in the Baird Annual\u00a0Industrial Conference\u00a0on\u00a0November 12th<\/sup>.<\/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 2019 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 report on Form\u00a010-K and its most recent quarterly report 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. These risks and include risks relating to economic, business and other risks stemming from changes in the economy, including changes resulting from the impact of the COVID-19 pandemic; market specific cycles and weather related fluctuations; legal and regulatory risks; cost of raw materials; pricing pressures; reliance on\u00a0U.S.\u00a0revenues and international operations; the ability to successfully resolve various claims and disputes associated with the company\u2019s large power projects in\u00a0South Africa; legacy liabilities (including asbestos, environmental and pension); liabilities retained in connection with dispositions; integration of acquisitions and achievement of anticipated synergies; the 2015 spin-off transaction; the effectiveness, success, and timing of restructuring plans; and other risks and uncertainties arising from impact of the COVID-19 pandemic or related government responses on the company\u2019s businesses and the businesses of its customers and vendors, including 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 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\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<\/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<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\nThree months ended<\/strong><\/td>\n<\/td>\nNine months ended<\/strong><\/td>\n<\/tr>\n
<\/td>\nSeptember 26, 2020<\/strong><\/td>\n<\/td>\nSeptember 28, 2019<\/strong><\/td>\n<\/td>\nSeptember 26, 2020<\/strong><\/td>\n<\/td>\nSeptember 28, 2019<\/strong><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Revenues<\/td>\n$<\/td>\n363.4<\/td>\n<\/td>\n<\/td>\n$<\/td>\n364.8<\/td>\n<\/td>\n<\/td>\n$<\/td>\n1,105.9<\/td>\n<\/td>\n<\/td>\n$<\/td>\n1,080.8<\/td>\n<\/td>\n<\/tr>\n
Costs and expenses:<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Cost of products sold<\/td>\n<\/td>\n255.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n258.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n769.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n783.2<\/td>\n<\/td>\n<\/tr>\n
Selling, general and administrative<\/td>\n<\/td>\n74.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n74.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n229.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n229.5<\/td>\n<\/td>\n<\/tr>\n
Intangible amortization<\/td>\n<\/td>\n3.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n2.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n8.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n6.0<\/td>\n<\/td>\n<\/tr>\n
Special charges, net<\/td>\n<\/td>\n0.4<\/td>\n<\/td>\n<\/td>\n<\/td>\n2.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n2.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n3.4<\/td>\n<\/td>\n<\/tr>\n
Other operating (income) expense<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/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>\n30.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n27.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n97.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n56.9<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Other income, net<\/td>\n<\/td>\n2.9<\/td>\n<\/td>\n<\/td>\n<\/td>\n1.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n9.4<\/td>\n<\/td>\n<\/td>\n<\/td>\n10.1<\/td>\n<\/td>\n<\/tr>\n
Interest expense<\/td>\n<\/td>\n(4.5<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(5.0<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(14.0<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(15.6<\/td>\n)<\/td>\n<\/tr>\n
Interest income<\/td>\n<\/td>\n0.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.4<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.2<\/td>\n<\/td>\n<\/td>\n<\/td>\n1.3<\/td>\n<\/td>\n<\/tr>\n
Income from continuing operations before income taxes<\/td>\n<\/td>\n28.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n24.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n92.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n52.7<\/td>\n<\/td>\n<\/tr>\n
Income tax provision<\/td>\n<\/td>\n(5.8<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(2.8<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(18.9<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(11.5<\/td>\n)<\/td>\n<\/tr>\n
Income from continuing operations<\/td>\n<\/td>\n22.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n21.2<\/td>\n<\/td>\n<\/td>\n<\/td>\n73.8<\/td>\n<\/td>\n<\/td>\n<\/td>\n41.2<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Income (loss) from discontinued operations, net of tax<\/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>\n–<\/td>\n<\/td>\n<\/tr>\n
Gain (loss) on disposition of discontinued operations, net of tax<\/td>\n<\/td>\n0.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n(1.2<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(1.3<\/td>\n)<\/td>\n<\/tr>\n
Income (loss) from discontinued operations, net of tax<\/td>\n<\/td>\n0.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n(1.2<\/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<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Net income<\/td>\n$<\/td>\n22.8<\/td>\n<\/td>\n<\/td>\n$<\/td>\n21.5<\/td>\n<\/td>\n<\/td>\n$<\/td>\n72.6<\/td>\n<\/td>\n<\/td>\n$<\/td>\n39.9<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Basic income per share of common stock:<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/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>\n0.48<\/td>\n<\/td>\n<\/td>\n$<\/td>\n1.66<\/td>\n<\/td>\n<\/td>\n$<\/td>\n0.94<\/td>\n<\/td>\n<\/tr>\n
Income (loss) from discontinued operations<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.01<\/td>\n<\/td>\n<\/td>\n<\/td>\n(0.03<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(0.03<\/td>\n)<\/td>\n<\/tr>\n
Net income per share<\/td>\n$<\/td>\n0.51<\/td>\n<\/td>\n<\/td>\n$<\/td>\n0.49<\/td>\n<\/td>\n<\/td>\n$<\/td>\n1.63<\/td>\n<\/td>\n<\/td>\n$<\/td>\n0.91<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Weighted-average number of common shares outstanding \u2014 basic<\/td>\n<\/td>\n44.708<\/td>\n<\/td>\n<\/td>\n<\/td>\n44.072<\/td>\n<\/td>\n<\/td>\n<\/td>\n44.538<\/td>\n<\/td>\n<\/td>\n<\/td>\n43.870<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Diluted income per share of common stock:<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Income from continuing operations<\/td>\n$<\/td>\n0.49<\/td>\n<\/td>\n<\/td>\n$<\/td>\n0.47<\/td>\n<\/td>\n<\/td>\n$<\/td>\n1.62<\/td>\n<\/td>\n<\/td>\n$<\/td>\n0.92<\/td>\n<\/td>\n<\/tr>\n
Income (loss) from discontinued operations<\/td>\n<\/td>\n0.01<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.01<\/td>\n<\/td>\n<\/td>\n<\/td>\n(0.03<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(0.03<\/td>\n)<\/td>\n<\/tr>\n
Net income per share<\/td>\n$<\/td>\n0.50<\/td>\n<\/td>\n<\/td>\n$<\/td>\n0.48<\/td>\n<\/td>\n<\/td>\n$<\/td>\n1.59<\/td>\n<\/td>\n<\/td>\n$<\/td>\n0.89<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Weighted-average number of common shares outstanding \u2014 diluted<\/td>\n<\/td>\n45.894<\/td>\n<\/td>\n<\/td>\n<\/td>\n45.176<\/td>\n<\/td>\n<\/td>\n<\/td>\n45.694<\/td>\n<\/td>\n<\/td>\n<\/td>\n44.861<\/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
<\/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>\nSeptember 26, 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$<\/td>\n70.7<\/td>\n<\/td>\n<\/td>\n$<\/td>\n54.7<\/td>\n<\/td>\n<\/tr>\n
Accounts receivable, net<\/td>\n<\/td>\n232.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n265.9<\/td>\n<\/td>\n<\/tr>\n
Contract assets<\/td>\n<\/td>\n70.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n63.4<\/td>\n<\/td>\n<\/tr>\n
Inventories, net<\/td>\n<\/td>\n179.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n154.9<\/td>\n<\/td>\n<\/tr>\n
Other current assets (includes income taxes receivable of\u00a0$24.9\u00a0and\u00a0$23.0\u00a0at\u00a0September 26, 2020\u00a0and\u00a0December 31, 2019, respectively)<\/td>\n<\/td>\n96.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n93.2<\/td>\n<\/td>\n<\/tr>\n
Total current assets<\/td>\n<\/td>\n648.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n632.1<\/td>\n<\/td>\n<\/tr>\n
Property, plant and equipment:<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Land<\/td>\n<\/td>\n19.4<\/td>\n<\/td>\n<\/td>\n<\/td>\n18.7<\/td>\n<\/td>\n<\/tr>\n
Buildings and leasehold improvements<\/td>\n<\/td>\n125.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n121.9<\/td>\n<\/td>\n<\/tr>\n
Machinery and equipment<\/td>\n<\/td>\n354.9<\/td>\n<\/td>\n<\/td>\n<\/td>\n342.6<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n499.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n483.2<\/td>\n<\/td>\n<\/tr>\n
Accumulated depreciation<\/td>\n<\/td>\n(311.7<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(304.1<\/td>\n)<\/td>\n<\/tr>\n
Property, plant and equipment, net<\/td>\n<\/td>\n187.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n179.1<\/td>\n<\/td>\n<\/tr>\n
Goodwill<\/td>\n<\/td>\n490.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n449.3<\/td>\n<\/td>\n<\/tr>\n
Intangibles, net<\/td>\n<\/td>\n302.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n251.7<\/td>\n<\/td>\n<\/tr>\n
Other assets<\/td>\n<\/td>\n615.2<\/td>\n<\/td>\n<\/td>\n<\/td>\n605.9<\/td>\n<\/td>\n<\/tr>\n
Deferred income taxes<\/td>\n<\/td>\n5.8<\/td>\n<\/td>\n<\/td>\n<\/td>\n16.4<\/td>\n<\/td>\n<\/tr>\n
TOTAL ASSETS<\/td>\n$<\/td>\n2,250.0<\/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>\n134.5<\/td>\n<\/td>\n<\/td>\n$<\/td>\n141.6<\/td>\n<\/td>\n<\/tr>\n
Contract liabilities<\/td>\n<\/td>\n83.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n100.8<\/td>\n<\/td>\n<\/tr>\n
Accrued expenses<\/td>\n<\/td>\n228.8<\/td>\n<\/td>\n<\/td>\n<\/td>\n220.4<\/td>\n<\/td>\n<\/tr>\n
Income taxes payable<\/td>\n<\/td>\n2.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n2.2<\/td>\n<\/td>\n<\/tr>\n
Short-term debt<\/td>\n<\/td>\n108.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n142.6<\/td>\n<\/td>\n<\/tr>\n
Current maturities of long-term debt<\/td>\n<\/td>\n5.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n1.0<\/td>\n<\/td>\n<\/tr>\n
Total current liabilities<\/td>\n<\/td>\n562.2<\/td>\n<\/td>\n<\/td>\n<\/td>\n608.6<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Long-term debt<\/td>\n<\/td>\n350.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n249.9<\/td>\n<\/td>\n<\/tr>\n
Deferred and other income taxes<\/td>\n<\/td>\n27.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n26.3<\/td>\n<\/td>\n<\/tr>\n
Other long-term liabilities<\/td>\n<\/td>\n727.4<\/td>\n<\/td>\n<\/td>\n<\/td>\n747.3<\/td>\n<\/td>\n<\/tr>\n
Total long-term liabilities<\/td>\n<\/td>\n1,104.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n1,023.5<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Equity:<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Common stock<\/td>\n<\/td>\n0.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.5<\/td>\n<\/td>\n<\/tr>\n
Paid-in capital<\/td>\n<\/td>\n1,309.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n1,302.4<\/td>\n<\/td>\n<\/tr>\n
Retained deficit<\/td>\n<\/td>\n(512.7<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(584.8<\/td>\n)<\/td>\n<\/tr>\n
Accumulated other comprehensive income<\/td>\n<\/td>\n237.2<\/td>\n<\/td>\n<\/td>\n<\/td>\n244.3<\/td>\n<\/td>\n<\/tr>\n
Common stock in treasury<\/td>\n<\/td>\n(451.6<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(460.0<\/td>\n)<\/td>\n<\/tr>\n
Total equity<\/td>\n<\/td>\n583.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n502.4<\/td>\n<\/td>\n<\/tr>\n
TOTAL LIABILITIES AND EQUITY<\/td>\n$<\/td>\n2,250.0<\/td>\n<\/td>\n<\/td>\n$<\/td>\n2,134.5<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
SPX CORPORATION AND SUBSIDIARIES<\/strong><\/td>\n<\/tr>\n
RESULTS OF REPORTABLE AND OTHER OPERATING SEGMENTS<\/strong><\/td>\n<\/tr>\n
(Unaudited; in millions)<\/strong><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\nThree months ended<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\nNine months ended<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\nSeptember 26, 2020<\/strong><\/td>\n<\/td>\nSeptember 28, 2019<\/strong><\/td>\n<\/td>\n\u0394<\/strong><\/td>\n<\/td>\n%\/bps<\/strong><\/em><\/td>\n<\/td>\nSeptember 26, 2020<\/strong><\/td>\n<\/td>\nSeptember 28, 2019<\/strong><\/td>\n<\/td>\n\u0394<\/strong><\/td>\n<\/td>\n%\/bps<\/strong><\/em><\/td>\n<\/tr>\n
HVAC reportable segment<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Revenues<\/td>\n<\/td>\n$<\/td>\n154.6<\/td>\n<\/td>\n<\/td>\n$<\/td>\n140.1<\/td>\n<\/td>\n<\/td>\n$<\/td>\n14.5<\/td>\n<\/td>\n<\/td>\n10.3<\/em><\/td>\n%<\/em><\/td>\n<\/td>\n$<\/td>\n405.4<\/td>\n<\/td>\n<\/td>\n$<\/td>\n399.4<\/td>\n<\/td>\n<\/td>\n$<\/td>\n6.0<\/td>\n<\/td>\n<\/td>\n1.5<\/em><\/td>\n%<\/em><\/td>\n<\/tr>\n
Gross profit<\/td>\n<\/td>\n<\/td>\n50.8<\/td>\n<\/td>\n<\/td>\n<\/td>\n45.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n5.8<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n135.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n127.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n7.8<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Selling, general and administrative expense<\/td>\n<\/td>\n<\/td>\n23.8<\/td>\n<\/td>\n<\/td>\n<\/td>\n22.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n1.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n73.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n69.9<\/td>\n<\/td>\n<\/td>\n<\/td>\n3.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Intangible amortization expense<\/td>\n<\/td>\n<\/td>\n0.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n2.2<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n1.9<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Income<\/td>\n<\/td>\n$<\/td>\n26.3<\/td>\n<\/td>\n<\/td>\n$<\/td>\n22.2<\/td>\n<\/td>\n<\/td>\n$<\/td>\n4.1<\/td>\n<\/td>\n<\/td>\n18.5<\/em><\/td>\n%<\/em><\/td>\n<\/td>\n$<\/td>\n59.5<\/td>\n<\/td>\n<\/td>\n$<\/td>\n57.3<\/td>\n<\/td>\n<\/td>\n$<\/td>\n2.2<\/td>\n<\/td>\n<\/td>\n3.8<\/em><\/td>\n%<\/em><\/td>\n<\/tr>\n
as a percent of revenues<\/td>\n<\/td>\n<\/td>\n17.0<\/td>\n%<\/td>\n<\/td>\n<\/td>\n15.8<\/td>\n%<\/td>\n<\/td>\n<\/td>\n<\/td>\n120 bps<\/em><\/td>\n<\/td>\n<\/td>\n14.7<\/td>\n%<\/td>\n<\/td>\n<\/td>\n14.3<\/td>\n%<\/td>\n<\/td>\n<\/td>\n<\/td>\n40 bps<\/em><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Detection & Measurement reportable segment<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Revenues<\/td>\n<\/td>\n$<\/td>\n85.2<\/td>\n<\/td>\n<\/td>\n$<\/td>\n97.6<\/td>\n<\/td>\n<\/td>\n$<\/td>\n(12.4<\/td>\n)<\/td>\n<\/td>\n(12.7<\/em><\/td>\n)%<\/em><\/td>\n<\/td>\n$<\/td>\n269.2<\/td>\n<\/td>\n<\/td>\n$<\/td>\n284.4<\/td>\n<\/td>\n<\/td>\n$<\/td>\n(15.2<\/td>\n)<\/td>\n<\/td>\n(5.3<\/em><\/td>\n)%<\/em><\/td>\n<\/tr>\n
Gross profit<\/td>\n<\/td>\n<\/td>\n36.9<\/td>\n<\/td>\n<\/td>\n<\/td>\n44.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n(7.7<\/td>\n)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n116.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n130.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n(14.0<\/td>\n)<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Selling, general and administrative expense<\/td>\n<\/td>\n<\/td>\n20.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n22.2<\/td>\n<\/td>\n<\/td>\n<\/td>\n(2.1<\/td>\n)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n62.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n65.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n(3.6<\/td>\n)<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Intangible amortization expense<\/td>\n<\/td>\n<\/td>\n2.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n1.9<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n6.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n5.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.4<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Income<\/td>\n<\/td>\n$<\/td>\n14.2<\/td>\n<\/td>\n<\/td>\n$<\/td>\n20.5<\/td>\n<\/td>\n<\/td>\n$<\/td>\n(6.3<\/td>\n)<\/td>\n<\/td>\n(30.7<\/em><\/td>\n)%<\/em><\/td>\n<\/td>\n$<\/td>\n48.4<\/td>\n<\/td>\n<\/td>\n$<\/td>\n59.2<\/td>\n<\/td>\n<\/td>\n$<\/td>\n(10.8<\/td>\n)<\/td>\n<\/td>\n(18.2<\/em><\/td>\n)%<\/em><\/td>\n<\/tr>\n
as a percent of revenues<\/td>\n<\/td>\n<\/td>\n16.7<\/td>\n%<\/td>\n<\/td>\n<\/td>\n21.0<\/td>\n%<\/td>\n<\/td>\n<\/td>\n<\/td>\n-430 bps<\/em><\/td>\n<\/td>\n<\/td>\n18.0<\/td>\n%<\/td>\n<\/td>\n<\/td>\n20.8<\/td>\n%<\/td>\n<\/td>\n<\/td>\n<\/td>\n-280 bps<\/em><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Engineered Solutions reportable segment<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Revenues<\/td>\n<\/td>\n$<\/td>\n123.1<\/td>\n<\/td>\n<\/td>\n$<\/td>\n121.1<\/td>\n<\/td>\n<\/td>\n$<\/td>\n2.0<\/td>\n<\/td>\n<\/td>\n1.7<\/em><\/td>\n%<\/em><\/td>\n<\/td>\n$<\/td>\n424.8<\/td>\n<\/td>\n<\/td>\n$<\/td>\n398.1<\/td>\n<\/td>\n<\/td>\n$<\/td>\n26.7<\/td>\n<\/td>\n<\/td>\n6.7<\/em><\/td>\n%<\/em><\/td>\n<\/tr>\n
Gross profit<\/td>\n<\/td>\n<\/td>\n21.4<\/td>\n<\/td>\n<\/td>\n<\/td>\n18.2<\/td>\n<\/td>\n<\/td>\n<\/td>\n3.2<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n85.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n66.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n19.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Selling, general and administrative expense<\/td>\n<\/td>\n<\/td>\n12.2<\/td>\n<\/td>\n<\/td>\n<\/td>\n12.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n(0.1<\/td>\n)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n40.8<\/td>\n<\/td>\n<\/td>\n<\/td>\n39.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n1.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Income<\/td>\n<\/td>\n$<\/td>\n9.2<\/td>\n<\/td>\n<\/td>\n$<\/td>\n5.9<\/td>\n<\/td>\n<\/td>\n$<\/td>\n3.3<\/td>\n<\/td>\n<\/td>\n55.9<\/em><\/td>\n%<\/em><\/td>\n<\/td>\n$<\/td>\n44.7<\/td>\n<\/td>\n<\/td>\n$<\/td>\n26.9<\/td>\n<\/td>\n<\/td>\n$<\/td>\n17.8<\/td>\n<\/td>\n<\/td>\n66.2<\/em><\/td>\n%<\/em><\/td>\n<\/tr>\n
as a percent of revenues<\/td>\n<\/td>\n<\/td>\n7.5<\/td>\n%<\/td>\n<\/td>\n<\/td>\n4.9<\/td>\n%<\/td>\n<\/td>\n<\/td>\n<\/td>\n260 bps<\/em><\/td>\n<\/td>\n<\/td>\n10.5<\/td>\n%<\/td>\n<\/td>\n<\/td>\n6.8<\/td>\n%<\/td>\n<\/td>\n<\/td>\n<\/td>\n370 bps<\/em><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
All Other<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Revenues<\/td>\n<\/td>\n$<\/td>\n0.5<\/td>\n<\/td>\n<\/td>\n$<\/td>\n6.0<\/td>\n<\/td>\n<\/td>\n$<\/td>\n(5.5<\/td>\n)<\/td>\n<\/td>\n(91.7<\/em><\/td>\n)%<\/em><\/td>\n<\/td>\n$<\/td>\n6.5<\/td>\n<\/td>\n<\/td>\n$<\/td>\n(1.1<\/td>\n)<\/td>\n<\/td>\n$<\/td>\n7.6<\/td>\n<\/td>\n<\/td>\n690.9<\/em><\/td>\n%<\/em><\/td>\n<\/tr>\n
Gross profit (loss)<\/td>\n<\/td>\n<\/td>\n(0.8<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(1.6<\/td>\n)<\/td>\n<\/td>\n<\/td>\n0.8<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n(1.0<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(26.5<\/td>\n)<\/td>\n<\/td>\n<\/td>\n25.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Selling, general and administrative expense<\/td>\n<\/td>\n<\/td>\n4.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n4.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n12.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n11.8<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.8<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Loss<\/td>\n<\/td>\n$<\/td>\n(5.5<\/td>\n)<\/td>\n<\/td>\n$<\/td>\n(5.7<\/td>\n)<\/td>\n<\/td>\n$<\/td>\n0.2<\/td>\n<\/td>\n<\/td>\n(3.5<\/em><\/td>\n)%<\/em><\/td>\n<\/td>\n$<\/td>\n(13.6<\/td>\n)<\/td>\n<\/td>\n$<\/td>\n(38.3<\/td>\n)<\/td>\n<\/td>\n$<\/td>\n24.7<\/td>\n<\/td>\n<\/td>\n(64.5<\/em><\/td>\n)%<\/em><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Consolidated Revenues<\/strong><\/td>\n<\/td>\n$<\/strong><\/td>\n363.4<\/strong><\/td>\n<\/td>\n<\/td>\n$<\/strong><\/td>\n364.8<\/strong><\/td>\n<\/td>\n<\/td>\n$<\/strong><\/td>\n(1.4<\/strong><\/td>\n)<\/strong><\/td>\n<\/td>\n(0.4<\/strong><\/em><\/td>\n)%<\/strong><\/em><\/td>\n<\/td>\n$<\/strong><\/td>\n1,105.9<\/strong><\/td>\n<\/td>\n<\/td>\n$<\/strong><\/td>\n1,080.8<\/strong><\/td>\n<\/td>\n<\/td>\n$<\/strong><\/td>\n25.1<\/strong><\/td>\n<\/td>\n<\/td>\n2.3<\/strong><\/em><\/td>\n%<\/strong><\/em><\/td>\n<\/tr>\n
Consolidated Segment Income<\/strong><\/td>\n<\/td>\n<\/td>\n44.2<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n42.9<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n1.3<\/strong><\/td>\n<\/td>\n<\/td>\n3.0<\/strong><\/em><\/td>\n%<\/strong><\/em><\/td>\n<\/td>\n<\/td>\n139.0<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n105.1<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n33.9<\/strong><\/td>\n<\/td>\n<\/td>\n32.3<\/strong><\/em><\/td>\n%<\/strong><\/em><\/td>\n<\/tr>\n
as a percent of revenues<\/strong><\/td>\n<\/td>\n<\/td>\n12.2<\/strong><\/td>\n%<\/strong><\/td>\n<\/td>\n<\/td>\n11.8<\/strong><\/td>\n%<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n40 bps<\/strong><\/em><\/td>\n<\/td>\n<\/td>\n12.6<\/strong><\/td>\n%<\/strong><\/td>\n<\/td>\n<\/td>\n9.7<\/strong><\/td>\n%<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n290 bps<\/strong><\/em><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Total segment income<\/td>\n<\/td>\n$<\/td>\n44.2<\/td>\n<\/td>\n<\/td>\n$<\/td>\n42.9<\/td>\n<\/td>\n<\/td>\n$<\/td>\n1.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n$<\/td>\n139.0<\/td>\n<\/td>\n<\/td>\n$<\/td>\n105.1<\/td>\n<\/td>\n<\/td>\n$<\/td>\n33.9<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Corporate expense<\/td>\n<\/td>\n<\/td>\n10.4<\/td>\n<\/td>\n<\/td>\n<\/td>\n10.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.4<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n30.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n32.9<\/td>\n<\/td>\n<\/td>\n<\/td>\n(2.9<\/td>\n)<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Long-term incentive compensation expense<\/td>\n<\/td>\n<\/td>\n3.4<\/td>\n<\/td>\n<\/td>\n<\/td>\n3.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n10.2<\/td>\n<\/td>\n<\/td>\n<\/td>\n10.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Special charges, net<\/td>\n<\/td>\n<\/td>\n0.4<\/td>\n<\/td>\n<\/td>\n<\/td>\n2.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n(1.6<\/td>\n)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n2.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n3.4<\/td>\n<\/td>\n<\/td>\n<\/td>\n(1.3<\/td>\n)<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Other operating (income) expense<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n(0.4<\/td>\n)<\/td>\n<\/td>\n$<\/td>\n1.8<\/td>\n<\/td>\n<\/td>\n<\/td>\n(2.2<\/td>\n)<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Consolidated operating income<\/strong><\/td>\n<\/td>\n$<\/td>\n30.0<\/td>\n<\/td>\n<\/td>\n$<\/td>\n27.6<\/td>\n<\/td>\n<\/td>\n$<\/td>\n2.4<\/td>\n<\/td>\n<\/td>\n8.7<\/em><\/td>\n%<\/em><\/td>\n<\/td>\n$<\/td>\n97.1<\/td>\n<\/td>\n<\/td>\n$<\/td>\n56.9<\/td>\n<\/td>\n<\/td>\n$<\/td>\n40.2<\/td>\n<\/td>\n<\/td>\n70.7<\/em><\/td>\n%<\/em><\/td>\n<\/tr>\n
\u00a0as a percent of revenues<\/td>\n<\/td>\n<\/td>\n8.3<\/td>\n%<\/td>\n<\/td>\n<\/td>\n7.6<\/td>\n%<\/td>\n<\/td>\n<\/td>\n<\/td>\n70 bps<\/em><\/td>\n<\/td>\n<\/td>\n8.8<\/td>\n%<\/td>\n<\/td>\n<\/td>\n5.3<\/td>\n%<\/td>\n<\/td>\n<\/td>\n<\/td>\n350 bps<\/em><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/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\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<\/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<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\nThree months ended<\/strong><\/td>\n<\/td>\nNine months ended<\/strong><\/td>\n<\/tr>\n
<\/td>\n<\/td>\nSeptember 26, 2020<\/strong><\/td>\n<\/td>\nSeptember 28, 2019<\/strong><\/td>\n<\/td>\nSeptember 26, 2020<\/strong><\/td>\n<\/td>\nSeptember 28, 2019<\/strong><\/td>\n<\/tr>\n
Cash flows from (used in) operating activities:<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Net income<\/td>\n<\/td>\n$<\/td>\n22.8<\/td>\n<\/td>\n<\/td>\n$<\/td>\n21.5<\/td>\n<\/td>\n<\/td>\n$<\/td>\n72.6<\/td>\n<\/td>\n<\/td>\n$<\/td>\n39.9<\/td>\n<\/td>\n<\/tr>\n
Less: Income (loss) from discontinued operations, net of tax<\/td>\n<\/td>\n<\/td>\n0.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n(1.2<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(1.3<\/td>\n)<\/td>\n<\/tr>\n
Income from continuing operations<\/td>\n<\/td>\n<\/td>\n22.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n21.2<\/td>\n<\/td>\n<\/td>\n<\/td>\n73.8<\/td>\n<\/td>\n<\/td>\n<\/td>\n41.2<\/td>\n<\/td>\n<\/tr>\n
Adjustments to reconcile income from continuing operations to net cash from operating activities:<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Special charges, net<\/td>\n<\/td>\n<\/td>\n0.4<\/td>\n<\/td>\n<\/td>\n<\/td>\n2.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n2.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n3.4<\/td>\n<\/td>\n<\/tr>\n
Gain on change in fair value of equity security<\/td>\n<\/td>\n<\/td>\n(2.1<\/td>\n)<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n(7.4<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(7.9<\/td>\n)<\/td>\n<\/tr>\n
Deferred and other income taxes<\/td>\n<\/td>\n<\/td>\n2.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n3.9<\/td>\n<\/td>\n<\/td>\n<\/td>\n13.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n8.3<\/td>\n<\/td>\n<\/tr>\n
Depreciation and amortization<\/td>\n<\/td>\n<\/td>\n10.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n8.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n28.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n24.7<\/td>\n<\/td>\n<\/tr>\n
Pension and other employee benefits<\/td>\n<\/td>\n<\/td>\n1.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n2.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n5.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n7.6<\/td>\n<\/td>\n<\/tr>\n
Long-term incentive compensation<\/td>\n<\/td>\n<\/td>\n3.4<\/td>\n<\/td>\n<\/td>\n<\/td>\n3.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n10.2<\/td>\n<\/td>\n<\/td>\n<\/td>\n10.1<\/td>\n<\/td>\n<\/tr>\n
Other, net<\/td>\n<\/td>\n<\/td>\n1.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n3.4<\/td>\n<\/td>\n<\/td>\n<\/td>\n1.2<\/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<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Accounts receivable and other assets<\/td>\n<\/td>\n<\/td>\n3.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n23.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n52.4<\/td>\n<\/td>\n<\/td>\n<\/td>\n94.6<\/td>\n<\/td>\n<\/tr>\n
Inventories<\/td>\n<\/td>\n<\/td>\n3.2<\/td>\n<\/td>\n<\/td>\n<\/td>\n(0.5<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(24.9<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(18.5<\/td>\n)<\/td>\n<\/tr>\n
Accounts payable, accrued expenses and other<\/td>\n<\/td>\n<\/td>\n(14.3<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(18.4<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(93.2<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(88.2<\/td>\n)<\/td>\n<\/tr>\n
Cash spending on restructuring actions<\/td>\n<\/td>\n<\/td>\n(0.6<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(1.0<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(2.4<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(3.2<\/td>\n)<\/td>\n<\/tr>\n
Net cash from continuing operations<\/td>\n<\/td>\n<\/td>\n31.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n45.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n60.9<\/td>\n<\/td>\n<\/td>\n<\/td>\n73.3<\/td>\n<\/td>\n<\/tr>\n
Net cash used in discontinued operations<\/td>\n<\/td>\n<\/td>\n(1.0<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(2.0<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(4.5<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(3.5<\/td>\n)<\/td>\n<\/tr>\n
Net cash from operating activities<\/td>\n<\/td>\n<\/td>\n30.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n43.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n56.4<\/td>\n<\/td>\n<\/td>\n<\/td>\n69.8<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\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<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Proceeds from company-owned life insurance policies, net<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n3.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n1.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n5.9<\/td>\n<\/td>\n<\/tr>\n
Business acquisitions, net of cash acquired<\/td>\n<\/td>\n<\/td>\n(87.9<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(10.0<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(87.9<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(87.2<\/td>\n)<\/td>\n<\/tr>\n
Net proceeds from sales of assets and other<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n(0.2<\/td>\n)<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n5.3<\/td>\n<\/td>\n<\/tr>\n
Capital expenditures<\/td>\n<\/td>\n<\/td>\n(5.6<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(4.5<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(15.0<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(10.7<\/td>\n)<\/td>\n<\/tr>\n
Net cash used in continuing operations<\/td>\n<\/td>\n<\/td>\n(93.5<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(11.2<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(101.8<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(86.7<\/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<\/td>\n<\/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<\/td>\n(93.5<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(11.2<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(101.8<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(86.7<\/td>\n)<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\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<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Borrowings under senior credit facilities<\/td>\n<\/td>\n<\/td>\n5.2<\/td>\n<\/td>\n<\/td>\n<\/td>\n30.8<\/td>\n<\/td>\n<\/td>\n<\/td>\n183.9<\/td>\n<\/td>\n<\/td>\n<\/td>\n132.4<\/td>\n<\/td>\n<\/tr>\n
Repayments under senior credit facilities<\/td>\n<\/td>\n<\/td>\n(30.2<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(40.8<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(118.9<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(127.6<\/td>\n)<\/td>\n<\/tr>\n
Borrowings under trade receivables financing arrangement<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n10.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n65.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n55.0<\/td>\n<\/td>\n<\/tr>\n
Repayments under trade receivables financing arrangement<\/td>\n<\/td>\n<\/td>\n(30.4<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(20.0<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(60.4<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(64.0<\/td>\n)<\/td>\n<\/tr>\n
Net borrowings (repayments) under other financing arrangements<\/td>\n<\/td>\n<\/td>\n(0.4<\/td>\n)<\/td>\n<\/td>\n<\/td>\n1.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n(1.8<\/td>\n)<\/td>\n<\/td>\n<\/td>\n3.7<\/td>\n<\/td>\n<\/tr>\n
Payment of contingent consideration<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/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<\/td>\n0.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n(1.8<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(4.2<\/td>\n)<\/td>\n<\/tr>\n
Net cash from (used in) continuing operations<\/td>\n<\/td>\n<\/td>\n(55.3<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(18.4<\/td>\n)<\/td>\n<\/td>\n<\/td>\n64.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n(4.7<\/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<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/tr>\n
Net cash from (used in) financing activities<\/td>\n<\/td>\n<\/td>\n(55.3<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(18.4<\/td>\n)<\/td>\n<\/td>\n<\/td>\n64.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n(4.7<\/td>\n)<\/td>\n<\/tr>\n
Change in cash and equivalents due to changes in foreign currency exchange rates<\/td>\n<\/td>\n<\/td>\n(0.8<\/td>\n)<\/td>\n<\/td>\n<\/td>\n1.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n(3.1<\/td>\n)<\/td>\n<\/td>\n<\/td>\n2.1<\/td>\n<\/td>\n<\/tr>\n
Net change in cash and equivalents<\/td>\n<\/td>\n<\/td>\n(119.5<\/td>\n)<\/td>\n<\/td>\n<\/td>\n14.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n16.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n(19.5<\/td>\n)<\/td>\n<\/tr>\n
Consolidated cash and equivalents, beginning of period<\/td>\n<\/td>\n<\/td>\n190.2<\/td>\n<\/td>\n<\/td>\n<\/td>\n34.6<\/td>\n<\/td>\n<\/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>\n$<\/td>\n70.7<\/td>\n<\/td>\n<\/td>\n$<\/td>\n49.3<\/td>\n<\/td>\n<\/td>\n$<\/td>\n70.7<\/td>\n<\/td>\n<\/td>\n$<\/td>\n49.3<\/td>\n<\/td>\n<\/tr>\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\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>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\nNine months ended<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\nSeptember 26, 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$<\/td>\n54.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Cash from continuing operations<\/td>\n<\/td>\n60.9<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Capital expenditures<\/td>\n<\/td>\n(15.0<\/td>\n)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Proceeds from company-owned life insurance policies, net<\/td>\n<\/td>\n1.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Business acquisition, net of cash acquired<\/td>\n<\/td>\n(87.9<\/td>\n)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Borrowings under senior credit facilities<\/td>\n<\/td>\n183.9<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Repayments under senior credit facilities<\/td>\n<\/td>\n(118.9<\/td>\n)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Net borrowings under other financing arrangements<\/td>\n<\/td>\n2.8<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Payment of contingent consideration<\/td>\n<\/td>\n(1.5<\/td>\n)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Minimum withholdings paid on behalf of employees for net share settlements, net of proceeds from the exercise of employee stock options<\/td>\n<\/td>\n(1.8<\/td>\n)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Cash used in discontinued operations<\/td>\n<\/td>\n(4.5<\/td>\n)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Change in cash due to changes in foreign currency exchange rates<\/td>\n<\/td>\n(3.1<\/td>\n)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Ending cash and equivalents<\/td>\n$<\/td>\n70.7<\/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>\nSeptember 26, 2020<\/strong><\/td>\n<\/tr>\n
Revolving loans<\/td>\n$<\/td>\n140.0<\/td>\n<\/td>\n<\/td>\n$<\/td>\n183.9<\/td>\n<\/td>\n$<\/td>\n(118.9<\/td>\n)<\/td>\n<\/td>\n$<\/td>\n–<\/td>\n<\/td>\n$<\/td>\n205.0<\/td>\n<\/td>\n<\/tr>\n
Term loan<\/td>\n<\/td>\n250.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n250.0<\/td>\n<\/td>\n<\/tr>\n
Trade receivables financing arrangement<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n65.0<\/td>\n<\/td>\n<\/td>\n(60.4<\/td>\n)<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n4.6<\/td>\n<\/td>\n<\/tr>\n
Other indebtedness<\/td>\n<\/td>\n5.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n(1.8<\/td>\n)<\/td>\n<\/td>\n<\/td>\n2.3<\/td>\n<\/td>\n<\/td>\n5.8<\/td>\n<\/td>\n<\/tr>\n
Less: Deferred financing costs associated with the term loan<\/td>\n<\/td>\n(1.8<\/td>\n)<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.3<\/td>\n<\/td>\n<\/td>\n(1.5<\/td>\n)<\/td>\n<\/tr>\n
Totals<\/td>\n$<\/td>\n393.5<\/td>\n<\/td>\n<\/td>\n$<\/td>\n248.9<\/td>\n<\/td>\n$<\/td>\n(181.1<\/td>\n)<\/td>\n<\/td>\n$<\/td>\n2.6<\/td>\n<\/td>\n$<\/td>\n463.9<\/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\u00a0September 26, 2020<\/strong><\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\nCVC<\/strong><\/td>\n<\/td>\nDetection &
\nMeasurement<\/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>\n10.3<\/td>\n%<\/td>\n(12.7<\/td>\n)%<\/td>\n<\/td>\n1.7<\/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: Foreign Currency<\/td>\n<\/td>\n0.3<\/td>\n%<\/td>\n0.9<\/td>\n%<\/td>\n<\/td>\n(0.1<\/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>\n6.0<\/td>\n%<\/td>\n3.1<\/td>\n%<\/td>\n<\/td>\n–<\/td>\n%<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Organic Revenue Growth (Decline)<\/td>\n<\/td>\n4.0<\/td>\n%<\/td>\n(16.7<\/td>\n)%<\/td>\n<\/td>\n1.8<\/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<\/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\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<\/td>\n<\/tr>\n
NON-GAAP RECONCILIATION – REVENUE AND SEGMENT INCOME<\/strong><\/td>\n<\/td>\n<\/tr>\n
(Unaudited; in millions)<\/strong><\/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>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\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<\/td>\nNine months ended<\/strong><\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\nSeptember 26, 2020<\/strong><\/td>\n<\/td>\nSeptember 28, 2019<\/strong><\/td>\n<\/td>\nSeptember 26, 2020<\/strong><\/td>\n<\/td>\nSeptember 28, 2019<\/strong><\/td>\n<\/td>\n<\/tr>\n
Consolidated revenue<\/td>\n<\/td>\n$<\/td>\n363.4<\/td>\n<\/td>\n<\/td>\n$<\/td>\n364.8<\/td>\n<\/td>\n<\/td>\n$<\/td>\n1,105.9<\/td>\n<\/td>\n<\/td>\n$<\/td>\n1,080.8<\/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
Exclude: “All Other” operating segments(1)<\/sup><\/td>\n<\/td>\n<\/td>\n0.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n6.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n6.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n(1.1<\/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
Adjusted consolidated revenue<\/td>\n<\/td>\n$<\/td>\n362.9<\/td>\n<\/td>\n<\/td>\n$<\/td>\n358.8<\/td>\n<\/td>\n<\/td>\n$<\/td>\n1,099.4<\/td>\n<\/td>\n<\/td>\n$<\/td>\n1,081.9<\/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
Total segment income<\/td>\n<\/td>\n$<\/td>\n44.2<\/td>\n<\/td>\n<\/td>\n$<\/td>\n42.9<\/td>\n<\/td>\n<\/td>\n$<\/td>\n139.0<\/td>\n<\/td>\n<\/td>\n$<\/td>\n105.1<\/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
Exclude: “All Other” operating segments(1)<\/sup><\/td>\n<\/td>\n<\/td>\n(5.5<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(5.7<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(13.6<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(38.3<\/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
Exclude: One-time acquisition related costs\u00a0(2)<\/sup><\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n(0.1<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(2.2<\/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
Exclude: Amortization expense\u00a0(3)<\/sup><\/td>\n<\/td>\n<\/td>\n(3.3<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(2.0<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(8.3<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(6.0<\/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
Adjusted segment income<\/td>\n<\/td>\n$<\/td>\n53.0<\/td>\n<\/td>\n<\/td>\n$<\/td>\n50.6<\/td>\n<\/td>\n<\/td>\n$<\/td>\n161.0<\/td>\n<\/td>\n<\/td>\n$<\/td>\n151.6<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
as a percent of adjusted revenues\u00a0(4)<\/sup><\/td>\n<\/td>\n<\/td>\n14.6<\/td>\n%<\/td>\n<\/td>\n<\/td>\n14.1<\/td>\n%<\/td>\n<\/td>\n<\/td>\n14.6<\/td>\n%<\/td>\n<\/td>\n<\/td>\n14.0<\/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
HVAC REPORTABLE SEGMENT:<\/strong><\/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>\nThree months ended<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\nSeptember 26, 2020<\/strong><\/td>\n<\/td>\nSeptember 28, 2019<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
HVAC segment income<\/td>\n<\/td>\n$<\/td>\n26.3<\/td>\n<\/td>\n<\/td>\n$<\/td>\n22.2<\/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
Exclude: One-time acquisition related costs<\/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>\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
Exclude: Amortization expense\u00a0(3)<\/sup><\/td>\n<\/td>\n<\/td>\n(0.7<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(0.1<\/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
HVAC adjusted segment income<\/td>\n<\/td>\n$<\/td>\n27.0<\/td>\n<\/td>\n<\/td>\n$<\/td>\n22.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
as a percent of HVAC segment revenues\u00a0(4)<\/sup><\/td>\n<\/td>\n<\/td>\n17.5<\/td>\n%<\/td>\n<\/td>\n<\/td>\n15.9<\/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
DETECTION & MEASUREMENT REPORTABLE SEGMENT:<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\nThree months ended<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\nSeptember 26, 2020<\/strong><\/td>\n<\/td>\nSeptember 28, 2019<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Detection & Measurement segment income<\/td>\n<\/td>\n$<\/td>\n14.2<\/td>\n<\/td>\n<\/td>\n$<\/td>\n20.5<\/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
Exclude: One-time acquisition related costs<\/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>\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
Exclude: Amortization expense\u00a0(3)<\/sup><\/td>\n<\/td>\n<\/td>\n(2.6<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(1.9<\/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
Detection & Measurement adjusted segment income<\/td>\n<\/td>\n$<\/td>\n16.8<\/td>\n<\/td>\n<\/td>\n$<\/td>\n22.4<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
as a percent of Detection & Measurement segment revenues\u00a0(4)<\/sup><\/td>\n<\/td>\n<\/td>\n19.7<\/td>\n%<\/td>\n<\/td>\n<\/td>\n23.0<\/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
(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<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
(2)\u00a0<\/sup>Represents one-time acquisition related costs during the nine months ended\u00a0September 26, 2020\u00a0related to the HVAC reportable segment and additional “Cost of products sold” recorded during the nine months ended\u00a0September 28, 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<\/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<\/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<\/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<\/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<\/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<\/tr>\n
<\/td>\n<\/td>\nThree months ended<\/strong><\/td>\n<\/td>\nNine months ended<\/strong><\/td>\n<\/tr>\n
<\/td>\n<\/td>\nSeptember 26, 2020<\/strong><\/td>\n<\/td>\nSeptember 28, 2019<\/strong><\/td>\n<\/td>\nSeptember 26, 2020<\/strong><\/td>\n<\/td>\nSeptember 28, 2019<\/strong><\/td>\n<\/tr>\n
Operating income<\/td>\n<\/td>\n$<\/td>\n30.0<\/td>\n<\/td>\n<\/td>\n$<\/td>\n27.6<\/td>\n<\/td>\n<\/td>\n$<\/td>\n97.1<\/td>\n<\/td>\n<\/td>\n$<\/td>\n56.9<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Exclude:<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/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(5.5<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(7.1<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(14.2<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(40.6<\/td>\n)<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\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(0.7<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(0.4<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(1.0<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(4.4<\/td>\n)<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\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>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/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<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Amortization expense\u00a0(4)<\/sup><\/td>\n<\/td>\n<\/td>\n(3.3<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(2.0<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(8.3<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(6.0<\/td>\n)<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Adjusted operating income<\/td>\n<\/td>\n$<\/td>\n39.5<\/td>\n<\/td>\n<\/td>\n$<\/td>\n37.1<\/td>\n<\/td>\n<\/td>\n$<\/td>\n120.2<\/td>\n<\/td>\n<\/td>\n$<\/td>\n109.7<\/td>\n<\/td>\n<\/tr>\n
as a percent of adjusted revenues\u00a0(5)<\/sup><\/td>\n<\/td>\n<\/td>\n10.9<\/td>\n%<\/td>\n<\/td>\n<\/td>\n10.3<\/td>\n%<\/td>\n<\/td>\n<\/td>\n10.9<\/td>\n%<\/td>\n<\/td>\n<\/td>\n10.1<\/td>\n%<\/td>\n<\/tr>\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<\/tr>\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<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\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$0.0\u00a0and\u00a0$1.4\u00a0during the three months ended\u00a0September 26, 2020\u00a0and\u00a0September 28, 2019, respectively, and\u00a0$0.6\u00a0and\u00a0$2.3\u00a0during the nine months ended\u00a0September 26, 2020\u00a0and\u00a0September 28, 2019, respectively.<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
(2)<\/sup>\u00a0Represents one-time acquisition related costs during the three months ended\u00a0September 26, 2020\u00a0and\u00a0September 28, 2019\u00a0associated with integration and transaction costs of\u00a0$0.7\u00a0and\u00a0$0.4, respectively, and one-time acquisition related costs during the nine months ended\u00a0September 26, 2020\u00a0and\u00a0September 28, 2019\u00a0associated with (i) inventory step-up of\u00a0$0.0\u00a0and\u00a0$2.2, respectively, and (ii) integration and transaction costs of\u00a0$1.0\u00a0and\u00a0$2.2, respectively.<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
(3)<\/sup>\u00a0Represents income\/expense associated with revisions to estimates of certain liabilities retained in connection with the 2016 sale of the dry cooling business.<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
(4)<\/sup>\u00a0Represents amortization expense associated with acquired intangible assets.<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\u00a0(5)<\/sup>\u00a0See “Results of Reportable and Other Operating Segments” for applicable percentages based on GAAP results.<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
SPX CORPORATION AND SUBSIDIARIES<\/strong><\/td>\n<\/tr>\n
NON-GAAP RECONCILIATION – EARNINGS PER SHARE<\/strong><\/td>\n<\/tr>\n
Three Months Ended\u00a0September 26, 2020<\/strong><\/td>\n<\/tr>\n
(Unaudited; in millions, except per share values)<\/strong><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\nGAAP<\/strong><\/td>\n<\/td>\nAdjustments<\/strong><\/td>\n<\/td>\nAdjusted<\/strong><\/td>\n<\/tr>\n
Segment income\u00a0(1)<\/sup><\/td>\n$<\/td>\n44.2<\/td>\n<\/td>\n<\/td>\n$<\/td>\n8.8<\/td>\n<\/td>\n<\/td>\n$<\/td>\n53.0<\/td>\n<\/td>\n<\/tr>\n
Corporate expense\u00a0(2)<\/sup><\/td>\n<\/td>\n(10.4<\/td>\n)<\/td>\n<\/td>\n<\/td>\n0.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n(9.7<\/td>\n)<\/td>\n<\/tr>\n
Long-term incentive compensation expense<\/td>\n<\/td>\n(3.4<\/td>\n)<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n(3.4<\/td>\n)<\/td>\n<\/tr>\n
Special charges, net<\/td>\n<\/td>\n(0.4<\/td>\n)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n(0.4<\/td>\n)<\/td>\n<\/tr>\n
Operating income<\/strong><\/td>\n<\/td>\n30.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n9.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n39.5<\/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>3<\/sup>)<\/sup><\/td>\n<\/td>\n2.9<\/td>\n<\/td>\n<\/td>\n<\/td>\n(2.0<\/td>\n)<\/td>\n<\/td>\n<\/td>\n0.9<\/td>\n<\/td>\n<\/tr>\n
Interest expense, net<\/td>\n<\/td>\n(4.4<\/td>\n)<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n(4.4<\/td>\n)<\/td>\n<\/tr>\n
Income from continuing operations before income taxes<\/strong><\/td>\n<\/td>\n28.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n7.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n36.0<\/td>\n<\/td>\n<\/tr>\n
Income tax provision\u00a0(<\/sup>4<\/sup>)<\/sup><\/td>\n<\/td>\n(5.8<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(1.0<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(6.8<\/td>\n)<\/td>\n<\/tr>\n
Income from continuing operations<\/strong><\/td>\n<\/td>\n22.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n6.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n29.2<\/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>\n45.894<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n45.894<\/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$<\/td>\n0.49<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n$<\/td>\n0.64<\/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 ($5.5) and (ii) amortization expense associated with acquired intangible assets ($3.3).<\/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)<\/sup>\u00a0Adjustment represents the removal of (i) a gain on an equity security associated with a fair value adjustment ($2.1), (ii) non-service pension and postretirement charges ($0.3) and (iii) removal of foreign currency gains associated with the South African projects ($0.2).<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
(4)<\/sup>\u00a0Adjustment primarily represents the tax impact of items (1) through (3) above.<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
SPX CORPORATION AND SUBSIDIARIES<\/strong><\/td>\n<\/tr>\n
NON-GAAP RECONCILIATION – EARNINGS PER SHARE<\/strong><\/td>\n<\/tr>\n
Three Months Ended\u00a0September 28, 2019<\/strong><\/td>\n<\/tr>\n
(Unaudited; in millions, except per share values)<\/strong><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\nGAAP<\/strong><\/td>\n<\/td>\nAdjustments<\/strong><\/td>\n<\/td>\nAdjusted<\/strong><\/td>\n<\/tr>\n
Segment income\u00a0(1)<\/sup><\/td>\n$<\/td>\n42.9<\/td>\n<\/td>\n<\/td>\n$<\/td>\n7.7<\/td>\n<\/td>\n<\/td>\n$<\/td>\n50.6<\/td>\n<\/td>\n<\/tr>\n
Corporate expense\u00a0(2)<\/sup><\/td>\n<\/td>\n(10.0<\/td>\n)<\/td>\n<\/td>\n<\/td>\n0.2<\/td>\n<\/td>\n<\/td>\n<\/td>\n(9.8<\/td>\n)<\/td>\n<\/tr>\n
Long-term incentive compensation expense<\/td>\n<\/td>\n(3.3<\/td>\n)<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n(3.3<\/td>\n)<\/td>\n<\/tr>\n
Special charges, net\u00a0(3)<\/sup><\/td>\n<\/td>\n(2.0<\/td>\n)<\/td>\n<\/td>\n<\/td>\n1.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n(0.4<\/td>\n)<\/td>\n<\/tr>\n
Operating income<\/strong><\/td>\n<\/td>\n27.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n9.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n37.1<\/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>\n1.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.9<\/td>\n<\/td>\n<\/td>\n<\/td>\n1.9<\/td>\n<\/td>\n<\/tr>\n
Interest expense, net\u00a0(5)<\/sup><\/td>\n<\/td>\n(4.6<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(0.1<\/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>\n24.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n10.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n34.3<\/td>\n<\/td>\n<\/tr>\n
Income tax provision\u00a0(<\/sup>6<\/sup>)<\/sup><\/td>\n<\/td>\n(2.8<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(4.3<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(7.1<\/td>\n)<\/td>\n<\/tr>\n
Income from continuing operations<\/strong><\/td>\n<\/td>\n21.2<\/td>\n<\/td>\n<\/td>\n<\/td>\n6.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n27.2<\/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>\n45.176<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n45.176<\/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$<\/td>\n0.47<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n$<\/td>\n0.60<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
(1)\u00a0<\/sup>Adjustment represents the removal of (i) operating losses associated with the\u00a0South Africa\u00a0and Heat Transfer businesses ($5.7) and (ii) amortization expense associated with acquired intangible assets ($2.0).<\/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)<\/sup>\u00a0Adjustment represents the removal of restructuring charges associated with the\u00a0South Africa\u00a0and Heat Transfer businesses.<\/td>\n<\/tr>\n
<\/td>\n<\/tr>\n
(4)<\/sup>\u00a0Adjustment represents the removal of (i) non-service pension and postretirement charges ($1.0) and (ii) removal of foreign currency gains associated with the South African projects ($0.1).<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
(5)<\/sup>\u00a0Adjustment represents the removal of interest income associated with the South African projects.<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
(<\/sup>6<\/sup>)\u00a0<\/sup>Adjustment represents the tax impact of items (1) through (5) above and the removal of certain discrete income tax benefits.<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

 <\/p>\n

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

Q3\u00a0GAAP EPS of\u00a0$0.49; Adjusted EPS* of\u00a0$0.64\u00a0 Anticipate Full Year 2020 Earnings To Be Modestly-Higher-Than 2019 Growth and Continuous Improvement Initiatives Accelerating CHARLOTTE, N.C.,\u00a0Oct. 29, 2020\u00a0(GLOBE NEWSWIRE) —\u00a0SPX Corporation\u00a0(NYSE:SPXC) today reported results for the quarter ended\u00a0September 26, 2020. Gene Lowe, President and CEO, remarked, \u201cI am very pleased with our strong third quarter performance, in the […]<\/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-2215","post","type-post","status-publish","format-standard","hentry","category-earnings"],"acf":[],"yoast_head":"\nSPX Reports Third Quarter 2020 Results - SPX Technologies in Charlotte, NC<\/title>\n<meta name=\"description\" content=\"SPX reveals its Q3 2020 financial results \u2014 check out revenue growth and segment insights.\" \/>\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-third-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 Third Quarter 2020 Results - 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