Management Call Scheduled for June 8th at 8:30 AM ET
CHARLOTTE, N.C., June 07, 2018 (GLOBE NEWSWIRE) — SPX Corporation (NYSE:SPXC) announced today that it has completed the acquisition of CUES, Inc. (“CUES”), a leading manufacturer of pipeline inspection and rehabilitation equipment, headquartered in Orlando, Florida. A detailed description of the transaction was provided in SPX’s Form 8-K filed on April 23rd with the United Stated Securities and Exchange Commission.
Gene Lowe, President and Chief Executive Officer of SPX commented, “We are very excited to welcome the CUES team to SPX. CUES is a clear leader in pipeline inspection and rehabilitation products with recognizable brands, strong technology and an excellent reputation. This acquisition substantially strengthens our inspection business within our Detection & Measurement segment, our fastest growing and highest margin segment, and further positions our company to achieve our long-term growth and value creation targets.”
SPX is also increasing its 2018 Adjusted earnings per share guidance to a range of $2.15 to $2.25 from $2.03 to $2.18 to account for the inclusion of the partial year results of CUES as well as Schonstedt Instrument Company (“Schonstedt”), the acquisition of which was completed during the first quarter of 2018. The results of both CUES and Schonstedt will be reported as part of the company’s cable & pipe locators and inspection equipment business within the Detection & Measurement segment.
SPX will host a conference call at 8:30 a.m. Eastern time on Friday, June 8, 2018 to discuss its recent acquisitions and updated 2018 guidance. Those interested in participating in the conference call should dial in five minutes prior to the start of the call. The call will be simultaneously webcast via the company’s website at www.spx.com and the slide presentation will be available in the Investor Relations section of the site approximately two hours before the start of the call.
Dial in: 877-341-7727
From outside the United States: +1 262-558-6098
Participant code: 2309629
A replay of the call will be available by telephone through Friday, June 15th.
To listen to a replay of the call
Dial in: 855-859-2056
From outside the United States: +1 404-537-3406
Participant code: 2309629
About SPX Corporation: SPX Corporation is a supplier of highly engineered products and technologies, holding leadership positions in the HVAC, detection and measurement, and engineered solutions markets. Based in Charlotte, North Carolina, SPX Corporation had approximately $1.4 billion in annual revenue in 2017 and more than 5,000 employees in 14 countries. 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 Information: The guidance presented in this release, “Adjusted earnings per share,” is a non-GAAP financial measure and is calculated by the company in a manner consistent with the presentation of Adjusted earnings per share included in its May 3, 2018 press release announcing the results of operations for the first quarter of 2018. Adjusted earnings per share excludes items, which would be included in our financial measures presented in accordance with United States generally accepted accounting principles (“GAAP”), that we do not consider indicative of our on-going performance. These items include, but are not limited to, acquisition costs, costs associated with dispositions, the results of our South African projects, and potential non-cash income or expense items associated with changes in market interest rates and actuarial or other data related to our pension and postretirement plans, as the ultimate aggregate amounts associated with these items are out of our control and/or cannot be reasonably predicted. Because of the forward-looking nature of the estimated range of Adjusted earnings per share, it is impractical to present a quantitative reconciliation of such measure to a comparable GAAP measure, and accordingly no such GAAP measure is being presented.
Certain statements in this press release, including the Adjusted earnings per share guidance, 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. These forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from future express or implied results. Particular risks facing SPX include risks relating to market specific cycles and weather related fluctuations; economic, business, and other risks stemming from changes in the economy; legal and regulatory risks; cost of raw materials; pricing pressures; our reliance on U.S. revenues and international operations; its 2015 spin-off transaction; the effectiveness, success, and timing of restructuring plans; its ability to manage changes and measure and estimate the expected revenue and cost associated with our power projects in South Africa; pension funding requirements; liabilities retained in connection with dispositions; and integration of acquisitions and achievement of anticipated synergies. More information regarding such risks can be found in SPX’s most recent annual report on Form 10-K and quarterly report on Form 10-Q. 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.
SOURCE SPX Corporation.
Investor and Media Contacts:
Paul Clegg, Vice President, Investor Relations and Communications
Pat Uotila, Manager, Investor Relations
Source: SPX Corporation