Company profile

Ticker
SPXC
Exchange
Website
CEO
Eugene Joseph Lowe
Employees
Incorporated in
Location
Fiscal year end
SEC CIK
IRS number
381016240

SPXC stock data

(
)

Calendar

1 May 20
11 Jul 20
31 Dec 20

News

Company financial data Financial data

Quarter (USD) Mar 20 Dec 19 Sep 19 Jun 19
Revenue 369.3M 444.6M 364.8M 372.4M
Net income 22.7M 25.4M 21.5M 19.2M
Diluted EPS 0.5 0.68 0.48 0.43
Net profit margin 6.15% 5.71% 5.89% 5.16%
Operating income 32.7M 51M 27.6M 26.3M
Net change in cash 108.4M 5.4M 14.7M -4.4M
Cash on hand 163.1M 54.7M 49.3M 34.6M
Cost of revenue 255.2M 301.1M 258.6M 264.2M
Annual (USD) Dec 19 Dec 18 Dec 17 Dec 16
Revenue 1.53B 1.54B 1.43B 1.47B
Net income 65.3M 81.2M 89.3M -67.6M
Diluted EPS 1.58 1.82 2.03 -2.02
Net profit margin 4.28% 5.28% 6.26% -4.59%
Operating income 107.9M 107.6M 59.9M 70M
Net change in cash -14.1M -55.5M 24.7M 2.4M
Cash on hand 54.7M 68.8M 124.3M 99.6M
Cost of revenue 1.08B 1.13B 1.1B 1.1B

Financial data from SPX earnings reports

Date Owner Security Transaction Code 10b5-1 $Price #Shares $Value #Remaining
8 Jun 20 John William Swann III Common Stock Sell Dispose S Yes 47.3 400 18.92K 72,323
8 Jun 20 John William Swann III Employee stock option to purchase common stock Common Stock Option exercise Dispose M No 12.36 400 4.94K 50,310
8 Jun 20 John William Swann III Common Stock Option exercise Aquire M No 12.36 400 4.94K 72,723
5 Jun 20 John William Swann III Common Stock Sell Dispose S Yes 47.42 15,825 750.42K 72,323
5 Jun 20 John William Swann III Common Stock Option exercise Aquire M No 12.36 15,825 195.6K 88,148
5 Jun 20 John William Swann III Employee stock option to purchase common stock Common Stock Option exercise Dispose M No 12.36 15,825 195.6K 50,710
27 May 20 John Webster Nurkin Common Stock Sell Dispose S Yes 40.81 16,508 673.69K 68,373
27 May 20 John Webster Nurkin Common Stock Option exercise Aquire M No 12.36 16,508 204.04K 84,881
27 May 20 John Webster Nurkin Employee stock option to purchase common stock Common Stock Option exercise Dispose M No 12.36 16,508 204.04K 18,408
26 May 20 John Webster Nurkin Common Stock Option exercise Aquire M No 12.36 1,900 23.48K 70,273
13F holders
Current Prev Q Change
Total holders 162 178 -9.0%
Opened positions 19 34 -44.1%
Closed positions 35 28 +25.0%
Increased positions 55 49 +12.2%
Reduced positions 58 65 -10.8%
13F shares
Current Prev Q Change
Total value 1.17B 1.92B -39.0%
Total shares 47.54M 39.32M +20.9%
Total puts 0 0
Total calls 27.9K 27.2K +2.6%
Total put/call ratio
Largest owners
Shares Value Change
Price Capital Management 8.79M $69.26M NEW
BLK BlackRock 6.19M $176M -2.4%
Vanguard 4.52M $128.33M +1.8%
Wellington Management 4.34M $123.27M +1.8%
FMR 2.47M $70.14M -18.0%
IPXAF Impax Asset Management 2.38M $67.63M +22.7%
Dimensional Fund Advisors 2.24M $63.7M +0.8%
ACR Alpine Capital Research 2.23M $63.51M +67.2%
STT State Street 1.31M $37.2M +7.7%
BEN Franklin Resources 1.29M $36.63M -1.6%
Largest transactions
Shares Bought/sold Change
Price Capital Management 8.79M +8.79M NEW
ACR Alpine Capital Research 2.23M +898.14K +67.2%
Norges Bank 0 -649.66K EXIT
FMR 2.47M -543.19K -18.0%
IPXAF Impax Asset Management 2.38M +440.89K +22.7%
Robecosam 964.1K +319.79K +49.6%
Nuveen Asset Management 169.74K -317.73K -65.2%
Millennium Management 0 -203.7K EXIT
Driehaus Capital Management 0 -199.53K EXIT
Dalton Greiner Hartman Maher & Co 0 -192.08K EXIT

Financial report summary

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Risks
  • Many of the markets in which we operate are cyclical or are subject to industry events, and our results have been and could be affected as a result.
  • We are subject to laws, regulations and potential liability relating to claims, complaints and proceedings, including those relating to asbestos, environmental, product liability and other matters.
  • Our technology is important to our success, and failure to develop new products or make the appropriate investment in technology advancements may result in the loss of any sustainable competitive advantage in products, services and processes.
  • Our business depends on capital investment and maintenance expenditures by our customers.
  • The fact that we outsource various elements of the products and services we sell subjects us to the business risks of our suppliers and subcontractors, which could have a material adverse impact on our operations.
  • Cost overruns, inflation, delays and other risks could significantly impact our results, particularly with respect to fixed-price contracts.
  • Failure to protect or unauthorized use of our intellectual property may harm our business.
  • Our failure to successfully complete acquisitions could negatively affect us.
  • We may not achieve the expected cost savings and other benefits of our acquisitions.
  • Dispositions or liabilities retained in connection with dispositions could negatively affect us.
  • Governmental laws and regulations could negatively affect our business.
  • Difficulties presented by domestic economic, political, legal, accounting and business factors could negatively affect our business.
  • Worldwide economic conditions could negatively impact our businesses.
  • Our non-U.S. revenues and operations expose us to numerous risks that may negatively impact our business.
  • The loss of key personnel and an inability to attract and retain qualified employees could have a material adverse effect on our operations.
  • Our indebtedness may affect our business and may restrict our operating flexibility.
  • We may not be able to finance future needs or adapt our business plan to react to changes in economic or business conditions because of restrictions placed on us by our senior credit facilities and any existing or future instruments governing our other indebtedness.
  • Credit and counterparty risks could harm our business.
  • Changes in tax laws and regulations or other factors could cause our income tax obligations to increase, potentially reducing our net income and adversely affecting our cash flows.
  • If the fair value of any of our reporting units is insufficient to recover the carrying value of the goodwill and other intangibles of the respective reporting unit, a material non-cash charge to earnings could result.
  • Cost reduction actions may affect our business.
  • Our current and planned products may contain defects or errors that are detected only after delivery to customers. If that occurs, our reputation may be harmed and we may face additional costs.
  • Changes in key estimates and assumptions related to our defined benefit pension and postretirement plans, such as discount rates, assumed long-term return on assets, assumed long-term trends of future cost, and accounting and legislative changes, as well as actual investment returns on our pension plan assets and other actuarial factors, could affect our results of operations and cash flows.
  • We are subject to work stoppages, union negotiations, labor disputes and other matters associated with our labor force, which may adversely impact our operations and cause us to incur incremental costs.
  • Provisions in our corporate documents and Delaware law may delay or prevent a change in control of our company, and accordingly, we may not consummate a transaction that our stockholders consider favorable.
  • Increases in the number of shares of our outstanding common stock could adversely affect our common stock price or dilute our earnings per share.
  • The Spin-Off may expose us to potential liabilities arising out of state and federal fraudulent conveyance laws and legal dividend requirements.
Management Discussion
  • ITEM 7. Management’s Discussion and Analysis of Financial Condition
  • Revenues for 2019 totaled $1,525.4, compared to $1,538.6 in 2018 (and $1,425.8 in 2017). The decrease in revenues in 2019, compared to 2018, was due primarily to (i) a decline in organic revenue, (ii) adjustments during the first and second quarters of 2019 to revenues on the large power projects in South Africa of $17.5 and $6.0, respectively, and (iii) a stronger U.S. dollar during 2019, partially offset by increases in revenues associated with the acquisitions of Schonstedt and Cues in 2018 and Sabik, SGS, and Patterson-Kelley in 2019. The decline in organic revenue was attributable primarily to lower sales related to (i) the large power projects in South Africa, as these projects were in the latter stages of completion during 2019, and (ii) the Heat Transfer business as a result of its wind-down activities, partially offset by increases in organic revenue for all three of our reportable segments. The increase in revenues in 2018, compared to 2017, was due primarily to (i) the impact of the Schonstedt and Cues acquisitions, (ii) the impact of the adoption of ASC 606 (see below for additional details), and (iii) a reduction in revenue of $36.9 during 2017 resulting from revisions to the expected revenues and profits on our large power projects in South Africa. Organic revenue was generally flat in 2018 compared to the prior year.
  • For 2019, operating income totaled $107.9, compared to $107.6 in 2018 (and $59.9 in 2017). The increase in operating income in 2019, compared to 2018, was due primarily to improved operating results across all three reportable segments, partially offset by increased losses associated with the large power projects in South Africa, with such losses impacted by reductions in revenues/profits of $17.5 and $6.0 during the first and second quarters of 2019, respectively. The increase in operating income in 2018, compared to 2017, was due primarily to an increase in profits within our HVAC reportable segment associated with organic revenue growth during the year. In addition, operating income for 2017 was impacted by (i) a reduction in profit of $52.8 associated with revisions to expected revenues and profits on the large power projects in South Africa and (ii) a gain of $10.2 on a contract settlement within our Heat Transfer business.
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