SPX Corporation (SPX ) Announces 2009 Q3 Results
October 28, 2009 7:13 AM
SPX Corporation (NYSE: SPW) reported results for the third quarter ended September 26, 2009:
Revenues decreased 20.8% to $1.17B from $1.5B in the year-ago quarter. Organic revenues* declined 18.6%, completed acquisitions increased reported revenues by 0.1%, and the impact of currency fluctuations decreased reported revenues by 2.3%.
Segment income and margins were $156.4M and 13.3%, compared with $207.7M and 14.0% in the year-ago quarter.
Diluted net income per share from continuing operations was $0.98, compared with $2.00 ($1.64* as adjusted) in the year-ago quarter. The current-year quarter included special charges of $19.3M, or $0.25 per share, related to restructuring actions compared to $4.8M, or $0.06 per share, in the year-ago quarter.
Net cash from continuing operations was $208.8M, compared with $99.1M in the year-ago quarter. The increase in cash flow was due primarily to improved working capital performance, offset partially by lower earnings and increased spending on restructuring.
