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SPX Announces 2011 Annual Guidance

CHARLOTTE, N.C. Jan. 19, 2011 Christopher J. Kearney

India Africa China

$100 million $180 to $220 million

SPX stated that it expects the following results in 2011:

  • $5.2 to $5.4 billion
  • $4.20 to $4.50
  • $370 to $410 million $150 million $220 and $260 million

1:00 p.m. Eastern Time New York City www.spx.com Wednesday, February 2, 2011 Thursday, February 17, 2011

SPX Corporation (NYSE: SPW) is a Fortune 500 multi-industry manufacturing leader that provides its customers with highly-specialized, engineered solutions to solve critical business issues.

SPX products and technologies play an important role in the expansion of global infrastructure to help meet increased demand for power and energy and support many different sources of power generation, including coal and natural gas, nuclear, solar and geothermal. The company’s innovative product portfolio, containing many energy efficient products, includes cooling systems for power plants throughout the world; highly advanced food processing components and turnkey, scalable systems serving the global food and beverage industry; process equipment that assists a variety of flow processes including oil and gas exploration, distribution and refinement and power generation; handheld diagnostic tools that aid in vehicle maintenance and repair; and power transformers that allow utility companies to regulate electric voltage, transmission and distribution.

Charlotte, North Carolina www.spx.com

November 3, 2010

** Non-GAAP number. See attached financial 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 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," "estimate," "guidance," "target," "indicate" 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

NON-GAAP RECONCILIATION

(Unaudited; in millions)

FREE CASH FLOW RECONCILIATION

Range for the twelve months ended
December 31, 2010

Range for the twelve months ended
December 31, 2011

Low-end

High-end

Low-end

High-end

Net cash from continuing operations

$246.0      

$286.0     

$370.0      

$410.0     

Capital expenditures – continuing operations

(90.0)       

(90.0)      

(150.0)       

(150.0)      

Free cash flow from continuing operations

$156.0       

$196.0      

$220.0       

$260.0      

Add back: Payments on early termination of swap agreements

25       

25      

Adjusted free cash flow from continuing operations

$180       

$220      

ORGANIC REVENUE RECONCILIATION

Estimated for the year ended December 31, 2011

Net Revenue
Growth

Acquisitions

Foreign
Currency

Organic Revenue  
Growth

Consolidated SPX Corporation

5% to 10%

1.5%

1.5%

2% to 7%

ADJUSTED EARNINGS PER SHARE RECONCILIATION

2010E* Guidance Range

Diluted net income per share of common stock from continuing operations

$3.52

$3.67

Tax Matters

(0.40)

(0.40)

Loss on early extinguishment of interest rate protection agreements and term loan

0.33

0.33

Adjusted diluted net income per share of common stock from continuing operations

$3.45

$3.60

SOURCE SPX Corporation

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