SPX TECHNOLOGIES, INC. CHARLOTTE, N.C., Nov. 4, 2015 /PRNewswire/ -- SPX Corporation (NYSE:SPXC) today reported results for the quarter ended September 26, 2015. The spin-off of SPX FLOW, Inc. ("SPX FLOW") was completed on September 26, 2015. The 2015 financial statements include the results of SPX FLOW in discontinued operations.
To provide clarity to its operating results, the company is also reporting "Core" and "Base Power" results, which exclude the effect of the South African projects, and will separately report on the progress and results associated with the South African projects. In addition, as a result of the spin-off of SPX FLOW, certain amounts in the company's reported results are not representative of the ongoing company on a post-spin basis, such as portions of the company's corporate expense, including the related benefit costs, spin-related restructuring expenses and other items. The company will provide additional clarity around these items as part of its third-quarter conference call at 4:30 p.m. (EST) today.
Gene Lowe, President and CEO, said "During the third quarter we completed the spin-off of SPX FLOW. I appreciate the hard work and dedication of our employees throughout our organization who have helped to complete this process. We're very excited about narrowing the strategic focus of our company to create value and opportunity for our shareholders, customers and employees. We have a clear strategy for increasing the value of SPX by expanding our growth platforms and reducing exposure to lower-return markets to drive significant Core EBITDA growth."
"One area where we are focused on reducing our risk profile is the large power projects in South Africa. During the third quarter, we have taken actions to improve execution and increase control over the projects. In addition, discussions between the parties during the quarter have provided greater clarity with respect to our ability to recover certain costs related to the projects. Collectively, these events have resulted in a charge of $95 million. Inherently, risks remain until final completion. However, we believe that the steps taken have reduced our risk profile and that this charge represents the significant portion of our potential risk on these projects."
Third Quarter 2015 Overview:
SPX reported revenue (GAAP) for the third quarter of $374.1 million and a net loss per share from continuing operations of $(2.58). SPX Core revenue* was $410.5 million and Core pro forma operating income* was $14.2 million, compared with $461.7 million and $21.3 million, respectively, in the third quarter of 2014.
Third Quarter and Year-To-Date Segment Financial Comparisons
GAAP
Results:
($
millions) Q3 2015 Q3 2014 2015 YTD 2014 YTD
------- ------- -------- --------
Revenue $374.1 $489.6 $1,209.8 $1,397.1
Segment
Income
(Loss) (64.7) 38.0 (29.5) 94.1
Operating
Loss (113.6) (2.1) (166.9) (62.5)
Core*
Results:
($
millions) Q3 2015 Q3 2014 2015 YTD 2014 YTD
------- ------- -------- --------
Revenue $410.5 $461.7 $1,205.8 $1,318.8
Segment
Income 33.5 38.3 85.4 100.4
Operating
Income 14.2 21.3 30.5 41.2
HVAC
Revenues for Q3 2015 were $142.7 million, compared with $137.4 million in Q3 2014, an increase of 3.9%. Organic revenues* increased 4.6%, partially offset by the effect of currency fluctuations. The increase in organic revenues was due primarily to higher sales of cooling products.
Segment Income was $23.5 million, or 16.5% of revenues, in Q3 2015, compared with $18.1 million, or 13.2% of revenues, in Q3 2014. Segment income margins increased approximately 330 basis points, driven by favorable margins on cooling products during Q3 2015.
Detection & Measurement
Revenues for Q3 2015 were $55.9 million, compared with $57.3 million in Q3 2014, a decrease of 2.4% due to the effect of currency fluctuations.
Segment Income was $8.3 million, or 14.8% of revenues, in Q3 2015, compared with $10.7 million, or 18.7% of revenues, in Q3 2014. Segment income margins decreased approximately 390 basis points, driven by a less favorable mix of sales and currency headwinds in Q3 2015 than in Q3 2014.
Base Power
Base Power revenues* for Q3 2015 were $211.9 million, compared with $267.0 million in Q3 2014, a decrease of 20.6%. The decline was due to weaker customer demand for power generation products, and the impact of a stronger U.S. dollar.
Base Power income* was $1.7 million, or 0.8% of revenues, in Q3 2015, compared with $9.5 million, or 3.6% of revenues, in Q3 2014. The decline in both income and margin was due primarily to lower revenue and significant declines in profitability of the European-based operations.
Lowe continued, "Our HVAC segment continued with a solid performance this quarter and remains on track with new product launches and optimization of channels to market. In Detection & Measurement, we're seeing some of the unevenness that can be experienced in project-based end markets, but continue to see a healthy frontlog and strong customer interest in our new products across these businesses, which support our continued growth outlook. Within our Power Segment, our transformer backlog is up sequentially and the business is on track to meet our long-term margin targets. The power generation business is feeling the effects of the weaker macroeconomic environment, and we are addressing this aggressively by taking steps to reduce complexity, risk and cost, including increasing our restructuring cost target for 2015."
South African Projects
Revenues for Q3 2015 were $(36.4) million and the loss was $(98.2) million, compared with $27.9 million and $(0.3) million, respectively, in Q3 2014. During Q3 2015, the company recorded a charge of $95.0 million (approximately $71.2 million net of minority interest) to revise the amount of expected revenues and costs on the large power projects in South Africa, which was recorded as a reduction in revenues of $(57.2) million and an increase in cost of products sold of $37.8 million.
Updated 2015 Financial Modeling Targets - Core:
The company is now targeting Core EBITDA in the range of $149 million to $159 million. Restructuring charges for the year are now expected to be approximately $23 million.
Core Targets: Revenue Segment Segment EBITDA Restructuring
Income Margin % Charges
($ millions)
---
Prior $1,765 $158 ~9% ~$164 $16
Current $1,700 to $1,730 $143 to $153 8.3% to 9.0% $149 to $159 ~$23
Note: Core results exclude the South African projects
Form 10-Q: The company expects to file its quarterly report on Form 10-Q for the quarter ended September 26, 2015 with the Securities and Exchange Commission on November 5, 2015. This press release should be read in conjunction with that filing, which will be available on the company's website at www.spx.com, in the Investor Relations section.
Upcoming Investor Events: SPX plans to meet with investors in November and is scheduled to present at the Credit Suisse Global Industrials Conference on December 3, 2015 in Palm Beach, Florida.
About SPX Corporation: Based in Charlotte, North Carolina, SPX Corporation is a leading supplier of highly engineered HVAC products, detection and measurement technologies and power equipment. With operations in about 20 countries, SPX Corporation has approximately $2 billion in annual revenues and approximately 6,000 employees worldwide. SPX Corporation is listed on the New York Stock Exchange under the ticker symbol, "SPXC". For more information, please visit www.spx.com.
*Non-GAAP number. See attached schedules for reconciliation to most comparable GAAP number.
Certain statements in this press release are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. Please read these results in conjunction with the company's documents filed with the Securities and Exchange Commission, including the company's annual reports on Form 10-K, and any amendments thereto, and quarterly reports on Form 10-Q. These filings identify important risk factors and other uncertainties that could cause actual results to differ from those contained in the forward-looking statements. Actual results may differ materially from these statements. The words "believe", "expect," "anticipate," "project" and similar expressions identify forward-looking statements. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. In addition, estimates of future operating results are based on the company's current complement of businesses, which is subject to change.
Statements in this press release speak only as of the date of this press release, and SPX disclaims any responsibility to update or revise such statements.
SPX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in millions, except per share amounts)
Three months ended Nine months ended
------------------ -----------------
September 26, 2015 September 27, 2014 September 26, 2015 September 27, 2014
------------------ ------------------ ------------------ ------------------
Revenues $374.1 $489.6 $1,209.8 $1,397.1
Costs and expenses:
Cost of products sold 371.2 377.1 1,036.4 1,082.8
Selling, general and administrative 106.8 111.9 322.4 366.8
Intangible amortization 1.3 1.4 3.9 4.3
Special charges, net 8.4 1.3 14.0 5.7
--- --- ---- ---
Operating loss (113.6) (2.1) (166.9) (62.5)
Other income (expense), net (4.6) (0.9) (7.5) 488.5
Interest expense (6.3) (5.0) (18.5) (17.6)
Interest income 0.4 1.1 1.3 2.7
Loss on early extinguishment of debt (1.4) - (1.4) (32.5)
Equity earnings in joint ventures 0.3 0.3 0.8 0.8
--- --- --- ---
Income (loss) from continuing
operations before income taxes (125.2) (6.6) (192.2) 379.4
Income tax (provision) benefit (5.5) (5.6) 8.6 (161.9)
---- ---- --- ------
Income (loss) from continuing
operations (130.7) (12.2) (183.6) 217.5
Income from discontinued operations,
net of tax 0.7 78.7 80.8 199.2
Gain (loss) on disposition of
discontinued operations, net of tax (0.6) (2.9) (1.5) 12.0
---- ---- ---- ----
Income from discontinued operations,
net of tax 0.1 75.8 79.3 211.2
--- ---- ---- -----
Net income (loss) (130.6) 63.6 (104.3) 428.7
Less: Net income (loss) attributable to
noncontrolling interests (25.6) 0.3 (31.1) (1.3)
Net income (loss) attributable to SPX
Corporation common shareholders $(105.0) $63.3 $(73.2) $430.0
======= ===== ====== ======
Amounts attributable to SPX Corporation common shareholders:
Income (loss) from continuing
operations, net of tax $(105.1) $(11.8) $(153.4) $219.8
Income from discontinued operations,
net of tax 0.1 75.1 80.2 210.2
--- ---- ---- -----
Net income (loss) $(105.0) $63.3 $(73.2) $430.0
======= ===== ====== ======
Basic income (loss) per share of common stock:
Income (loss) from continuing
operations attributable to SPX
Corporation common shareholders $(2.58) $(0.28) $(3.78) $5.11
Income from discontinued operations
attributable to SPX Corporation common
shareholders - 1.79 1.98 4.88
--- ---- ---- ----
Net income (loss) per share
attributable to SPX Corporation common
shareholders $(2.58) $1.51 $(1.80) $9.99
====== ===== ====== =====
Weighted average number of common
shares outstanding -basic 40.663 41.796 40.590 43.024
Diluted income (loss) per share of common stock:
Income (loss) from continuing
operations attributable to SPX
Corporation common shareholders $(2.58) $(0.28) $(3.78) $5.02
Income from discontinued operations
attributable to SPX Corporation common
shareholders - 1.79 1.98 4.80
--- ---- ---- ----
Net income (loss) per share
attributable to SPX Corporation common
shareholders $(2.58) $1.51 $(1.80) $9.82
====== ===== ====== =====
Weighted average number of common
shares outstanding -diluted 40.663 41.796 40.590 43.772
SPX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions)
September 26, December 31,
2015 2014
---- ----
ASSETS
Current assets:
Cash
and
equivalents $82.5 $237.2
Accounts
receivable,
net 433.9 473.5
Inventories,
net 211.6 167.4
Other
current
assets 109.8 55.6
Deferred
income
taxes 40.7 60.2
Assets
of
discontinued
operations
-
current - 1,221.2
--- -------
Total
current
assets 878.5 2,215.1
Property, plant and equipment:
Land 15.9 16.5
Buildings
and
leasehold
improvements 126.7 132.3
Machinery
and
equipment 374.7 372.9
----- -----
517.3 521.7
Accumulated
depreciation (291.7) (283.8)
------ ------
Property,
plant
and
equipment,
net 225.6 237.9
Goodwill 368.5 374.4
Intangibles,
net 164.2 169.2
Other
assets 642.0 623.0
Assets
of
discontinued
operations
-
noncurrent - 2,274.7
--- -------
TOTAL
ASSETS $2,278.8 $5,894.3
======== ========
LIABILITIES AND EQUITY
Current liabilities:
Accounts
payable $185.5 $210.0
Accrued
expenses 488.9 440.2
Income
taxes
payable 2.4 8.3
Short-
term
debt 70.2 156.5
Current
maturities
of
long-
term
debt 4.8 29.1
Liabilities
of
discontinued
operations
-
current - 765.8
--- -----
Total
current
liabilities 751.8 1,609.9
Long-
term
debt 347.0 547.5
Deferred
and
other
income
taxes 57.0 69.1
Other
long-
term
liabilities 803.9 823.7
Liabilities
of
discontinued
operations
-
noncurrent - 1,032.2
--- -------
Total
long-
term
liabilities 1,207.9 2,472.5
Equity:
SPX Corporation shareholders' equity:
Common
stock 1.0 1.0
Paid-
in
capital 2,645.1 2,608.0
Retained
earnings 910.1 2,628.6
Accumulated
other
comprehensive
income 286.6 62.6
Common
stock
in
treasury (3,486.1) (3,491.5)
-------- --------
Total
SPX
Corporation
shareholders'
equity 356.7 1,808.7
Noncontrolling
interests (37.6) 3.2
----- ---
Total
equity 319.1 1,811.9
TOTAL
LIABILITIES
AND
EQUITY $2,278.8 $5,894.3
======== ========
SPX CORPORATION AND SUBSIDIARIES
RESULTS OF REPORTABLE SEGMENTS
(Unaudited; in millions)
Three months ended Nine months ended
------------------ -----------------
September 26, 2015 September 27, 2014 Increase %/bps September 26, 2015 September 27, 2014 Increase %/bps
(Decrease) (Decrease)
--------- ---------
HVAC reportable segment
Revenues $142.7 $137.4 $5.3 3.9% $368.7 $361.1 $7.6 2.1%
Gross profit 45.6 40.6 5.0 112.7 106.9 5.8
Selling, general and administrative expense 22.0 22.4 (0.4) 63.0 65.8 (2.8)
Intangible amortization expense 0.1 0.1 - 0.3 0.5 (0.2)
Income $23.5 $18.1 $5.4 29.8% $49.4 $40.6 $8.8 21.7%
===== ===== ==== ===== ===== ====
as a percent of revenues 16.5% 13.2% 330bps 13.4% 11.2% 220bps
Detection & Measurement reportable segment
Revenues $55.9 $57.3 $(1.4) -2.4% $166.0 $180.7 $(14.7) -8.1%
Gross profit 23.3 26.5 (3.2) 71.0 86.2 (15.2)
Selling, general and administrative expense 14.8 15.6 (0.8) 43.0 46.8 (3.8)
Intangible amortization expense 0.2 0.2 - 0.6 0.5 0.1
Income $8.3 $10.7 $(2.4) -22.4% $27.4 $38.9 $(11.5) -29.6%
==== ===== ===== ===== ===== ======
as a percent of revenues 14.8% 18.7% -390bps 16.5% 21.5% -500bps
Power reportable segment
Revenues $175.5 $294.9 $(119.4) -40.5% $675.1 $855.3 $(180.2) -21.1%
Gross profit (loss) (65.5) 45.4 (110.9) (10.3) 122.1 (132.4)
Selling, general and administrative expense 30.0 35.1 (5.1) 93.0 104.2 (11.2)
Intangible amortization expense 1.0 1.1 (0.1) 3.0 3.3 (0.3)
Income (loss) $(96.5) $9.2 $(105.7) -1148.9% $(106.3) $14.6 $(120.9) -828.1%
====== ==== ======= ======= ===== =======
as a percent of revenues -55.0% 3.1% -5810 bps -15.7% 1.7% -1740bps
Consolidated Revenues $374.1 $489.6 $(115.5) -23.6% $1,209.8 $1,397.1 $(187.3) -13.4%
Consolidated Segment Income (Loss) (64.7) 38.0 (102.7) -270% (29.5) 94.1 (123.6) -131.3%
as a percent of revenues -17.3% 7.8% -2510bps -2.4% 6.7% -910bps
------------------------ ----- --- -------- ---- --- -------
Total income (loss) for reportable segments $(64.7) $38.0 $(102.7) $(29.5) $94.1 $(123.6)
Corporate expenses 27.6 33.0 (5.4) 84.5 97.8 (13.3)
Pension and postretirement expense 7.4 2.2 5.2 8.4 23.3 (14.9)
Stock-based compensation expense 5.5 3.6 1.9 30.5 29.8 0.7
Special charges, net 8.4 1.3 7.1 14.0 5.7 8.3
Consolidated Operating Income (Loss) $(113.6) $(2.1) $(111.5) -5309.5% $(166.9) $(62.5) $(104.4) -167.0%
======= ===== ======= ======= ====== =======
as a percent of revenues -30.4% -0.4% -3000bps -13.8% -4.5% -930bps
SPX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
Three months ended Nine months ended
------------------ -----------------
September 26, 2015 September 27, 2014 September 26, 2015 September 27, 2014
------------------ ------------------ ------------------ ------------------
Cash flows from (used in) operating activities:
Net income (loss) $(130.6) $63.6 $(104.3) $428.7
Less: Income from discontinued
operations, net of tax 0.1 75.8 79.3 211.2
Income (loss) from continuing
operations (130.7) (12.2) (183.6) 217.5
Adjustments to reconcile income (loss) from continuing operations
to net cash used in operating activities:
Special charges, net 8.4 1.3 14.0 5.7
Gain on asset sales - - (1.2) (491.5)
Loss on early extinguishment of debt 1.4 - 1.4 32.5
Deferred and other income taxes (7.4) (12.2) (1.8) (41.9)
Depreciation and amortization 10.2 10.7 31.2 33.1
Pension and other employee benefits 11.6 6.3 22.9 36.7
Stock-based compensation 5.5 3.6 30.5 29.8
Other, net (2.4) 0.6 - 0.7
Changes in operating assets and liabilities, net of effects from divestitures:
Accounts receivable and other assets 36.0 (8.0) (55.3) (35.4)
Inventories (13.4) (8.8) (47.4) (33.5)
Accounts payable, accrued expenses
and other 57.3 (30.1) 27.0 (42.7)
Cash spending on restructuring
actions (2.2) (2.4) (6.0) (10.9)
Net cash used in continuing
operations (25.7) (51.2) (168.3) (299.9)
Net cash from discontinued
operations 11.3 90.2 54.3 236.9
Net cash from (used in) operating
activities (14.4) 39.0 (114.0) (63.0)
Cash flows from (used in) investing activities:
Proceeds from asset sales - - 2.0 574.1
Decrease in restricted cash - 0.1 - 0.1
Capital expenditures (6.0) (5.3) (12.8) (15.0)
Net cash from (used in) continuing
operations (6.0) (5.2) (10.8) 559.2
Net cash from (used in) discontinued
operations (17.2) (5.3) (38.3) 87.7
----- ---- ----- ----
Net cash from (used in) investing
activities (23.2) (10.5) (49.1) 646.9
Cash flows from (used in) financing activities:
Repurchase of senior notes (includes
premiums paid of $30.6) - - - (530.6)
Borrowings under senior credit
facilities 910.0 310.0 1,235.0 467.0
Repayments under senior credit
facilities (913.8) (187.0) (1,138.0) (207.0)
Borrowings under trade receivables
agreement 59.0 80.0 154.0 80.0
Repayments under trade receivables
agreement (34.0) (11.0) (122.0) (11.0)
Net borrowings (repayments) under
other financing arrangements 6.5 (1.3) 4.5 (56.7)
Purchases of common stock - (139.9) - (414.3)
Minimum withholdings paid on behalf of employees for net share settlements, net of proceeds
from the exercise of employee stock
options and other (0.6) (0.7) (5.9) (12.9)
Financing fees paid (12.2) - (12.2) (0.4)
Change in noncontrolling interest in
subsidiary - (0.8) - -
Dividends paid - (16.1) (30.6) (44.3)
Cash divested in connection with
spin-off of SPX Flow (207.1) - (207.1) -
Net cash from (used in) continuing
operations (192.2) 33.2 (122.3) (730.2)
Net cash from (used in) discontinued
operations (1.6) (1.1) (1.9) 0.5
---- ---- ---- ---
Net cash from (used in) financing
activities (193.8) 32.1 (124.2) (729.7)
Change in cash and equivalents due
to changes in foreign currency
exchange rates (15.0) (24.9) (57.8) (44.1)
Net change in cash and equivalents (246.4) 35.7 (345.1) (189.9)
Consolidated cash and equivalents,
beginning of period 328.9 466.2 427.6 691.8
Consolidated cash and equivalents,
end of period $82.5 $501.9 $82.5 $501.9
===== ====== ===== ======
SPX CORPORATION AND SUBSIDIARIES
CASH AND DEBT RECONCILIATION
(Unaudited; in millions)
Nine months ended
September 26, 2015
------------------
Beginning cash and equivalents $427.6
Cash used in continuing operations (168.3)
Proceeds from asset sales and other 2.0
Capital expenditures (12.8)
Borrowings under senior credit facilities 1,235.0
Repayments under senior credit facilities (1,138.0)
Net borrowings under trade receivable agreement 32.0
Net borrowings under other financing arrangements 4.5
Minimum withholdings paid on behalf of employees for net share
settlements, net of proceeds
from the exercise of employee stock options and other (5.9)
Financing fees paid (12.2)
Dividends paid (30.6)
Cash divested in connection with spin-off of SPX Flow (207.1)
Cash from discontinued operations 14.1
Change in cash due to changes in foreign currency exchange
rates (57.8)
-----
Ending cash and equivalents $82.5
=====
Debt at Debt at
December 31, 2014 Borrowings Repayments Spin-Off Other September 26, 2015
----------------- ---------- ---------- -------- ----- ------------------
Revolving loans $133.0 $485.0 $(563.0) $(55.0) $ - $ -
Term loan 575.0 750.0 (575.0) (400.0) - 350.0
6.875% senior notes 600.0 - - (600.0) - -
Trade receivables financing arrangement 10.0 154.0 (122.0) - - 42.0
Other indebtedness 51.7 10.1 (7.3) (22.8) (1.7) 30.0
1,369.7 1,399.1 (1,267.3) (1,077.8) (1.7) 422.0
Less: Amounts included in discontinued operations (636.6) - - 636.6 - -
------ --- --- ----- --- ---
Totals $733.1 $1,399.1 $(1,267.3) $(441.2) $(1.7) $422.0
====== ======== ========= ======= ===== ======
SPX CORPORATION AND SUBSIDIARIES
ORGANIC REVENUE RECONCILIATION
HVAC AND DETECTION & MEASUREMENT SEGMENTS
(Unaudited)
Three months ended September 26, 2015
-------------------------------------
Net Revenue Foreign Organic Revenue
Growth (Decline) Currency Growth (Decline)
--------------- -------- ---------------
HVAC 3.9% (0.7)% 4.6%
Detection and Measurement (2.4)% (2.4)% 0.0%
SPX CORPORATION AND SUBSIDIARIES
REVENUE AND SEGMENT INCOME RECONCILIATION
(Unaudited; in millions)
CONSOLIDATED SPX: Three months ended Nine months ended
------------------ -----------------
September 26, 2015 September 27, 2014 September 26, 2015 September 27, 2014
------------------ ------------------ ------------------ ------------------
Consolidated Revenue $374.1 $489.6 $1,209.8 $1,397.1
Exclude: South African projects 36.4 (27.9) (4.0) (78.3)
Core revenue $410.5 $461.7 $1,205.8 $1,318.8
====== ====== ======== ========
Total Segment Income (Loss) $(64.7) $38.0 $(29.5) $94.1
Exclude: South African projects 98.2 0.3 114.9 6.3
Core segment income $33.5 $38.3 $85.4 $100.4
===== ===== ===== ======
as a percent of revenues 8.2% 8.3% 7.1% 7.6%
POWER SEGMENT: Three months ended
------------------
September 26, 2015 September 27, 2014
------------------ ------------------
Power revenue $175.5 $294.9
Exclude: South African projects 36.4 (27.9)
Base Power revenue $211.9 $267.0
====== ======
Power Segment Income (loss) $(96.5) $9.2
Exclude: South African projects 98.2 0.3
Base Power income $1.7 $9.5
==== ====
as a percent of revenues 0.8% 3.6%
SPX CORPORATION AND SUBSIDIARIES
OPERATING INCOME RECONCILIATION
(Unaudited; in millions)
Three months ended Nine months ended
------------------ -----------------
September 26, 2015 September 27, 2014 September 26, 2015 September 27, 2014
------------------ ------------------ ------------------ ------------------
Operating Loss $(113.6) $(2.1) $(166.9) $(62.5)
Exclude:
South African projects 98.2 0.3 114.9 6.3
Certain corporate expenses (1) 20.9 24.5 76.2 85.1
Spin-related costs (2) 2.3 - 2.3 -
Non-service pension expense (income) 6.4 (1.4) 4.0 12.3
Core Pro forma Operating Income $14.2 $21.3 $30.5 $41.2
===== ===== ===== =====
as a percent of Core revenues 3.5% 4.6% 2.5% 3.1%
(1) Represents an estimate of the corporate costs, related to the support provided to the SPX Flow businesses, that are no longer expected to be incurred by SPX after the spin-off
(2) Represents non-recurring charges incurred in connection with the spin-off
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/spx-reports-third-quarter-2015-results-300172642.html
SOURCE SPX Corporation
