SPX Falls To Loss In Q1, Expects FY15 Revenue To Decline By 6-10%

(RTTNews) - SPX Corp. (SPW) Wednesday announced a net loss of $7.1 million or $0.18 per share for the first quarter compared to a profit of $318.2 million or $7.19 per share last year.

First quarter net loss per share from continuing operations was $0.17, compared to net profit of $6.59 per share last year. The result includes $0.22 per share of spin related costs.

Revenue for the quarter declined 12 percent to $946.9 million from $1.077 billion in the previous year. The company noted that the impact of the stronger U.S. dollar on foreign currencies decreased revenues by 6.4%.

For full year 2015, the company expects revenue to decline 6 percent to 10 percent, including 6 percent currency headwind and expects organic revenue to be flat to down 4 percent.

Chris Kearney, Chairman, President and CEO of SPX said, "From a strategic perspective, we are focused on executing the spin-off of our Flow business and remain on track to complete the spin transaction in the third quarter. We believe this is a unique opportunity to create value for our shareholders at both future companies, SPX FLOW, Inc. and the new SPX Corporation."