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SPX Reports Fourth Quarter 2010 Results

CHARLOTTE, N.C. Feb. 17, 2011 December 31, 2010

Fourth Quarter Highlights:

  • $1.33 billion $1.32 billion

  • $160.4 million $168.9 million

  • $1.30 $1.62 $8.6 million $0.17

  • $1.13 $0.95 to $1.10

  • $213.6 million $226.2 million $100 million

  • $173.6 million $193.1 million

Full Year 2010 Highlights:

  • $4.89 billion $4.85 billion

  • $560.3 million $587.8 million

  • $3.86 $0.95 $28.6 million $0.57 $25.6 million $0.33

  • $3.62 $3.45 to $3.60

  • $256.7 million $463.2 million $24.5 million

  • $205.5 million $370.4 million

Christopher J. Kearney

"As we move into 2011 we are encouraged by many positive trends across our end markets, and remain confident in, and committed to executing, our long term strategy," Kearney added.

FINANCIAL HIGHLIGHTS – CONTINUING OPERATIONS

Flow Technology

$486.2 million $437.9 million $48.3 million

$70.9 million $62.7 million

Test and Measurement

$252.1 million $219.2 million $32.9 million

$21.7 million $19.4 million

Thermal Equipment and Services

$418.8 million $487.4 million $68.6 million China December 2009

$52.8 million $63.3 million

Industrial Products and Services

$167.9 million $178.8 million $10.9 million

$15.0 million $23.5 million

OTHER ITEMS

Dividend:   November 24, 2010 $0.25 December 15, 2010 January 4, 2011

Discontinued Operations:  

The financial condition, results of operations, cash flows and realized loss from the sale of this product line has been reported as discontinued operations in the attached consolidated financial statements.

Acquisition: February 16, 2011 $40 million

Form 10-K: December 31, 2010 March 1, 2011 www.spx.com

About SPX:   Charlotte, North Carolina $5 billion www.spx.com

* 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" 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

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited; in millions, except per share amounts)

Three months ended

Twelve months ended

December 31, 2010

December 31, 2009

December 31, 2010

December 31, 2009

Revenues

$                1,325.0

$                1,323.3

$                4,886.8

$                4,845.6

Costs and expenses:

   Cost of products sold

936.4

937.2

3,454.0

3,426.0

   Selling, general and administrative

267.9

249.3

1,024.4

959.2

   Intangible amortization

7.7

5.5

27.1

21.5

   Impairment of goodwill and other intangible assets

1.7

194.8

1.7

194.8

   Special charges, net

16.3

18.6

36.4

73.1

      Operating income (loss)

95.0

(82.1)

343.2

171.0

Other income (expense), net

(0.6)

0.7

(21.3)

(19.7)

Interest expense

(23.7)

(23.4)

(87.2)

(92.1)

Interest income

1.5

1.5

5.4

7.5

Loss on early extinguishment of interest rate

protection agreements and term loan

(25.6)

Equity earnings in joint ventures

7.9

7.5

30.2

29.4

   Income (loss) from continuing operations

   before income taxes

80.1

(95.8)

244.7

96.1

Income tax (provision) benefit

(15.7)

16.2

(53.1)

(47.1)

   Income (loss) from continuing operations

64.4

(79.6)

191.6

49.0

Loss from discontinued operations, net of tax

(0.2)

(2.7)

(0.5)

(6.4)

Gain (loss) on disposition of discontinued

operations, net of tax

(0.4)

9.1

11.7

(26.4)

   Income (loss) from discontinued operations

(0.6)

6.4

11.2

(32.8)

Net income (loss)

63.8

(73.2)

202.8

16.2

Less: Net loss attributable to noncontrolling

interests

(1.5)

(1.1)

(2.8)

(15.5)

Net income (loss) attributable to

SPX Corporation common shareholders

$                     65.3

$                   (72.1)

$                   205.6

$                     31.7

Amounts attributable to SPX Corporation

common shareholders:

Income (loss) from continuing operations,

net of tax

$                     65.9

$                   (80.0)

$                   194.4

$                     47.2

Income (loss) from discontinued operations,

net of tax

(0.6)

7.9

11.2

(15.5)

Net income (loss)

$                     65.3

$                   (72.1)

$                   205.6

$                     31.7

Basic income per share of common stock:

   Income (loss) from continuing operations

   attributable to SPX Corporation common

   shareholders

$                     1.32

$                   (1.62)

$                     3.91

$                     0.96

   Income (loss) from discontinued operations

   attributable to SPX Corporation common

   shareholders

(0.01)

0.16

0.23

(0.32)

     Net income (loss) per share attributable to

     SPX Corporation common shareholders

$                     1.31

$                   (1.46)

$                     4.14

$                     0.64

Weighted average number of common shares

 outstanding – basic

49.941

49.316

49.718

49.363

Diluted income per share of common stock:

   Income (loss) from continuing operations

   attributable to SPX Corporation common

   shareholders

$                     1.30

$                   (1.62)

$                     3.86

$                     0.95

   Income (loss) from discontinued operations

   attributable to SPX Corporation common

   shareholders

(0.01)

0.16

0.22

(0.31)

     Net income (loss) per share attributable to

     SPX Corporation common shareholders

$                     1.29

$                   (1.46)

$                     4.08

$                     0.64

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