SPX Reports Third Quarter 2016 Results

Q3 GAAP EPS of $0.06; Adjusted EPS* of $0.14  Transformer Strength Offset by Headwinds in Power Generation and HVAC Heating  Narrowing Full-Year Adjusted EPS* Range to $1.00-$1.20

CHARLOTTE, N.C., Nov. 03, 2016 (GLOBE NEWSWIRE) -- SPX Corporation (NYSE:SPXC) today reported results for the quarter ended October 1, 2016. 

To provide clarity to its operating results, the company reports "Core" and "Base Power" results, which exclude the effect of the South African projects, and separately reports on the progress and results associated with the South African projects.  Additionally, as they are either non-recurring or non-cash in nature, an adjustment to the gain on the sale of the company's Dry Cooling business, and non-service pension items have been adjusted out of operating income and earnings per share. A loss on early extinguishment of debt has also been excluded in calculating adjusted earnings per share.

Gene Lowe, President and CEO, remarked, "Overall, I'm proud of our company's execution for the quarter in the face of headwinds in certain end markets. Our strategic platforms continued to perform well and the operational initiatives we have been implementing across our company have helped to drive structural improvements in the margin profile of our businesses. While HVAC heating orders were softer than anticipated, our net profit for the third quarter was roughly in-line with our internal forecast." 

Third Quarter 2016 Overview:

For the third quarter of 2016 the company reported revenue of $385.2 million and operating income of $7.1 million, compared with $374.1 million and a $113.6 million operating loss, respectively, in the third quarter of 2015. Net earnings per share from continuing operations were $0.06. 

SPX Core revenue* was $359.8 million and adjusted operating income* was $10.0 million, compared with $410.5 million and $14.2 million, respectively, in the third quarter of 2015. Adjusted earnings per share* for the third quarter of 2016 were $0.14.

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