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SPX (SPXC)

SPX Corporation is, along with its subsidiaries, a diversified, global supplier of infrastructure equipment with scalable growth platforms in heating, ventilation and air conditioning (HVAC), detection and measurement, and engineered solutions. With operations in 17 countries and approximately $1.4 billion in annual revenue, the company offers a wide array of highly engineered products with strong brands.

Company profile

Ticker
SPXC
Exchange
Website
CEO
Eugene Lowe
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Arrendadora Korco, S.A. de C.V. • Ballantyne Holdings LLC • Beacon Navigation Pty Ltd • Bethpage Finance S.a.r.l. • Beyond Vision, LLC • Cincinnati Fan & Ventilator Company, Inc. • Communication Technologies Dominican Republic (COMMTECHDR), SRL • CUES Canada Inc. • CUES, Inc. • Daniels Fans Limited ...
IRS number
381016240

SPXC stock data

Calendar

4 May 22
26 Jun 22
31 Dec 22
Quarter (USD) Apr 22 Dec 21 Oct 21 Jul 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 262.8M 262.8M 262.8M 262.8M 262.8M 262.8M
Cash burn (monthly) 41.8M (no burn) (no burn) (no burn) 19.07M (no burn)
Cash used (since last report) 117.5M n/a n/a n/a 53.6M n/a
Cash remaining 145.3M n/a n/a n/a 209.2M n/a
Runway (months of cash) 3.5 n/a n/a n/a 11.0 n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
10 May 22 David A Roberts Common Stock Grant Acquire A No No 0 2,882 0 36,933
10 May 22 Toth Robert B Common Stock Grant Acquire A No No 0 2,882 0 21,232
10 May 22 Shaw Ruth G Common Stock Grant Acquire A No No 0 2,822 0 36,933
10 May 22 Oleary Patrick J Common Stock Grant Acquire A No No 0 2,882 0 36,933
10 May 22 Puckett Rick D Common Stock Grant Acquire A No No 0 2,882 0 36,933
90.6% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 223 244 -8.6%
Opened positions 41 69 -40.6%
Closed positions 62 48 +29.2%
Increased positions 63 61 +3.3%
Reduced positions 79 82 -3.7%
13F shares Current Prev Q Change
Total value 4.69B 4.99B -6.1%
Total shares 41.42M 44.38M -6.7%
Total puts 15.22M 58.2K +26043.3%
Total calls 1.63M 442.5K +268.1%
Total put/call ratio 9.3 0.1 +7002.4%
Largest owners Shares Value Change
BLK Blackrock 6.53M $562.87M +0.8%
APG Asset Management 5.07M $436.78M 0.0%
Vanguard 4.49M $387.51M +1.3%
Glazer Capital 1.84M $158.29M +596.1%
Ubs Oconnor 1.79M $154.67M NEW
Wellington Management 1.69M $145.73M -25.0%
STT State Street 1.36M $117.59M +2.4%
MS Morgan Stanley 1.25M $107.48M +281.8%
Dimensional Fund Advisors 1.25M $107.34M -30.3%
GS Goldman Sachs 1.22M $104.79M +356.3%
Largest transactions Shares Bought/sold Change
APG Asset Management US 0 -5.07M EXIT
Ubs Oconnor 1.79M +1.79M NEW
IPXAF Impax Asset Management 0 -1.61M EXIT
Glazer Capital 1.84M +1.57M +596.1%
GS Goldman Sachs 1.22M +949.06K +356.3%
Healthcare Of Ontario Pension Plan Trust Fund 933.6K +933.6K NEW
MS Morgan Stanley 1.25M +920.04K +281.8%
Robecosam 0 -860.18K EXIT
Robeco Institutional Asset Management B.V. 0 -840K EXIT
Vivaldi Asset Management 583.3K +583.3K NEW

Financial report summary

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Risks
  • We are subject to potential liability relating to claims, complaints and proceedings, including those relating to asbestos, environmental, product liability and other matters.
  • 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.
  • 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.
  • 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.
  • Failure to protect or unauthorized use of our intellectual property may harm our business.
  • Cost overruns, inflation, delays and other risks could significantly impact our results, particularly with respect to fixed-price contracts.
  • 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.
  • 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.
  • Climate change and legal or regulatory responses thereto may have an adverse impact on our business and results of operations.
  • 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.
  • The loss of key personnel and an inability to attract and retain qualified employees could have a material adverse effect on our operations.
  • 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.
  • 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.
  • 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.
  • Our incurrence of additional indebtedness may affect our business and may restrict our operating flexibility.
  • 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.
Management Discussion
  • Operating Activities – The increase in cash flows from operating activities, compared to 2020, was due primarily to (i) improved cash flows within our heating and underground pipe and locator businesses associated with improved profitability, (ii) a decline in working capital at certain of our businesses, (iii) insurance proceeds of $15.0 associated with the settlement of an asbestos insurance coverage matter, and (iv) income tax refunds, net of tax payments, of $5.5 in 2021 (compared to income tax payments, net of refunds, of $7.6 in 2020).
  • Investing Activities - Cash flows used in investing activities for 2021 were comprised primarily of cash utilized in the acquisitions of Sealite, ECS and Cincinnati Fan of $264.9, net expenditures related to company-owned life insurance policies of $31.2, and capital expenditures of $9.6. Cash flows used in investing activities in 2020 were comprised primarily of cash utilized in the acquisitions of ULC and Sensors & Software of $104.4 and capital expenditures of $15.3.
  • Financing Activities – Cash flows used in financing activities during 2021 were comprised primarily of net repayments on our various debt instruments of $164.5. Cash flows from financing activities during 2020 were comprised primarily of net borrowings on our various debt instruments of $15.6.

Content analysis

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