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SPX Reports Third Quarter 2009 Results
PR Newswire
Oct 28, 2009
CHARLOTTE, N.C., Oct. 28 /PRNewswire-FirstCall/ -- SPX Corporation (NYSE: SPW) today reported results for the third quarter ended September 26, 2009:
-- Revenues decreased 20.8% to $1.17 billion from $1.5 billion 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 $156.4 million and 13.3%, compared with
$207.7 million 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 $19.3 million, or $0.25
per share, related to restructuring actions compared to $4.8 million, or
$0.06 per share, in the year-ago quarter.
-- Net cash from continuing operations was $208.8 million, compared with
$99.1 million 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.
-- Free cash flow from continuing operations during the quarter was $194.0
million, compared with $68.1 million in the year-ago quarter. The
increase was due primarily to the items noted above, as well as lower
capital expenditures in 2009.
"The global economic environment remains difficult and continues to impact our performance. Although some macroeconomic trends appear to be pointing toward a recovery, we expect our recovery to lag the broader economy. While orders in many of our short-cycle businesses are showing signs of stabilization, demand in our key end markets remains depressed. We continue to experience customer-driven delays on certain large projects, particularly in our late-cycle infrastructure businesses, with orders or execution moving into 2010," said Chris Kearney, Chairman, President and CEO.
"Accordingly, we are lowering our full year 2009 earnings guidance range to $3.80 to $4.00 per share from $4.00 to $4.30 per share. We continue to have a strong working capital focus across the company, as reflected in our third quarter cash flow performance. This has allowed us to reduce outstanding debt by over $200 million in the quarter. Additionally, we are now raising our full year 2009 cash flow guidance range to $270 to $290 million from $230 to $270 million," Kearney said.
"Our efforts this year have been largely focused on operational execution, maintaining liquidity and restructuring our cost base. We continue to be committed to growing and strategically investing in developing economies such as China, India, and South Africa, as well as pursuing compelling opportunities in the United States and Europe," he added.
FINANCIAL HIGHLIGHTS - CONTINUING OPERATIONS
Flow Technology
Revenues for the third quarter of 2009 were $406.0 million compared to $493.0 million in the third quarter of 2008, a decrease of $87.0 million, or 17.6%. Organic revenues declined 13.7%, driven by softness across all the segment's key end markets. The impact of currency fluctuations decreased revenues by 3.9% from the year-ago quarter.
Segment income was $49.6 million, or 12.2% of revenues, in the third quarter of 2009 compared to $55.8 million, or 11.3% of revenues, in the third quarter of 2008. Segment income declined primarily due to the organic and currency declines noted above, offset partially by the benefits from restructuring actions taken in 2008 and in the first half of 2009. The benefit from these restructuring actions was the primary contributor to the improvement in segment margins.
Test and Measurement
Revenues for the third quarter of 2009 were $187.6 million compared to $260.0 million in the third quarter of 2008, a decrease of $72.4 million, or 27.8%. Organic revenues declined 26.3% in the quarter, driven primarily by the continued difficulties being experienced by vehicle manufacturers and their dealer service networks and lower demand for aftermarket products. The impact of currency fluctuations decreased revenues by 2.1% from the year-ago quarter, while acquisitions contributed 0.6% to reported revenues.
Segment income was $12.9 million, or 6.9% of revenues, in the third quarter of 2009 compared to $30.3 million, or 11.7% of revenues, in the third quarter of 2008. Segment income and margins declined due to the organic and currency related declines noted above. As compared to the second quarter of 2009, segment margins improved 50 basis points as benefits were realized from cost reduction and restructuring initiatives.
Thermal Equipment and Services
Revenues for the third quarter of 2009 were $401.4 million compared to $436.8 million in the third quarter of 2008, a decrease of $35.4 million, or 8.1%. Organic revenues declined 6.3% in the quarter, driven primarily by project timing for wet cooling systems and lower demand for seasonal heating products. The impact of currency fluctuations decreased reported revenues by 1.8% from the year-ago quarter.
Segment income was $59.2 million, or 14.7% of revenues, in the third quarter of 2009 compared to $52.4 million, or 12.0% of revenues, in the third quarter of 2008. The increase in segment income and margins was due primarily to favorable product mix and contract execution as compared to the year-ago quarter. These benefits were partially offset by the organic and currency declines noted above.
Industrial Products and Services
Revenues for the third quarter of 2009 were $178.6 million compared to $292.1 million in the third quarter of 2008, a decrease of $113.5 million, or 38.9%. Organic revenues declined 38.5% in the quarter, driven primarily by volume and pricing declines for power transformers and continued softness in the solar crystal grower and hydraulic tools product lines. The impact of currency fluctuations decreased revenues by 0.4% from the year-ago quarter.
Segment income was $34.7 million, or 19.4% of revenues, in the third quarter of 2009 compared to $69.2 million, or 23.7% of revenues, in the third quarter of 2008. The decrease in segment income and margins was driven largely by the organic declines noted above.
OTHER ITEMS
Dividend: On August 27, 2009, the Board of Directors announced a quarterly dividend of $0.25 per common share payable on October 2, 2009, to shareholders of record on September 15, 2009. The second quarter 2009 dividend of $0.25 per common share was paid on July 2, 2009.
Discontinued Operations: During the fourth quarter of 2008, the company committed to a plan to divest its automotive filtration solutions product line, which was previously reported in the Industrial Products and Services segment. In October 2009, the company completed the sale of its interest in this product line for approximately $15.0 million.
During the second quarter of 2009, the company committed to a plan to divest a product line that was previously reported in the Industrial Products and Services segment. The company expects the sale of this product line to be completed during the next twelve months.
The financial condition, results of operations, cash flows and anticipated losses from the sale of the product lines discussed above have been reported as discontinued operations in the attached condensed consolidated financial statements.
Form 10-Q: The company expects to file its quarterly report on Form 10-Q for the quarter ended September 26, 2009 with the Securities and Exchange Commission by November 5, 2009. 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.
SPX Corporation is a Fortune 500 multi-industry manufacturing leader. The company offers highly-specialized engineered solutions to solve critical problems for customers.
SPX is focused on providing solutions that support the expansion of global infrastructure, with particular emphasis on the growing worldwide demand for energy and power. Its innovative product portfolio, containing many energy efficient products, includes cooling systems for power plants throughout the world; custom engineered process equipment that assists a variety of flow processes including food and beverage manufacturing, oil and gas exploration, distribution and refinement and power generation; handheld diagnostic tools that aid in vehicle maintenance and repair; and power transformers that regulate voltage for electrical transmission and distribution by utility companies.
SPX is headquartered in Charlotte, North Carolina and has employees in over 40 countries worldwide. Visit www.spx.com. (NYSE: SPW)
* 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 report on Form 10-K for the year ended December 31, 2008. 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
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in millions, except per share amounts)
Three months ended Nine months ended
--------------------- ---------------------
Sept. 26, Sept. 27, Sept. 26, Sept. 27,
2009 2008 2009 2008
--------- --------- --------- ---------
Revenues $1,173.6 $1,481.9 $3,526.7 $4,331.8
Costs and expenses:
Cost of products sold 819.0 1,040.1 2,492.0 3,025.8
Selling, general and
administrative 227.4 276.0 711.5 856.5
Intangible
amortization 5.6 6.4 16.0 19.7
Special charges, net 19.3 4.8 54.5 9.7
---- --- ---- ---
Operating income 102.3 154.6 252.7 420.1
Other expense, net (6.6) (10.7) (20.4) (9.2)
Interest expense (22.9) (28.3) (68.7) (88.7)
Interest income 1.8 3.4 6.0 7.6
Equity earnings in joint
ventures 5.6 9.9 21.9 33.1
--- --- ---- ----
Income from continuing
operations before
income taxes 80.2 128.9 191.5 362.9
Income tax provision (29.4) (17.8) (63.3) (97.2)
----- ----- ----- -----
Income from continuing
operations 50.8 111.1 128.2 265.7
Income (loss) from
discontinued
operations, net of tax (1.9) 1.0 (3.3) 8.7
Gain (loss) on
disposition of discontinued
operations, net of tax (16.9) 6.2 (35.5) 3.1
----- --- ----- ---
Income (loss) from
discontinued
operations (18.8) 7.2 (38.8) 11.8
----- --- ----- ----
Net income 32.0 118.3 89.4 277.5
Less: Net income
(loss) attributable
to noncontrolling
interests (14.0) 1.3 (14.4) 4.3
----- ------ ------ ------
Net income attributable
to SPX Corporation
common shareholders $46.0 $117.0 $103.8 $273.2
===== ====== ====== ======
Amounts attributable to
SPX Corporation common
shareholders:
Income from continuing
operations, net of tax $48.5 $110.2 $126.8 $263.0
Income (loss) from
discontinued
operations, net of tax (2.5) 6.8 (23.0) 10.2
---- --- ----- ----
Net income $46.0 $117.0 $103.8 $273.2
===== ====== ====== ======
Basic income per share
of common stock
Income from continuing
operations
attributable to SPX
Corporation common
shareholders $0.99 $2.03 $2.57 $4.90
Income (loss) from
discontinued operations
attributable to SPX
Corporation common
shareholders (0.05) 0.13 (0.47) 0.19
----- ---- ----- ----
Net income per
share attributable to
SPX Corporation
common shareholders $0.94 $2.16 $2.10 $5.09
===== ===== ===== =====
Weighted average number
of common shares
outstanding - basic 49.170 54.244 49.378 53.688
Diluted income per share
of common stock
Income from continuing
operations attributable
to SPX Corporation common
shareholders $0.98 $2.00 $2.55 $4.81
Income (loss) from
discontinued operations
attributable to SPX
Corporation common
shareholders (0.05) 0.12 (0.46) 0.19
----- ---- ----- ----
Net income per
share attributable to
SPX Corporation
common shareholders $0.93 $2.12 $2.09 $5.00
===== ===== ===== =====
Weighted average number
of common shares
outstanding - diluted 49.650 55.091 49.781 54.629
SPX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions)
September 26, December 31,
2009 2008
------------- ------------
ASSETS
Current assets:
Cash and equivalents $438.1 $475.9
Accounts receivable, net 1,112.2 1,306.0
Inventories 592.0 666.8
Other current assets 124.9 180.6
Deferred income taxes 80.1 101.3
Assets of discontinued operations 46.6 108.2
---- -----
Total current assets 2,393.9 2,838.8
Property, plant and equipment
Land 38.3 36.3
Buildings and leasehold improvements 241.5 223.5
Machinery and equipment 713.5 677.9
----- -----
993.3 937.7
Accumulated depreciation (472.9) (437.3)
------ ------
Property, plant and equipment, net 520.4 500.4
Goodwill 1,815.2 1,769.8
Intangibles, net 652.3 646.8
Other assets 390.1 382.3
----- -----
TOTAL ASSETS $5,771.9 $6,138.1
======== ========
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $480.0 $633.7
Accrued expenses 984.0 1,153.6
Income taxes payable 35.0 24.5
Short-term debt 45.4 112.9
Current maturities of long-term debt 76.0 76.4
Liabilities of discontinued operations 17.5 23.9
---- ----
Total current liabilities 1,637.9 2,025.0
Long-term debt 1,125.0 1,155.4
Deferred and other income taxes 112.4 124.0
Other long-term liabilities 789.4 788.9
----- -----
Total long-term liabilities 2,026.8 2,068.3
Equity:
SPX Corporation shareholders' equity:
Common stock 978.1 972.3
Paid-in capital 1,416.1 1,393.9
Retained earnings 2,307.5 2,240.5
Accumulated other comprehensive loss (88.6) (179.9)
Common stock in treasury (2,523.5) (2,416.0)
-------- --------
Total SPX Corporation shareholders'
equity 2,089.6 2,010.8
Noncontrolling interests 17.6 34.0
---- ----
Total equity 2,107.2 2,044.8
------- -------
TOTAL LIABILITIES AND EQUITY $5,771.9 $6,138.1
======== ========
SPX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
Nine months ended
------------------------------
September 26, September 27,
2009 2008
-------------- --------------
Cash flows from (used in) operating
activities:
Net income $89.4 $277.5
Less: Income (loss) from discontinued
operations, net of tax (38.8) 11.8
----- ----
Income from continuing operations 128.2 265.7
Adjustments to reconcile income from
continuing operations to net cash from
operating activities:
Special charges, net 54.5 9.7
Gain on sale of product line (1.4) -
Deferred and other income taxes 9.5 (13.1)
Depreciation and amortization 80.0 81.2
Pension and other employee benefits 40.0 41.0
Stock-based compensation 21.7 33.3
Other, net 17.0 19.2
Changes in operating assets and
liabilities, net of effects from acquisitions
and divestitures:
Accounts receivable and other assets 98.4 (181.1)
Inventories 45.4 (47.1)
Accounts payable, accrued expenses
and other (210.6) (45.6)
Cash spending on restructuring actions (47.0) (13.9)
----- -----
Net cash from continuing operations 235.7 149.3
Net cash from discontinued operations 9.7 3.6
--- ---
Net cash from operating activities 245.4 152.9
Cash flows from (used in) investing activities:
Proceeds from asset sales and other 2.9 1.3
Decrease in restricted cash 8.9 -
Business acquisitions and investments,
net of cash acquired - (12.5)
Capital expenditures (59.7) (76.3)
----- -----
Net cash used in continuing operations (47.9) (87.5)
Net cash from discontinued operations 18.2 30.0
---- ----
Net cash used in investing activities (29.7) (57.5)
Cash flows from (used in) financing
activities:
Borrowings under senior credit facilities 214.0 615.0
Repayments under senior credit facilities (316.6) (600.0)
Borrowings under trade receivables
agreement 127.0 261.0
Repayments under trade receivables
agreement (106.0) (261.0)
Net repayments under other financing
arrangements (23.9) (52.6)
Purchases of common stock (113.2) -
Proceeds from the exercise of
employee stock options and other,
net of minimum tax withholdings
paid on behalf of employees for net share
settlements 0.3 80.1
Purchase of noncontrolling
interest in subsidiary (3.2) -
Dividends paid (37.4) (40.0)
----- -----
Net cash from (used in) continuing operations (259.0) 2.5
Net cash from (used in) discontinued
operations 0.2 (0.5)
--- ----
Net cash from (used in) financing activities (258.8) 2.0
Change in cash and equivalents due to
changes in foreign exchange rates 5.3 14.9
Net change in cash and equivalents (37.8) 112.3
Consolidated cash and equivalents,
beginning of period 475.9 354.1
----- -----
Consolidated cash and equivalents,
end of period $438.1 $466.4
====== ======
Cash and equivalents of continuing operations $438.1 $466.4
SPX CORPORATION AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT
(Unaudited; in millions)
Three months ended Nine months ended
------------------- ---------------------
Sept. 26, Sept. 27, Sept. 26, Sept. 27,
2009 2008 % 2009 2008 %
--------- --------- --- --------- --------- ---
Flow
Technology
Revenues $406.0 $493.0 -17.6% $1,196.2 $1,519.6 -21.3%
Gross profit 133.9 148.1 401.3 469.7
Selling, general
and administrative
expense 81.4 89.3 244.6 288.4
Intangible
amortization
expense 2.9 3.0 8.5 9.1
--- --- --- ---
Segment
income $49.6 $55.8 -11.1% $148.2 $172.2 -13.9%
===== ===== ====== ======
as a percent
of revenues 12.2% 11.3% 12.4% 11.3%
Test and
Measurement
Revenues $187.6 $260.0 -27.8% $591.2 $850.0 -30.4%
Gross profit 55.4 80.0 167.5 259.3
Selling, general
and administrative
expense 40.6 47.8 130.2 162.6
Intangible
amortization
expense 1.9 1.9 5.3 5.9
--- --- --- ---
Segment
income $12.9 $30.3 -57.4% $32.0 $90.8 -64.8%
===== ===== ===== =====
as a percent
of revenues 6.9% 11.7% 5.4% 10.7%
Thermal
Equipment
and Services
Revenues $401.4 $436.8 -8.1% $1,112.5 $1,193.0 -6.7%
Gross profit 107.0 111.6 259.4 306.9
Selling, general
and administrative
expense 47.1 57.9 149.4 168.3
Intangible
amortization
expense 0.7 1.3 1.9 4.2
--- --- --- ---
Segment
income $59.2 $52.4 13.0% $108.1 $134.4 -19.6%
===== ===== ====== ======
as a percent
of revenues 14.7% 12.0% 9.7% 11.3%
Industrial
Products
and Services
Revenues $178.6 $292.1 -38.9% $626.8 $769.2 -18.5%
Gross profit 60.9 103.9 214.8 276.6
Selling, general
and administrative
expense 26.1 34.5 84.3 99.8
Intangible
amortization
expense 0.1 0.2 0.3 0.5
--- --- --- ---
Segment
income $34.7 $69.2 -49.9% $130.2 $176.3 -26.1%
===== ===== ====== ======
as a percent
of revenues 19.4% 23.7% 20.8% 22.9%
Total
segment
income $156.4 $207.7 $418.5 $573.7
Corporate
expenses 19.0 25.9 61.5 80.8
Pension and
postretirement
expense 9.4 14.8 28.1 29.8
Stock-based
compensation
expense 6.4 7.6 21.7 33.3
Special
charges, net 19.3 4.8 54.5 9.7
---- --- ---- ---
Consolidated
Operating
Income $102.3 $154.6 -33.8% $252.7 $420.1 -39.8%
====== ====== ====== ======
SPX CORPORATION AND SUBSIDIARIES
ORGANIC REVENUE DECLINE RECONCILIATION
(Unaudited)
Three months ended September 26, 2009
-------------------------------------------
Net Organic
Revenue Foreign Revenue
Decline Acquisitions Currency Decline
------- ------------ -------- -------
Flow Technology (17.6)% -% (3.9)% (13.7)%
Test and Measurement (27.8)% 0.6% (2.1)% (26.3)%
Thermal Equipment and
Services (8.1)% -% (1.8)% (6.3)%
Industrial Products and
Services (38.9)% -% (0.4)% (38.5)%
Consolidated (20.8)% 0.1% (2.3)% (18.6)%
Nine months ended September 26, 2009
-------------------------------------------
Net Organic
Revenue Foreign Revenue
Decline Acquisitions Currency Decline
------- ------------ -------- -------
Flow Technology (21.3)% -% (7.5)% (13.8)%
Test and Measurement (30.4)% 0.8% (5.2)% (26.0)%
Thermal Equipment and
Services (6.7)% -% (4.2)% (2.5)%
Industrial Products and
Services (18.5)% -% (0.7)% (17.8)%
Consolidated (18.6)% 0.2% (5.0)% (13.8)%
SPX CORPORATION AND SUBSIDIARIES
FREE CASH FLOW RECONCILIATION
(Unaudited; in millions)
Three months ended Nine months ended
--------------------- --------------------
Sept. 26, Sept. 27, Sept. 26, Sept. 27,
2009 2008 2009 2008
--------- --------- -------- ---------
Net cash from continuing
operations $208.8 $99.1 $235.7 $149.3
Capital expenditures
- continuing operations (14.8) (31.0) (59.7) (76.3)
----- ----- ----- -----
Free cash flow from
continuing operations $194.0 $68.1 $176.0 $73.0
====== ===== ====== =====
SPX CORPORATION AND SUBSIDIARIES
CASH AND DEBT RECONCILIATION
(Unaudited; in millions)
Nine months ended
September 26, 2009
------------------
Beginning cash and equivalents $475.9
Operational cash flow 235.7
Capital expenditures (59.7)
Decrease in restricted cash 8.9
Proceeds from asset sales and other 2.9
Borrowings under senior credit facilities 214.0
Repayments under senior credit facilities (316.6)
Net repayments under other financing arrangements (23.9)
Net borrowing under trade receivable agreement 21.0
Purchases of common stock (113.2)
Proceeds from the exercise of employee stock options
and other, net of minimum tax withholdings paid on behalf
of employees for net share settlements 0.3
Purchase of noncontrolling interest in subsidiary (3.2)
Dividends paid (37.4)
Cash from discontinued operations 28.1
Change in cash due to changes in foreign exchange rates 5.3
---
Ending cash and equivalents $438.1
======
Debt at Debt at
12/31/2008 Borrowings Repayments Other 9/26/2009
---------- ---------- ---------- ----- ---------
Term loan $675.0 $- $(37.6) $- $637.4
Domestic revolving
loan facility 65.0 214.0 (279.0) - -
7.625% senior notes 500.0 - - - 500.0
7.50% senior notes 28.2 - - - 28.2
6.25% senior notes 21.3 - - - 21.3
Trade receivables
financing arrangement - 127.0 (106.0) - 21.0
Other indebtedness 55.2 - (23.9) 7.2 38.5
---- --- ----- --- ----
Totals $1,344.7 $341.0 $(446.5) $7.2 $1,246.4
======== ====== ======= ==== ========
SPX CORPORATION AND SUBSIDIARIES
ADJUSTED EARNINGS PER SHARE RECONCILIATION
(Unaudited)
Three months ended Nine months ended
--------------------- ---------------------
Sept. 26, Sept. 27, Sept. 26, Sept. 27,
2009 2008 2009 2008
---------- ---------- ---------- ----------
Diluted net income per
share of common
stock from continuing
operations $0.98 $2.00 $2.55 $4.81
Tax matters - (0.47) - (0.47)
Legal matters - 0.11 - 0.11
----- ----- ----- -----
Adjusted diluted net income
per share of common stock
from continuing operations $0.98 $1.64 $2.55 $4.45
===== ===== ===== =====
SPX CORPORATION AND SUBSIDIARIES
FREE CASH FLOW RECONCILIATION
(Unaudited; in millions)
2009E Guidance Range
--------------------
Net cash from continuing operations $360.0 $370.0
Capital expenditures (90.0) (80.0)
----- -----
Free cash flow from continuing operations $270.0 $290.0
====== ======
SOURCE SPX Corporation
Copyright (2009) PR Newswire. All Rights Reserved.
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