{"id":2277,"date":"2025-07-22T18:28:33","date_gmt":"2025-07-22T18:28:33","guid":{"rendered":"https:\/\/live-spx-corp.pantheonsite.io\/?p=2277"},"modified":"2025-08-04T13:24:23","modified_gmt":"2025-08-04T13:24:23","slug":"spx-reports-first-quarter-2021-financial-results","status":"publish","type":"post","link":"https:\/\/spx.com\/fr\/spx-reports-first-quarter-2021-financial-results\/","title":{"rendered":"SPX Reports First Quarter 2021 Financial Results"},"content":{"rendered":"

Q1 2021 GAAP EPS of\u00a0$0.60; Q1 2021 Adjusted EPS* of\u00a0$0.68;
\n<\/strong>Updating 2021 Full-Year Guidance for Sealite Acquisition;\u00a0<\/strong>
\nAnticipate Full-Year Adjusted EPS* in a Range of\u00a0$3.06-$3.26<\/strong><\/p>\n

CHARLOTTE, N.C.,\u00a0May 06, 2021\u00a0(GLOBE NEWSWIRE) —\u00a0SPX Corporation\u00a0(NYSE:SPXC) today reported results for the first quarter ended\u00a0April 3, 2021.<\/p>\n

Gene Lowe, President and CEO, remarked, \u201cI am pleased with our solid first quarter results. Our HVAC and Detection & Measurement segments delivered strong revenue and earnings growth, with significant organic and inorganic contributions. We also generated substantial cash flow and continued to improve our already strong balance sheet and available capital.\u201d<\/p>\n

\u201cDuring the quarter, we continued to execute on our value creation framework with the acquisition of\u00a0Sealite Pty\u00a0and related entities \u2013 our second acquisition in our Aids to Navigation platform (AtoN), which is within our Detection & Measurement segment. Over the last three years we have transformed our AtoN platform from a largely domestic obstruction lighting business into the global leader for highly engineered end-to-end AtoN solutions with significantly higher growth potential.\u201d<\/p>\n

Mr. Lowe\u00a0continued, \u201cWe are updating our guidance for the acquisition of Sealite, and now anticipate full-year 2021 Adjusted EPS in a range of\u00a0$3.06-$3.26, or approximately 13% year-on-year earnings growth at the midpoint. Looking ahead, we remain well-positioned to capitalize on both organic and strategic inorganic opportunities and will continue to invest in our continuous improvement and digital initiatives.\u201d<\/p>\n

First Quarter 2021 Overview:<\/strong><\/p>\n

For the first quarter of 2021, the company reported revenue of\u00a0$398.5 million\u00a0and operating income of\u00a0$31.7 million, compared with revenue of\u00a0$367.4 million\u00a0and operating income of\u00a0$32.3 million\u00a0in the first quarter of 2020. Diluted income per share from continuing operations in the first quarter of 2021 was\u00a0$0.60, compared with a diluted income per share from continuing operations of\u00a0$0.49\u00a0in the first quarter of 2020.<\/p>\n

SPX\u2019s adjusted revenue* was\u00a0$397.8 million\u00a0and adjusted operating income* was\u00a0$42.2 million, compared with adjusted revenue* of\u00a0$365.3 million\u00a0and adjusted operating income* of\u00a0$39.2 million\u00a0in the first quarter of 2020.\u00a0Adjusted income per share* in the first quarter of 2021 was\u00a0$0.68, compared with\u00a0$0.62\u00a0in the first quarter of 2020.<\/p>\n

First Quarter Financial Comparison:<\/p>\n

GAAP Results:<\/strong><\/p>\n\n\n\n\n\n\n
($ millions)<\/strong><\/td>\n<\/td>\nQ1 2021<\/strong><\/td>\n<\/td>\nQ1 2020<\/strong><\/td>\n<\/tr>\n
Revenue<\/td>\n<\/td>\n$<\/td>\n398.5<\/td>\n<\/td>\n$<\/td>\n367.4<\/td>\n<\/tr>\n
Segment Income<\/td>\n<\/td>\n<\/td>\n49.6<\/td>\n<\/td>\n<\/td>\n46.8<\/td>\n<\/tr>\n
Operating Income<\/td>\n<\/td>\n<\/td>\n31.7<\/td>\n<\/td>\n<\/td>\n32.3<\/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 2021<\/strong><\/td>\n<\/td>\nQ1 2020<\/strong><\/td>\n<\/tr>\n
Adjusted Revenue*<\/td>\n<\/td>\n$<\/td>\n397.8<\/td>\n<\/td>\n$<\/td>\n365.3<\/td>\n<\/tr>\n
Adjusted Segment Income*<\/td>\n<\/td>\n<\/td>\n58.9<\/td>\n<\/td>\n<\/td>\n53.8<\/td>\n<\/tr>\n
Adjusted Operating Income*<\/td>\n<\/td>\n<\/td>\n42.2<\/td>\n<\/td>\n<\/td>\n39.2<\/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\u00a02021 was\u00a0$146.5 million, compared with\u00a0$118.5 million\u00a0in Q1\u00a02020, an increase of 23.6%, primarily from an organic increase of 22.9% with the remaining 0.7% due to currency fluctuation. The organic increase was driven by higher sales of the segment\u2019s cooling and heating products. Sales of cooling products in the\u00a0Americas\u00a0were strong as were sales in the\u00a0Asia Pacific\u00a0region, which were negatively impacted by the COVID-19 pandemic in 2020. Sales of heating products were up due to higher winter heating demand in 2021.<\/p>\n

Segment income in Q1\u00a02021 was\u00a0$24.2 million, compared to\u00a0$15.0 million\u00a0in Q1 2020. Adjusted segment income*, which excludes intangible amortization expense of\u00a0$0.7 million, was\u00a0$24.9 million, or 17.0% of revenue. This compares with adjusted segment income* of\u00a0$15.9 million, or 13.4% of revenue in Q1\u00a02020, which excludes intangible amortization expense and acquisition related costs of\u00a0$0.9 million. The increase in adjusted segment income* and 360 basis points increase in adjusted segment income margin* were due primarily to the increase in revenues noted above.<\/p>\n

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

Revenue for Q1\u00a02021 was\u00a0$111.6 million, compared with\u00a0$91.9 million\u00a0in Q1\u00a02020, an increase of 21.4%, including a 6.7% increase in organic revenue, a 12.9% increase from the acquisitions of ULC and Sensors & Software, and a 1.8% favorable impact related to currency fluctuation. The organic increase was primarily the result of higher sales of location and inspection equipment.<\/p>\n

Segment income in Q1 2021 was\u00a0$20.0 million, compared to\u00a0$18.2 million\u00a0in Q1 2020. Adjusted segment income*, which excludes intangible amortization expense and acquisition related costs of\u00a0$4.0 million, was\u00a0$24.0 million, or 21.5% of revenue. This compares with adjusted segment income* of\u00a0$20.0 million, or 21.8% of revenue, in Q1 2020, which excludes intangible amortization expense of\u00a0$1.8 million. The increase in adjusted segment income* was due to the increase in revenues noted above, with the 30 basis points decline in margin due primarily to a less favorable mix of sales from project-oriented businesses, and a lower initial margin from the ULC acquisition, which was completed in Q3 2020.<\/p>\n

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

Revenue in Q1\u00a02021 was\u00a0$139.7 million, compared with\u00a0$154.9 million\u00a0in Q1\u00a02020, a decrease of 9.8%. This decrease was due to lower sales of process cooling products for large projects compared with the first quarter of 2020.<\/p>\n

Segment income in Q1\u00a02021 was\u00a0$10.0 million, or 7.2% of revenue, compared with segment income of\u00a0$17.9 million, or 11.6% of revenue, in Q1\u00a02020. The decrease in income and 440 basis point decline in margin were due primarily to the decrease in revenues noted above, and, to a lesser extent, less favorable mix and production efficiency in our Transformers business.<\/p>\n

Autres<\/strong><\/p>\n

Other, which includes the South African operations, had revenue of\u00a0$0.7 million\u00a0in Q1 2021, compared with\u00a0$2.1 million\u00a0in Q1 2020. This decrease was due to lower sales related to large power projects in the latter stages of completion.<\/p>\n

Other incurred a loss in Q1 2021 of\u00a0$4.6 million, compared with a loss of\u00a0$4.3 million\u00a0in Q1 2020. The increased loss was due to higher professional fees.<\/p>\n

Financial Update:\u00a0<\/strong>As of\u00a0April 3, 2021, SPX had total outstanding debt of\u00a0$391.5 million\u00a0and total cash of\u00a0$106.9 million.\u00a0During Q1 2021, SPX generated net operating cash from continuing operations of\u00a0$63.7 million\u00a0due primarily to the timing of milestones on several project sales. Net leverage as of quarter end was 1.4x and increases to 1.7x when including the pro forma impact of the Sealite acquisition, which occurred on\u00a0April 19, 2021.<\/p>\n

2021 Guidance Update:<\/strong><\/p>\n

SPX is updating its 2021 guidance for the acquisition of\u00a0Sealite Pty\u00a0and related entities. SPX now anticipates Adjusted earnings per share* in a range of\u00a0$3.06\u00a0to\u00a0$3.26, or a\u00a0$0.06\u00a0increase from prior guidance of\u00a0$3.00\u00a0to\u00a0$3.20. The company continued to anticipate 2021 adjusted revenue of approximately\u00a0$1.6 billion, and adjusted operating income margin* of 11-12%.<\/p>\n

Segment and company performance, on a year-over-year basis, is expected to be as follows (changes underlined):<\/p>\n\n\n\n\n\n\n\n
<\/td>\nRevenue<\/strong><\/td>\n<\/td>\nSegment Income Margin %<\/strong><\/td>\n<\/tr>\n
CVC<\/td>\nGrowth of mid-to-high single digits %
\n(prior low-to-mid single digits %)<\/em><\/td>\n		<\/td>\nModest increase<\/td>\n<\/tr>\n
Detection & Measurement<\/td>\nGrowth of high teens-to-low 20s % including 2020 and 2021 acquisitions impact
\n(prior low-to-mid teens %)<\/em><\/td>\n		<\/td>\nModest decrease
\n(prior approximately flat)<\/em><\/td>\n<\/tr>\n
Engineered Solutions<\/td>\nGrowth of low-single digits %<\/td>\n<\/td>\nApproximately flat to a modest decrease
\n(prior approximately flat)<\/em><\/td>\n<\/tr>\n
Total SPX Adjusted<\/td>\nGrowth of mid-to-high single digits %
\n(prior mid-single digits %)<\/em><\/td>\n		<\/td>\nModest increase<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\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 operations, categorized as \u201cOther\u201d in the company\u2019s segment reporting structure. The company reports separately on the results of the \u201cOther\u201d category. The company anticipates reporting the results of the business included in the \u201cOther\u201d category as discontinued operations, at such time as it meets 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\u00a0April 3, 2021\u00a0with the\u00a0Securities and Exchange Commission\u00a0on or before\u00a0May 13, 2021. 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\u00a04:30 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: 8374545<\/p>\n

A replay of the call will be available by telephone through\u00a0Thursday, May 13, 2021.<\/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: 8374545<\/p>\n

Upcoming Investor Events:\u00a0\u00a0<\/strong>Company management plans to conduct virtual meetings with investors during the second quarter of 2021 and SPX will also be participating in the\u00a0UBS Global Industrials & Transportation Virtual Conference\u00a0on\u00a0June 8th.<\/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$1.6 billion\u00a0in annual revenue in 2020 and more than 4,500 employees in 15 countries.\u00a0SPX Corporation\u00a0is listed on the\u00a0New York Stock Exchange\u00a0under the ticker symbol \u201cSPXC.\u201d 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

Note: Our non-GAAP financial guidance excludes items, which would be included in our GAAP financial measures that we do not consider indicative of our on-going performance; and are calculated in a manner consistent with the presentation of the similarly titled historical non-GAAP measures presented in this press release. These items include, but are not limited to, acquisition costs, costs associated with dispositions, the results of our South African operations, and potential non-cash income or expense items associated with changes in market interest rates and actuarial or other data related to our pension and postretirement plans, as the ultimate aggregate amounts associated with these items are out of our control and\/or cannot be reasonably predicted. Accordingly, a reconciliation of our non-GAAP financial guidance to the nearest corresponding GAAP financial measures is not practicable.\u00a0\u00a0 Full-year guidance excludes impacts from future acquisitions, dispositions and related transaction costs, restructuring costs, incremental impacts of tariffs and trade tensions on market demand and costs subsequent to the end of the first quarter, the impact of foreign exchange rate changes subsequent to the end of the first quarter, impacts from further spread of COVID-19, and asbestos liability, environmental and litigation charges.<\/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 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. Please read these results in conjunction with the company\u2019s documents filed with the\u00a0Securities and Exchange Commission, including the company\u2019s most recent annual report on Form 10-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, including the following: the impact of the COVID-19 pandemic and governmental and other actions taken in response; the uncertainty of claims resolution with respect to the large power projects in\u00a0South Africa, as well as claims with respect to asbestos, environmental and other contingent liabilities; cyclical changes and specific industry events in the company\u2019s markets; changes in anticipated capital investment and maintenance expenditures by customers; availability, limitations or cost increases of raw materials and\/or commodities that cannot be recovered in product pricing; the impact of competition on profit margins and the company\u2019s ability to maintain or increase market share; inadequate performance by third-party suppliers and subcontractors for outsourced products, components and services; cyber-security risks; risks with respect to the protection of intellectual property, including with respect to the company\u2019s digitalization initiatives; the impact of overruns, inflation and the incurrence of delays with respect to long-term fixed-price contracts; defects or errors in current or planned products; domestic economic, political, legal, accounting and business developments adversely affecting the company\u2019s business, including regulatory changes; changes in worldwide economic conditions; uncertainties with respect to the company\u2019s ability to identify acceptable acquisition targets; uncertainties surrounding timing and successful completion of any announced acquisition or disposition transactions, including with respect to integrating acquisitions and achieving cost savings or other benefits from acquisitions; the impact of retained liabilities of disposed businesses; potential labor disputes; and extreme weather conditions and natural and other disasters.<\/p>\n

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. 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.<\/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

Nick Illuminati, Manager, Investor Relations
\nPhone: 980-474-3806
\nE-mail:\u00a0spx.investor@spx.com<\/a><\/p>\n

Source:\u00a0SPX Corporation<\/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>\nApril 3, 2021<\/strong><\/td>\n<\/td>\nMarch 28, 2020<\/strong><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Revenues<\/td>\n$<\/td>\n398.5<\/td>\n<\/td>\n<\/td>\n$<\/td>\n367.4<\/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>\n273.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n253.7<\/td>\n<\/td>\n<\/tr>\n
Selling, general and administrative<\/td>\n<\/td>\n88.8<\/td>\n<\/td>\n<\/td>\n<\/td>\n78.9<\/td>\n<\/td>\n<\/tr>\n
Intangible amortization<\/td>\n<\/td>\n4.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n2.6<\/td>\n<\/td>\n<\/tr>\n
Special charges, net<\/td>\n<\/td>\n0.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.3<\/td>\n<\/td>\n<\/tr>\n
Other operating income<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n(0.4<\/td>\n)<\/td>\n<\/tr>\n
Operating income<\/td>\n<\/td>\n31.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n32.3<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Other income, net<\/td>\n<\/td>\n7.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.7<\/td>\n<\/td>\n<\/tr>\n
Interest expense<\/td>\n<\/td>\n(4.2<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(4.7<\/td>\n)<\/td>\n<\/tr>\n
Interest income<\/td>\n<\/td>\n0.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/tr>\n
Income from continuing operations before income taxes<\/td>\n<\/td>\n34.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n28.3<\/td>\n<\/td>\n<\/tr>\n
Income tax provision<\/td>\n<\/td>\n(7.0<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(6.0<\/td>\n)<\/td>\n<\/tr>\n
Income from continuing operations<\/td>\n<\/td>\n27.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n22.3<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Income from discontinued operations, net of tax<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.4<\/td>\n<\/td>\n<\/tr>\n
Loss on disposition of discontinued operations, net of tax<\/td>\n<\/td>\n(0.8<\/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(0.8<\/td>\n)<\/td>\n<\/td>\n<\/td>\n0.4<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Net income<\/td>\n$<\/td>\n26.8<\/td>\n<\/td>\n<\/td>\n$<\/td>\n22.7<\/td>\n<\/td>\n<\/tr>\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<\/tr>\n
Income from continuing operations<\/td>\n$<\/td>\n0.61<\/td>\n<\/td>\n<\/td>\n$<\/td>\n0.50<\/td>\n<\/td>\n<\/tr>\n
Income (loss) from discontinued operations<\/td>\n<\/td>\n(0.02<\/td>\n)<\/td>\n<\/td>\n<\/td>\n0.01<\/td>\n<\/td>\n<\/tr>\n
Net income per share<\/td>\n$<\/td>\n0.59<\/td>\n<\/td>\n<\/td>\n$<\/td>\n0.51<\/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>\n45.132<\/td>\n<\/td>\n<\/td>\n<\/td>\n44.309<\/td>\n<\/td>\n<\/tr>\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<\/tr>\n
Income from continuing operations<\/td>\n$<\/td>\n0.60<\/td>\n<\/td>\n<\/td>\n$<\/td>\n0.49<\/td>\n<\/td>\n<\/tr>\n
Income (loss) from discontinued operations<\/td>\n<\/td>\n(0.02<\/td>\n)<\/td>\n<\/td>\n<\/td>\n0.01<\/td>\n<\/td>\n<\/tr>\n
Net income per share<\/td>\n$<\/td>\n0.58<\/td>\n<\/td>\n<\/td>\n$<\/td>\n0.50<\/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>\n46.319<\/td>\n<\/td>\n<\/td>\n<\/td>\n45.527<\/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<\/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>\nApril 3, 2021<\/strong><\/td>\n<\/td>\nDecember 31, 2020<\/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$<\/td>\n106.9<\/td>\n<\/td>\n<\/td>\n$<\/td>\n68.3<\/td>\n<\/td>\n<\/tr>\n
Accounts receivable, net<\/td>\n<\/td>\n237.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n271.9<\/td>\n<\/td>\n<\/tr>\n
Contract assets<\/td>\n<\/td>\n75.8<\/td>\n<\/td>\n<\/td>\n<\/td>\n81.1<\/td>\n<\/td>\n<\/tr>\n
Inventories, net<\/td>\n<\/td>\n169.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n162.0<\/td>\n<\/td>\n<\/tr>\n
Other current assets (includes income taxes receivable of\u00a0$29.3\u00a0and\u00a0$27.3\u00a0at\u00a0April 3, 2021\u00a0and\u00a0December 31, 2020, respectively)<\/td>\n<\/td>\n105.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n99.3<\/td>\n<\/td>\n<\/tr>\n
Total current assets<\/td>\n<\/td>\n695.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n682.6<\/td>\n<\/td>\n<\/tr>\n
Property, plant and equipment:<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Land<\/td>\n<\/td>\n19.4<\/td>\n<\/td>\n<\/td>\n<\/td>\n19.4<\/td>\n<\/td>\n<\/tr>\n
Buildings and leasehold improvements<\/td>\n<\/td>\n129.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n128.0<\/td>\n<\/td>\n<\/tr>\n
Machinery and equipment<\/td>\n<\/td>\n358.9<\/td>\n<\/td>\n<\/td>\n<\/td>\n356.7<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n507.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n504.1<\/td>\n<\/td>\n<\/tr>\n
Accumulated depreciation<\/td>\n<\/td>\n(320.7<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(314.4<\/td>\n)<\/td>\n<\/tr>\n
Property, plant and equipment, net<\/td>\n<\/td>\n186.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n189.7<\/td>\n<\/td>\n<\/tr>\n
Goodwill<\/td>\n<\/td>\n500.2<\/td>\n<\/td>\n<\/td>\n<\/td>\n499.9<\/td>\n<\/td>\n<\/tr>\n
Intangibles, net<\/td>\n<\/td>\n300.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n305.0<\/td>\n<\/td>\n<\/tr>\n
Other assets<\/td>\n<\/td>\n613.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n616.6<\/td>\n<\/td>\n<\/tr>\n
Deferred income taxes<\/td>\n<\/td>\n1.4<\/td>\n<\/td>\n<\/td>\n<\/td>\n3.9<\/td>\n<\/td>\n<\/tr>\n
TOTAL ASSETS<\/td>\n$<\/td>\n2,297.0<\/td>\n<\/td>\n<\/td>\n$<\/td>\n2,297.7<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
LIABILITIES AND EQUITY<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Current liabilities:<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Accounts payable<\/td>\n$<\/td>\n135.0<\/td>\n<\/td>\n<\/td>\n$<\/td>\n138.7<\/td>\n<\/td>\n<\/tr>\n
Contract liabilities<\/td>\n<\/td>\n106.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n103.5<\/td>\n<\/td>\n<\/tr>\n
Accrued expenses<\/td>\n<\/td>\n234.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n233.9<\/td>\n<\/td>\n<\/tr>\n
Income taxes payable<\/td>\n<\/td>\n1.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.4<\/td>\n<\/td>\n<\/tr>\n
Short-term debt<\/td>\n<\/td>\n100.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n101.2<\/td>\n<\/td>\n<\/tr>\n
Current maturities of long-term debt<\/td>\n<\/td>\n8.9<\/td>\n<\/td>\n<\/td>\n<\/td>\n7.2<\/td>\n<\/td>\n<\/tr>\n
Total current liabilities<\/td>\n<\/td>\n586.8<\/td>\n<\/td>\n<\/td>\n<\/td>\n584.9<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Long-term debt<\/td>\n<\/td>\n282.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n304.0<\/td>\n<\/td>\n<\/tr>\n
Deferred and other income taxes<\/td>\n<\/td>\n29.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n23.8<\/td>\n<\/td>\n<\/tr>\n
Other long-term liabilities<\/td>\n<\/td>\n737.8<\/td>\n<\/td>\n<\/td>\n<\/td>\n755.8<\/td>\n<\/td>\n<\/tr>\n
Total long-term liabilities<\/td>\n<\/td>\n1,049.4<\/td>\n<\/td>\n<\/td>\n<\/td>\n1,083.6<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Equity:<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Common stock<\/td>\n<\/td>\n0.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.5<\/td>\n<\/td>\n<\/tr>\n
Paid-in capital<\/td>\n<\/td>\n1,315.8<\/td>\n<\/td>\n<\/td>\n<\/td>\n1,319.9<\/td>\n<\/td>\n<\/tr>\n
Retained deficit<\/td>\n<\/td>\n(461.3<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(488.1<\/td>\n)<\/td>\n<\/tr>\n
Accumulated other comprehensive income<\/td>\n<\/td>\n251.2<\/td>\n<\/td>\n<\/td>\n<\/td>\n248.5<\/td>\n<\/td>\n<\/tr>\n
Common stock in treasury<\/td>\n<\/td>\n(445.4<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(451.6<\/td>\n)<\/td>\n<\/tr>\n
Total equity<\/td>\n<\/td>\n660.8<\/td>\n<\/td>\n<\/td>\n<\/td>\n629.2<\/td>\n<\/td>\n<\/tr>\n
TOTAL LIABILITIES AND EQUITY<\/td>\n$<\/td>\n2,297.0<\/td>\n<\/td>\n<\/td>\n$<\/td>\n2,297.7<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/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<\/tr>\n
SPX CORPORATION AND SUBSIDIARIES<\/strong><\/td>\n<\/tr>\n
RESULTS OF REPORTABLE SEGMENTS AND OTHER OPERATING SEGMENT<\/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>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\nApril 3, 2021<\/strong><\/td>\n<\/td>\nMarch 28, 2020<\/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<\/tr>\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$<\/td>\n146.5<\/td>\n<\/td>\n<\/td>\n$<\/td>\n118.5<\/td>\n<\/td>\n<\/td>\n$<\/td>\n28.0<\/td>\n<\/td>\n<\/td>\n23.6\u00a0<\/em>%<\/em><\/td>\n<\/tr>\n
Gross profit<\/td>\n<\/td>\n<\/td>\n51.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n40.4<\/td>\n<\/td>\n<\/td>\n<\/td>\n10.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Selling, general and administrative expense<\/td>\n<\/td>\n<\/td>\n26.2<\/td>\n<\/td>\n<\/td>\n<\/td>\n24.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n1.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Intangible amortization expense<\/td>\n<\/td>\n<\/td>\n0.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.8<\/td>\n<\/td>\n<\/td>\n<\/td>\n(0.1<\/td>\n)<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Income<\/td>\n<\/td>\n$<\/td>\n24.2<\/td>\n<\/td>\n<\/td>\n$<\/td>\n15.0<\/td>\n<\/td>\n<\/td>\n$<\/td>\n9.2<\/td>\n<\/td>\n<\/td>\n61.3\u00a0<\/em>%<\/em><\/td>\n<\/tr>\n
as a percent of revenues<\/td>\n<\/td>\n<\/td>\n16.5<\/td>\n%<\/td>\n<\/td>\n<\/td>\n12.7<\/td>\n%<\/td>\n<\/td>\n<\/td>\n<\/td>\n380 bps<\/em><\/td>\n<\/tr>\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<\/tr>\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$<\/td>\n111.6<\/td>\n<\/td>\n<\/td>\n$<\/td>\n91.9<\/td>\n<\/td>\n<\/td>\n$<\/td>\n19.7<\/td>\n<\/td>\n<\/td>\n21.4\u00a0<\/em>%<\/em><\/td>\n<\/tr>\n
Gross profit<\/td>\n<\/td>\n<\/td>\n50.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n41.9<\/td>\n<\/td>\n<\/td>\n<\/td>\n8.8<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Selling, general and administrative expense<\/td>\n<\/td>\n<\/td>\n27.4<\/td>\n<\/td>\n<\/td>\n<\/td>\n21.9<\/td>\n<\/td>\n<\/td>\n<\/td>\n5.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Intangible amortization expense<\/td>\n<\/td>\n<\/td>\n3.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n1.8<\/td>\n<\/td>\n<\/td>\n<\/td>\n1.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Income<\/td>\n<\/td>\n$<\/td>\n20.0<\/td>\n<\/td>\n<\/td>\n$<\/td>\n18.2<\/td>\n<\/td>\n<\/td>\n$<\/td>\n1.8<\/td>\n<\/td>\n<\/td>\n9.9\u00a0<\/em>%<\/em><\/td>\n<\/tr>\n
as a percent of revenues<\/td>\n<\/td>\n<\/td>\n17.9<\/td>\n%<\/td>\n<\/td>\n<\/td>\n19.8<\/td>\n%<\/td>\n<\/td>\n<\/td>\n<\/td>\n-190 bps<\/em><\/td>\n<\/tr>\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<\/tr>\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$<\/td>\n139.7<\/td>\n<\/td>\n<\/td>\n$<\/td>\n154.9<\/td>\n<\/td>\n<\/td>\n$<\/td>\n(15.2<\/td>\n)<\/td>\n<\/td>\n(9.8<\/em>)%<\/em><\/td>\n<\/tr>\n
Gross profit<\/td>\n<\/td>\n<\/td>\n23.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n31.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n(8.0<\/td>\n)<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Selling, general and administrative expense<\/td>\n<\/td>\n<\/td>\n13.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n13.8<\/td>\n<\/td>\n<\/td>\n<\/td>\n(0.1<\/td>\n)<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Income<\/td>\n<\/td>\n$<\/td>\n10.0<\/td>\n<\/td>\n<\/td>\n$<\/td>\n17.9<\/td>\n<\/td>\n<\/td>\n$<\/td>\n(7.9<\/td>\n)<\/td>\n<\/td>\n(44.1<\/em>)%<\/em><\/td>\n<\/tr>\n
as a percent of revenues<\/td>\n<\/td>\n<\/td>\n7.2<\/td>\n%<\/td>\n<\/td>\n<\/td>\n11.6<\/td>\n%<\/td>\n<\/td>\n<\/td>\n<\/td>\n-440 bps<\/em><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Autres<\/strong><\/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
Revenues<\/td>\n<\/td>\n$<\/td>\n0.7<\/td>\n<\/td>\n<\/td>\n$<\/td>\n2.1<\/td>\n<\/td>\n<\/td>\n$<\/td>\n(1.4<\/td>\n)<\/td>\n<\/td>\n(66.7<\/em>)%<\/em><\/td>\n<\/tr>\n
Gross profit (loss)<\/td>\n<\/td>\n<\/td>\n(0.3<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(0.3<\/td>\n)<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Selling, general and administrative expense<\/td>\n<\/td>\n<\/td>\n4.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n4.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Loss<\/td>\n<\/td>\n$<\/td>\n(4.6<\/td>\n)<\/td>\n<\/td>\n$<\/td>\n(4.3<\/td>\n)<\/td>\n<\/td>\n$<\/td>\n(0.3<\/td>\n)<\/td>\n<\/td>\n7.0\u00a0<\/em>%<\/em><\/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
Consolidated Revenues<\/strong><\/td>\n<\/td>\n$<\/strong><\/td>\n398.5<\/strong><\/td>\n<\/td>\n<\/td>\n$<\/strong><\/td>\n367.4<\/strong><\/td>\n<\/td>\n<\/td>\n$<\/strong><\/td>\n31.1<\/strong><\/td>\n<\/td>\n<\/td>\n8.5\u00a0<\/strong><\/em>%<\/strong><\/em><\/td>\n<\/tr>\n
Consolidated Segment Income<\/strong><\/td>\n<\/td>\n<\/td>\n49.6<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n46.8<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n2.8<\/strong><\/td>\n<\/td>\n<\/td>\n6.0\u00a0<\/strong><\/em>%<\/strong><\/em><\/td>\n<\/tr>\n
as a percent of revenues<\/strong><\/td>\n<\/td>\n<\/td>\n12.4<\/strong><\/td>\n%<\/strong><\/td>\n<\/td>\n<\/td>\n12.7<\/strong><\/td>\n%<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n-30 bps<\/strong><\/em><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Total segment income<\/td>\n<\/td>\n$<\/td>\n49.6<\/td>\n<\/td>\n<\/td>\n$<\/td>\n46.8<\/td>\n<\/td>\n<\/td>\n$<\/td>\n2.8<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Corporate expense<\/td>\n<\/td>\n<\/td>\n14.2<\/td>\n<\/td>\n<\/td>\n<\/td>\n11.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n3.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Long-term incentive compensation expense<\/td>\n<\/td>\n<\/td>\n3.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n3.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n(0.5<\/td>\n)<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Special charges, net<\/td>\n<\/td>\n<\/td>\n0.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.4<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Other operating income<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n(0.4<\/td>\n)<\/td>\n<\/td>\n<\/td>\n0.4<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Consolidated operating income<\/strong><\/td>\n<\/td>\n$<\/td>\n31.7<\/td>\n<\/td>\n<\/td>\n$<\/td>\n32.3<\/td>\n<\/td>\n<\/td>\n$<\/td>\n(0.6<\/td>\n)<\/td>\n<\/td>\n(1.9<\/em>)%<\/em><\/td>\n<\/tr>\n
as a percent of revenues<\/td>\n<\/td>\n<\/td>\n8.0<\/td>\n%<\/td>\n<\/td>\n<\/td>\n8.8<\/td>\n%<\/td>\n<\/td>\n<\/td>\n<\/td>\n-80 bps<\/em><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
SPX CORPORATION AND SUBSIDIARIES<\/strong><\/td>\n<\/tr>\n
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS<\/strong><\/td>\n<\/tr>\n
(Unaudited; in millions)<\/strong><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\nThree months ended<\/strong><\/td>\n<\/tr>\n
<\/td>\n<\/td>\nApril 3, 2021<\/strong><\/td>\n<\/td>\nMarch 28, 2020<\/strong><\/td>\n<\/tr>\n
Cash flows from (used in) operating activities:<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Net income<\/td>\n<\/td>\n$<\/td>\n26.8<\/td>\n<\/td>\n<\/td>\n$<\/td>\n22.7<\/td>\n<\/td>\n<\/tr>\n
Less: Income (loss) from discontinued operations, net of tax<\/td>\n<\/td>\n<\/td>\n(0.8<\/td>\n)<\/td>\n<\/td>\n<\/td>\n0.4<\/td>\n<\/td>\n<\/tr>\n
Income from continuing operations<\/td>\n<\/td>\n<\/td>\n27.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n22.3<\/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<\/td>\n<\/tr>\n
Special charges, net<\/td>\n<\/td>\n<\/td>\n0.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.3<\/td>\n<\/td>\n<\/tr>\n
Gain on change in fair value of equity security<\/td>\n<\/td>\n<\/td>\n(5.2<\/td>\n)<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/tr>\n
Deferred and other income taxes<\/td>\n<\/td>\n<\/td>\n8.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n3.9<\/td>\n<\/td>\n<\/tr>\n
Depreciation and amortization<\/td>\n<\/td>\n<\/td>\n11.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n9.2<\/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>\n2.2<\/td>\n<\/td>\n<\/tr>\n
Long-term incentive compensation<\/td>\n<\/td>\n<\/td>\n3.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n3.5<\/td>\n<\/td>\n<\/tr>\n
Other, net<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.7<\/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<\/tr>\n
Accounts receivable and other assets<\/td>\n<\/td>\n<\/td>\n41.2<\/td>\n<\/td>\n<\/td>\n<\/td>\n24.4<\/td>\n<\/td>\n<\/tr>\n
Inventories<\/td>\n<\/td>\n<\/td>\n(7.5<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(22.8<\/td>\n)<\/td>\n<\/tr>\n
Accounts payable, accrued expenses and other<\/td>\n<\/td>\n<\/td>\n(16.7<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(40.7<\/td>\n)<\/td>\n<\/tr>\n
Cash spending on restructuring actions<\/td>\n<\/td>\n<\/td>\n(0.5<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(0.5<\/td>\n)<\/td>\n<\/tr>\n
Net cash from continuing operations<\/td>\n<\/td>\n<\/td>\n63.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n2.5<\/td>\n<\/td>\n<\/tr>\n
Net cash used in discontinued operations<\/td>\n<\/td>\n<\/td>\n(3.5<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(2.9<\/td>\n)<\/td>\n<\/tr>\n
Net cash from (used in) operating activities<\/td>\n<\/td>\n<\/td>\n60.2<\/td>\n<\/td>\n<\/td>\n<\/td>\n(0.4<\/td>\n)<\/td>\n<\/tr>\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<\/tr>\n
Proceeds from company-owned life insurance policies, net<\/td>\n<\/td>\n<\/td>\n3.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n1.1<\/td>\n<\/td>\n<\/tr>\n
Capital expenditures<\/td>\n<\/td>\n<\/td>\n(2.6<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(3.6<\/td>\n)<\/td>\n<\/tr>\n
Net cash from (used in) continuing operations<\/td>\n<\/td>\n<\/td>\n0.9<\/td>\n<\/td>\n<\/td>\n<\/td>\n(2.5<\/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<\/tr>\n
Net cash from (used in) investing activities<\/td>\n<\/td>\n<\/td>\n0.9<\/td>\n<\/td>\n<\/td>\n<\/td>\n(2.5<\/td>\n)<\/td>\n<\/tr>\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<\/tr>\n
Borrowings under senior credit facilities<\/td>\n<\/td>\n<\/td>\n54.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n178.7<\/td>\n<\/td>\n<\/tr>\n
Repayments under senior credit facilities<\/td>\n<\/td>\n<\/td>\n(81.6<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(88.7<\/td>\n)<\/td>\n<\/tr>\n
Borrowings under trade receivables financing arrangement<\/td>\n<\/td>\n<\/td>\n54.0<\/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(48.0<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(27.0<\/td>\n)<\/td>\n<\/tr>\n
Net borrowings (repayments) under other financing arrangements<\/td>\n<\/td>\n<\/td>\n0.2<\/td>\n<\/td>\n<\/td>\n<\/td>\n(0.7<\/td>\n)<\/td>\n<\/tr>\n
Payment of contingent consideration<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n(1.5<\/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>\n(4.2<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(2.8<\/td>\n)<\/td>\n<\/tr>\n
Net cash from (used in) continuing operations<\/td>\n<\/td>\n<\/td>\n(25.6<\/td>\n)<\/td>\n<\/td>\n<\/td>\n113.0<\/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<\/tr>\n
Net cash from (used in) financing activities<\/td>\n<\/td>\n<\/td>\n(25.6<\/td>\n)<\/td>\n<\/td>\n<\/td>\n113.0<\/td>\n<\/td>\n<\/tr>\n
Change in cash and equivalents due to changes in foreign currency exchange rates<\/td>\n<\/td>\n<\/td>\n3.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n(1.7<\/td>\n)<\/td>\n<\/tr>\n
Net change in cash and equivalents<\/td>\n<\/td>\n<\/td>\n38.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n108.4<\/td>\n<\/td>\n<\/tr>\n
Consolidated cash and equivalents, beginning of period<\/td>\n<\/td>\n<\/td>\n68.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n54.7<\/td>\n<\/td>\n<\/tr>\n
Consolidated cash and equivalents, end of period<\/td>\n<\/td>\n$<\/td>\n106.9<\/td>\n<\/td>\n<\/td>\n$<\/td>\n163.1<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
SPX CORPORATION AND SUBSIDIARIES<\/strong><\/td>\n<\/tr>\n
CASH AND DEBT RECONCILIATION<\/strong><\/td>\n<\/tr>\n
(Unaudited; in millions)<\/strong><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\nThree months ended<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\nApril 3, 2021<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Beginning cash and equivalents<\/td>\n$<\/td>\n68.3<\/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>\n63.7<\/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(2.6<\/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>\n3.5<\/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>\n54.0<\/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(81.6<\/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>\n6.2<\/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(4.2<\/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(3.5<\/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>\n3.1<\/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$<\/td>\n106.9<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\nDebt at<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\nDebt at<\/strong><\/td>\n<\/tr>\n
<\/td>\nDecember 31, 2020<\/strong><\/td>\n<\/td>\nBorrowings<\/strong><\/td>\n<\/td>\nRepayments<\/strong><\/td>\n<\/td>\nAutres<\/strong><\/td>\n<\/td>\nApril 3, 2021<\/strong><\/td>\n<\/tr>\n
Revolving loans<\/td>\n$<\/td>\n129.8<\/td>\n<\/td>\n<\/td>\n$<\/td>\n54.0<\/td>\n<\/td>\n$<\/td>\n(80.1<\/td>\n)<\/td>\n<\/td>\n$<\/td>\n–<\/td>\n<\/td>\n$<\/td>\n103.7<\/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(1.5<\/td>\n)<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n248.5<\/td>\n<\/td>\n<\/tr>\n
Trade receivables financing arrangement<\/td>\n<\/td>\n28.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n54.0<\/td>\n<\/td>\n<\/td>\n(48.0<\/td>\n)<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n34.0<\/td>\n<\/td>\n<\/tr>\n
Other indebtedness<\/td>\n<\/td>\n6.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.4<\/td>\n<\/td>\n<\/td>\n(0.2<\/td>\n)<\/td>\n<\/td>\n<\/td>\n0.4<\/td>\n<\/td>\n<\/td>\n6.6<\/td>\n<\/td>\n<\/tr>\n
Less: Deferred financing costs associated with the term loan<\/td>\n<\/td>\n(1.4<\/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(1.3<\/td>\n)<\/td>\n<\/tr>\n
Totals<\/td>\n$<\/td>\n412.4<\/td>\n<\/td>\n<\/td>\n$<\/td>\n108.4<\/td>\n<\/td>\n$<\/td>\n(129.8<\/td>\n)<\/td>\n<\/td>\n$<\/td>\n0.5<\/td>\n<\/td>\n$<\/td>\n391.5<\/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
<\/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\u00a0April 3, 2021<\/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>\n23.6<\/td>\n%<\/td>\n21.4<\/td>\n%<\/td>\n(9.8<\/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
Exclude: Foreign Currency<\/td>\n<\/td>\n0.7<\/td>\n%<\/td>\n1.8<\/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>\n–<\/td>\n%<\/td>\n12.9<\/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
Organic Revenue Growth (Decline)<\/td>\n<\/td>\n22.9<\/td>\n%<\/td>\n6.7<\/td>\n%<\/td>\n(9.8<\/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
<\/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<\/tr>\n
CONSOLIDATED SPX:<\/strong><\/td>\n<\/td>\nThree months ended<\/strong><\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\nApril 3, 2021<\/strong><\/td>\n<\/td>\nMarch 28, 2020<\/strong><\/td>\n<\/td>\n<\/tr>\n
Consolidated revenue<\/td>\n<\/td>\n$<\/td>\n398.5<\/td>\n<\/td>\n<\/td>\n$<\/td>\n367.4<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Exclude: “Other” operating segment\u00a0(1)<\/sup><\/td>\n<\/td>\n<\/td>\n0.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n2.1<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Adjusted consolidated revenue<\/td>\n<\/td>\n$<\/td>\n397.8<\/td>\n<\/td>\n<\/td>\n$<\/td>\n365.3<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Total segment income<\/td>\n<\/td>\n$<\/td>\n49.6<\/td>\n<\/td>\n<\/td>\n$<\/td>\n46.8<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Exclude: “Other” operating segment\u00a0(1)<\/sup><\/td>\n<\/td>\n<\/td>\n(4.6<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(4.3<\/td>\n)<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Exclude: Acquisition related costs\u00a0(2)<\/sup><\/td>\n<\/td>\n<\/td>\n(0.7<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(0.1<\/td>\n)<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Exclude: Amortization expense\u00a0(3)<\/sup><\/td>\n<\/td>\n<\/td>\n(4.0<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(2.6<\/td>\n)<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Adjusted segment income<\/td>\n<\/td>\n$<\/td>\n58.9<\/td>\n<\/td>\n<\/td>\n$<\/td>\n53.8<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
as a percent of adjusted revenues\u00a0(4)<\/sup><\/td>\n<\/td>\n<\/td>\n14.8<\/td>\n%<\/td>\n<\/td>\n<\/td>\n14.7<\/td>\n%<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
HVAC REPORTABLE SEGMENT:<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\nThree months ended<\/strong><\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\nApril 3, 2021<\/strong><\/td>\n<\/td>\nMarch 28, 2020<\/strong><\/td>\n<\/td>\n<\/tr>\n
HVAC segment income<\/td>\n<\/td>\n$<\/td>\n24.2<\/td>\n<\/td>\n<\/td>\n$<\/td>\n15.0<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Exclude: Acquisition related costs\u00a0(2)<\/sup><\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n(0.1<\/td>\n)<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Exclude: Amortization expense\u00a0(3)<\/sup><\/td>\n<\/td>\n<\/td>\n(0.7<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(0.8<\/td>\n)<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
HVAC adjusted segment income<\/td>\n<\/td>\n$<\/td>\n24.9<\/td>\n<\/td>\n<\/td>\n$<\/td>\n15.9<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
as a percent of HVAC segment revenues\u00a0(4)<\/sup><\/td>\n<\/td>\n<\/td>\n17.0<\/td>\n%<\/td>\n<\/td>\n<\/td>\n13.4<\/td>\n%<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
DETECTION & MEASUREMENT REPORTABLE SEGMENT:<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\nThree months ended<\/strong><\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\nApril 3, 2021<\/strong><\/td>\n<\/td>\nMarch 28, 2020<\/strong><\/td>\n<\/td>\n<\/tr>\n
Detection & Measurement segment income<\/td>\n<\/td>\n$<\/td>\n20.0<\/td>\n<\/td>\n<\/td>\n$<\/td>\n18.2<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Exclude: Acquisition related costs\u00a0(2)<\/sup><\/td>\n<\/td>\n<\/td>\n(0.7<\/td>\n)<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Exclude: Amortization expense\u00a0(3)<\/sup><\/td>\n<\/td>\n<\/td>\n(3.3<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(1.8<\/td>\n)<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Detection & Measurement adjusted segment income<\/td>\n<\/td>\n$<\/td>\n24.0<\/td>\n<\/td>\n<\/td>\n$<\/td>\n20.0<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
as a percent of Detection & Measurement segment revenues\u00a0(4)<\/sup><\/td>\n<\/td>\n<\/td>\n21.5<\/td>\n%<\/td>\n<\/td>\n<\/td>\n21.8<\/td>\n%<\/td>\n<\/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
(1)\u00a0<\/sup>Represents the removal of the financial results of our\u00a0South Africa\u00a0business. Note: This business is being reported as an “Other” operating segment for\u00a0U.S.\u00a0GAAP purposes due to wind-down activities that are occurring within this business.<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
(2)\u00a0<\/sup>Represents additional “Cost of products sold” recorded during the three months ended\u00a0April 3, 2021\u00a0related to the step-up of inventory (to fair value) acquired in connection with the Sensors & Software acquisition and acquisition related costs for the HVAC reportable segment during the three months ended\u00a0March 28, 2020.<\/td>\n<\/td>\n<\/tr>\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<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
(4)<\/sup>\u00a0See “Results of Reportable Segments and Other Operating Segment” for applicable percentages based on GAAP results.<\/td>\n<\/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
<\/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>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\nThree months ended<\/strong><\/td>\n<\/tr>\n
<\/td>\n<\/td>\nApril 3, 2021<\/strong><\/td>\n<\/td>\nMarch 28, 2020<\/strong><\/td>\n<\/tr>\n
Operating income<\/td>\n<\/td>\n$<\/td>\n31.7<\/td>\n<\/td>\n<\/td>\n$<\/td>\n32.3<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Exclude:<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Aggregate operating losses of the\u00a0South Africa\u00a0business\u00a0(1)<\/sup><\/td>\n<\/td>\n<\/td>\n(5.1<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(4.5<\/td>\n)<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Acquisition related costs\u00a0(2)<\/sup><\/td>\n<\/td>\n<\/td>\n(1.4<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(0.2<\/td>\n)<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Other operating income\u00a0(3)<\/sup><\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.4<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Amortization expense\u00a0(4)<\/sup><\/td>\n<\/td>\n<\/td>\n(4.0<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(2.6<\/td>\n)<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Adjusted operating income<\/td>\n<\/td>\n$<\/td>\n42.2<\/td>\n<\/td>\n<\/td>\n$<\/td>\n39.2<\/td>\n<\/td>\n<\/tr>\n
as a percent of adjusted revenues\u00a0(5)<\/sup><\/td>\n<\/td>\n<\/td>\n10.6<\/td>\n%<\/td>\n<\/td>\n<\/td>\n10.7<\/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 our\u00a0South Africa\u00a0business, inclusive of “special charges” of\u00a0$0.5\u00a0and\u00a0$0.2\u00a0during the three months ended\u00a0April 3, 2021\u00a0and\u00a0March 28, 2020, respectively.<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
(2)<\/sup>\u00a0Represents acquisition related costs during the three months ended\u00a0April 3, 2021\u00a0and\u00a0March 28 2020\u00a0associated with integration and transaction costs of\u00a0$0.7\u00a0and\u00a0$0.2, respectively, and costs during the three months ended\u00a0April 3, 2021\u00a0associated with inventory step-up of\u00a0$0.7.<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
(3)<\/sup>\u00a0Represents 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<\/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
\u00a0(5)<\/sup>\u00a0See “Results of Reportable Segments and Other Operating Segment” 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

 <\/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
<\/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\u00a0April 3, 2021<\/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$<\/td>\n49.6<\/td>\n<\/td>\n<\/td>\n$<\/td>\n9.3<\/td>\n<\/td>\n<\/td>\n$<\/td>\n58.9<\/td>\n<\/td>\n<\/tr>\n
Corporate expense\u00a0(2)<\/sup><\/td>\n<\/td>\n(14.2<\/td>\n)<\/td>\n<\/td>\n<\/td>\n0.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n(13.5<\/td>\n)<\/td>\n<\/tr>\n
Long-term incentive compensation expense<\/td>\n<\/td>\n(3.0<\/td>\n)<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n(3.0<\/td>\n)<\/td>\n<\/tr>\n
Special charges, net\u00a0(3)<\/sup><\/td>\n<\/td>\n(0.7<\/td>\n)<\/td>\n<\/td>\n<\/td>\n0.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n(0.2<\/td>\n)<\/td>\n<\/tr>\n
Operating income<\/strong><\/td>\n<\/td>\n31.7<\/td>\n<\/td>\n<\/td>\n<\/td>\n10.5<\/td>\n<\/td>\n<\/td>\n<\/td>\n42.2<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Other income, net\u00a0(<\/sup>4<\/sup>)<\/sup><\/td>\n<\/td>\n7.0<\/td>\n<\/td>\n<\/td>\n<\/td>\n(5.4<\/td>\n)<\/td>\n<\/td>\n<\/td>\n1.6<\/td>\n<\/td>\n<\/tr>\n
Interest expense, net<\/td>\n<\/td>\n(4.1<\/td>\n)<\/td>\n<\/td>\n<\/td>\n–<\/td>\n<\/td>\n<\/td>\n<\/td>\n(4.1<\/td>\n)<\/td>\n<\/tr>\n
Income from continuing operations before income taxes<\/strong><\/td>\n<\/td>\n34.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n5.1<\/td>\n<\/td>\n<\/td>\n<\/td>\n39.7<\/td>\n<\/td>\n<\/tr>\n
Income tax provision\u00a0(<\/sup>5<\/sup>)<\/sup><\/td>\n<\/td>\n(7.0<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(1.2<\/td>\n)<\/td>\n<\/td>\n<\/td>\n(8.2<\/td>\n)<\/td>\n<\/tr>\n
Income from continuing operations<\/strong><\/td>\n<\/td>\n27.6<\/td>\n<\/td>\n<\/td>\n<\/td>\n3.9<\/td>\n<\/td>\n<\/td>\n<\/td>\n31.5<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Dilutive shares outstanding<\/td>\n<\/td>\n46.319<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n46.319<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Earnings per share from continuing operations<\/strong><\/td>\n$<\/td>\n0.60<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n$<\/td>\n0.68<\/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\u00a0business ($4.6), (ii) amortization expense associated with acquired intangible assets ($4.0) and (iii) inventory step-up charges related to the Sensors & Software acquisition of ($0.7).<\/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 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
(4)<\/sup>\u00a0Adjustment represents the removal of (i) a gain on an equity security associated with a fair value adjustment ($5.2), (ii) non-service pension and postretirement income ($0.4), and (iii) foreign currency losses associated with the South African business ($0.2).<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
(<\/sup>5<\/sup>)<\/sup>\u00a0Adjustment primarily represents the tax impact of items (1) through (4) above.<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
SPX CORPORATION AND SUBSIDIARIES<\/strong><\/td>\n<\/tr>\n
NON-GAAP RECONCILIATION – EARNINGS PER SHARE<\/strong><\/td>\n<\/tr>\n
Three Months Ended\u00a0March 28, 2020<\/strong><\/td>\n<\/tr>\n
(Unaudited; in millions, except per share values)<\/strong><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\nGAAP<\/strong><\/td>\n<\/td>\nAdjustments<\/strong><\/td>\n<\/td>\nAdjusted<\/strong><\/td>\n<\/tr>\n
Segment income\u00a0(1)<\/sup><\/td>\n$<\/td>\n46.8<\/td>\n<\/td>\n<\/td>\n$<\/td>\n7.0<\/td>\n<\/td>\n<\/td>\n$<\/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(4)<\/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>\n32.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n6.9<\/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>\n28.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n7.4<\/td>\n<\/td>\n<\/td>\n<\/td>\n35.7<\/td>\n<\/td>\n<\/tr>\n
Income tax provision\u00a0(<\/sup>6<\/sup>)<\/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>\n22.3<\/td>\n<\/td>\n<\/td>\n<\/td>\n6.1<\/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$<\/td>\n0.49<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n$<\/td>\n0.62<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
(1)\u00a0<\/sup>Adjustment represents the removal of (i) operating losses associated with the\u00a0South Africa\u00a0business ($4.3), (ii) amortization expense associated with acquired intangible assets ($2.6), and (iii) acquisition related costs ($0.1).<\/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\u00a0business.<\/td>\n<\/tr>\n
<\/td>\n<\/tr>\n
(4)<\/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<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
(5)<\/sup>\u00a0Adjustment represents the removal of (i) non-service pension and postretirement charges ($0.2) and (ii) foreign currency losses associated with the South African business ($0.3).<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
(6)\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

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

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

Q1 2021 GAAP EPS of\u00a0$0.60; Q1 2021 Adjusted EPS* of\u00a0$0.68; Updating 2021 Full-Year Guidance for Sealite Acquisition;\u00a0 Anticipate Full-Year Adjusted EPS* in a Range of\u00a0$3.06-$3.26 CHARLOTTE, N.C.,\u00a0May 06, 2021\u00a0(GLOBE NEWSWIRE) —\u00a0SPX Corporation\u00a0(NYSE:SPXC) today reported results for the first quarter ended\u00a0April 3, 2021. Gene Lowe, President and CEO, remarked, \u201cI am pleased with our solid first […]<\/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-2277","post","type-post","status-publish","format-standard","hentry","category-earnings"],"acf":[],"yoast_head":"\nSPX Reports First Quarter 2021 Financial Results - SPX Technologies in Charlotte, NC<\/title>\n<meta name=\"description\" content=\"SPX releases its latest quarterly financial results\u2014review revenue, earnings, and segment highlights.\" \/>\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-2021-financial-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 2021 Financial Results - 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