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
Sector
Industry (SIC)
SEC CIK
Corporate docs
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
Financial summary
Quarter (USD) | Apr 22 | Dec 21 | Oct 21 | Jul 21 | |
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Net income | |||||
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Cash on hand | |||||
Change in cash | |||||
Diluted EPS |
Annual (USD) | Dec 21 | Dec 20 | Dec 19 | Dec 18 | |
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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 |
Recent insider trades
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 |
Institutional ownership, Q1 2022
90.6% owned by funds/institutions
13F holders | Current |
---|---|
Total holders | 223 |
Opened positions | 41 |
Closed positions | 62 |
Increased positions | 63 |
Reduced positions | 79 |
13F shares | Current |
---|---|
Total value | 4.69B |
Total shares | 41.42M |
Total puts | 15.22M |
Total calls | 1.63M |
Total put/call ratio | 9.3 |
Largest owners | Shares | Value |
---|---|---|
BLK Blackrock | 6.53M | $562.87M |
APG Asset Management | 5.07M | $436.78M |
Vanguard | 4.49M | $387.51M |
Glazer Capital | 1.84M | $158.29M |
Ubs Oconnor | 1.79M | $154.67M |
Wellington Management | 1.69M | $145.73M |
STT State Street | 1.36M | $117.59M |
MS Morgan Stanley | 1.25M | $107.48M |
Dimensional Fund Advisors | 1.25M | $107.34M |
GS Goldman Sachs | 1.22M | $104.79M |
Financial report summary
?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
?Positive | ||
Negative | ||
Uncertain | ||
Constraining | ||
Legalese | ||
Litigous | ||
Readability |
H.S. junior Avg
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New words:
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Removed:
ASC, category, ceasing, claimed, clarifying, continuation, copper, deficit, detecting, developer, diminishing, distributor, dollar, dry, economy, energy, exceeded, exclusive, favorable, fewer, focused, franchise, funding, geological, geotechnical, ground, improvement, integration, leading, learning, locating, location, machine, manufacturer, measured, milestone, modified, penetrating, prospective, radar, recognizing, reducing, repaid, repayment, retrospective, SGS, sheet, Simplifying, stem, stemming, subsidiary, supportable, technology, translation, unexploded, utility, winter
Financial reports
Current reports
8-K
Amendments to Articles of Incorporation or Bylaws
11 May 22
8-K
SPX Reports First Quarter 2022 Results
4 May 22
8-K
SPX Reports Fourth Quarter and Full-Year 2021 Results
23 Feb 22
8-K
SPX Reports Third Quarter 2021 Results
3 Nov 21
8-K
Completion of Acquisition or Disposition of Assets
7 Oct 21
8-K
SPX Announces Completion of Sale of SPX Transformer Solutions to Prolec GE
4 Oct 21
8-K
SPX Reports Second Quarter 2021 Results
5 Aug 21
8-K
SPX Announces Agreement to Sell SPX Transformer Solutions to GE-Prolec Transformers
9 Jun 21
8-K
Submission of Matters to a Vote of Security Holders
11 May 21
8-K
SPX Reports First Quarter 2021 Results
6 May 21
Registration and prospectus
S-8
Registration of securities for employees
9 May 19
POS AM
Prospectus update (post-effective amendment)
31 Oct 16
S-8
Registration of securities for employees
31 Aug 15
425
Business combination disclosure
7 Jan 14
S-8
Registration of securities for employees
21 Feb 13
25
Voluntary exchange delisting
28 Jan 07
S-8
Registration of securities for employees
13 Dec 06
S-8
Registration of securities for employees
13 Dec 06
SC TO-I/A
Issuer tender offer statement (amended)
6 Feb 06
SC TO-I/A
Issuer tender offer statement (amended)
25 Jan 06
Proxies
DEFA14A
Additional proxy soliciting materials
29 Mar 22
DEFA14A
Additional proxy soliciting materials
26 Mar 21
DEFA14A
Additional proxy soliciting materials
26 Mar 21
DEFA14A
Additional proxy soliciting materials
26 Mar 21
DEFA14A
Additional proxy soliciting materials
2 Apr 20
DEFA14A
Additional proxy soliciting materials
2 Apr 20
DEF 14A
Definitive proxy
2 Apr 20
DEFA14A
Additional proxy soliciting materials
28 Mar 19
Other
SD
Conflict minerals disclosure
26 May 22
SD
Conflict minerals disclosure
28 May 21
SD
Conflict minerals disclosure
29 May 20
SD
Conflict minerals disclosure
29 May 19
SD
Conflict minerals disclosure
25 May 18
SD
Conflict minerals disclosure
24 May 17
EFFECT
Notice of effectiveness
20 Nov 16
SD
Conflict minerals disclosure
26 May 16
SD
Conflict minerals disclosure
31 May 15
UPLOAD
Letter from SEC
5 May 15
Ownership
11-K
Annual report of employee stock purchases
16 Jun 22
4
SPX / Angel S Willis ownership change
12 May 22
4
SPX / Meenal Sethna ownership change
12 May 22
4
SPX / Robert B Toth ownership change
12 May 22
4
SPX / Tana Leigh Utley ownership change
12 May 22
4
SPX / RUTH G SHAW ownership change
12 May 22
4
SPX / RICK D PUCKETT ownership change
12 May 22
4
SPX / DAVID A ROBERTS ownership change
12 May 22
4
SPX / PATRICK J OLEARY ownership change
12 May 22
SC 13G/A
SPX / PRICE T ROWE ASSOCIATES ownership change
11 Apr 22
Patents
Utility
Counter balanced lid
25 Jan 22
A lid for a heat generating device in which the heat generating device has a body with a combustion chamber disposed therein.
Design
Boiler
9 Nov 21
Inventors: Neil Butt, Joel Bodine, Mike Hostetler, Fred Hoffmaster, Anis Rahman, Dave DeVries, John Miller, Ross Brinkman, Clifford Krapfl
Utility
Networked boilers and control method
26 Oct 21
A hydronic system having a set of inputs, a plurality of boilers, and a controller.
Utility
System and method for controlling a variable-speed appliance circulator
12 Oct 21
The present disclosure pertains to a system configured to prepare and use prediction models for classifying images.
Design
Boiler
21 Sep 21
Inventors: Daniel Karch, Owen Cunningham, Roger S. Anthony, Anis M. Rahman, Dave DeVries, Mike P. Boyd, Ross Brinkman, Clifford Krapfl, Johanna Frerichs
Transcripts
2022 Q1
Earnings call transcript
8 May 22
2021 Q4
Earnings call transcript
24 Feb 22
2021 Q3
Earnings call transcript
7 Nov 21
2021 Q2
Earnings call transcript
7 Aug 21
2021 Q1
Earnings call transcript
9 May 21
2020 Q4
Earnings call transcript
24 Feb 21
2020 Q3
Earnings call transcript
1 Nov 20
2020 Q2
Earnings call transcript
1 Aug 20
2020 Q1
Earnings call transcript
2 May 20
2019 Q4
Earnings call transcript
13 Feb 20
Reddit threads
SPX Calls worthless?
25 May 22
Daily Discussion Thread - May 4th, 2022
4 May 22
Daily Discussion Thread - May 3rd, 2022
3 May 22
Daily Discussion Thread - May 2nd, 2022
2 May 22
Daily General Discussion and Advice Thread - April 17, 2022
17 Apr 22
Daily Discussion Thread - February 23rd, 2022
23 Feb 22
Daily Discussion Thread - February 22nd, 2022
22 Feb 22
Daily Discussion Thread - February 21st, 2022
21 Feb 22
Daily Discussion Thread - November 3rd, 2021
3 Nov 21
Daily Discussion Thread - November 2nd, 2021
2 Nov 21