Kearney said the company is committed to its long-term strategy of
focusing on the three global end markets of global infrastructure, tools and
diagnostics and process equipment. He also emphasized SPX's strong financial
position. "Our available liquidity of over
The 2009 annual financial guidance for SPX includes:
-- Revenues are expected to decline* between 7% and 12% to approximately
-- Earnings from continuing operations are expected to be
-- Operating cash flow from continuing operations is expected to be in the
range of
SPX will discuss its 2009 guidance at a meeting with investors at
*All variances from 2008 numbers are based on 2008 estimates as of October 29, 2008. **Non-GAAP number: See attached reconciliation to the most comparable GAAP number.
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
Certain statements in this press release, including any statements as to
future results of operations and financial projections, 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
Actual results may differ materially from these statements. The words "believe," "expect," "anticipate," "estimate," "guidance," "target" and similar expressions identify forward-looking statements.
Particular risks facing the company include economic, business and other risks stemming from changes in the economy, its international operations, legal and regulatory risks, costs of raw materials, pricing pressures, pension funding requirements and integration of acquisitions. 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. This press release speaks only as of the date of its release. SPX does not intent to update any statements in this press release except as required by regulatory authorities.
SPX Corporation and Subsidiaries 2009E Organic Growth Reconciliation (unaudited) Net Revenue Foreign Organic Growth/(Decline) Divestitures Currency Growth/(Decline) 2009E (7%) - (12%) (2%) (5%) 0% - (5%)
SOURCE SPX Corporation