SPX Corporation announced first quarter 2001 financial results that exceeded analysts expectations.
First quarter 2001 results included $680.4 million in revenues and earnings per share of $1.14 or $1.21 before special charges. All values in U.S. dollars.
John B. Blystone, Chairman, president and CEO of SPX said, “The year is off to a good start. We delivered the 21st consecutive quarter of meeting our commitments. Despite a very difficult economy, we reported double-digit revenue growth in two of our three business segments. The proactive cost control measures we implemented, have positioned the company to be profitable in a soft economy.”
Reported first quarter earnings of $1.14 per share included pretax charges of $3.4 million ($2.0 million after-tax) or $0.07 per share. The first quarter 2001 earnings per share without the impact of these one-time items was $1.21, exceeding the First Call consensus estimate of $1.17 per share.
* First quarter special charges included costs associated with facilities consolidation primarily at the Fluid Power unit. The consolidations began in the fourth quarter of 2000 and the company expects them to be complete by the end of June.
Beginning with the first quarter 2001, the company reported the results of operations in three segments, Technical Products and Systems, Industrial Products and Services, and Service Solutions.
* Laboratory ovens and freezers now report in the Technical Products and Systems segment, while vehicle components report as part of Industrial Products and Services.
* The new structure aligns financial reporting with the current structure of the organization. Upon completion of the acquisition of United Dominion Industries, which is expected to close on or about May 24, 2001, a fourth segment, Flow Technology will be added.
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