Top-News
Mittwoch,
04.11.2015 22:10
von
PR Newswire
| Aufrufe: 188
SPX Reports Third Quarter 2015 Results
Zeitungsständer (Symbolbild).
© Global_Pics / iStock Unreleased / Getty Images
PR Newswire
CHARLOTTE, N.C., Nov. 4, 2015
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 $23 million.
| Core Targets: ($ millions) | Revenue | Segment | Segment | EBITDA | Restructuring |
| 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 Werbung Mehr Nachrichten zur SPX Technologies Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1  Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News | ||||||
