Key Developments: SPX Corp (SPW.N)
79.56USD
17 May 2013
$2.13 (+2.75%)
$77.43
$77.75
$79.75
$77.75
197,272
146,740
$83.40
$56.34
Latest Key Developments (Source: Significant Developments)
SPX Corp Lowers FY 2013 Guidance
SPX Corp announced that for fiscal 2013, it expects revenues to be down 2% to up 3%, earnings per share from continuing operations are expected to be $4.25 to $4.65, and reflect operational performance in the first quarter, recent changes in currency rates, and current view of the macro-economic environment. The previous earnings per share estimate was $4.60 to $5.10. The Company reported revenue of $5.100 billion in fiscal 2012. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of $5.26 billion and EPS of $4.93 for fiscal 2013. Full Article
SPX Corp And Shanghai Electric Group Co., Ltd's Joint Venture Secures Contract For New Dry Cooling Systems
SPX Corp announced that strategic joint venture with Shanghai Electric Group Co., Ltd. (Shanghai Electric) has received new orders for dry cooling systems for four power plants in China totaling more than $80 million. The new orders will see Shanghai Electric - SPX Engineering & Technologies Co., Ltd. (SEC-SPX JV) provide air cooled condensers (ACC) to the Hami and Tianshan power plants located in China, as well as an indirect dry cooling tower (IDCT) to the Guojin power plant, and an indirect natural draft cooling system to the Junzheng Wuhai coal-fired power plant. The core elements for these cooling towers (ACC and IDCT bundles) will be manufactured by SPX Cooling Technologies (Zhangjiakou) Co. Ltd., a wholly owned subsidiary of SPX. Full Article
SPX Corp Secures Contract To Provide Cooling System For Combined Cycle Power Plant To Be Built In Israel
SPX Corp announced that its Thermal Equipment and Services segment has been awarded a contract worth approximately $35 million to supply an air-cooled condenser (ACC) for a new 835 MW natural gas-fired, combined cycle power plant scheduled to be constructed in Israel. The contract was awarded by Alstom, which was previously awarded the engineering, procurement and construction (EPC) contract for the plant by Dalia Power Energies Ltd. A portion of SPX's contract was received in Q4 2012 and was included in backlog reported at year end. Full Article
SPX Corp Announces Quarterly Dividend
SPX Corp announced that its board of directors has declared a quarterly dividend of $0.25 per common share payable on April 2, 2013 to shareholders of record on March 14, 2013. Full Article
SPX Corp Issues FY 2013 Guidance; EPS Guidance Below Analysts' Estimates
SPX Corp announced that for fiscal 2013, it expects revenues to be in the range of $5.10 to $5.35 billion and earnings per share (EPS) from continuing operations to be $4.60 to $5.10. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of $5.26 billion and EPS of $5.11 for fiscal 2013. Full Article
SPX Corp Closes In On $4.2 Billion Gardner Denver Inc Deal-Reuters
Reuters reported that SPX Corp is closing in on a roughly $4.2 billion deal to buy rival Gardner Denver Inc as it makes progress in securing financing. A deal could value Wayne, Pennsylvania-based Gardner Denver at about $85 per share. Gardner Denver's shares closed at $73.68 on December 18, 2012. SPX has a market value of $3.23 billion, compared to $3.62 billion for Gardner Denver. SPX's financial advisor Credit Suisse Group AG has been joined by Bank of America Corp and JPMorgan Chase & Co in efforts to raise debt for the deal, on condition of anonymity because the talks are confidential. A Gardner Denver spokesman declined to comment while SPX did not immediately respond to a request for comment. Credit Suisse, JPMorgan and Bank of America declined to comment. Full Article
Bosch Corporation Completes Acquisition Of SPX Corp's Service Solutions Business
SPX Corp announced that following approval by the antitrust authorities, Bosch Corporation has completed acquisition of the Service Solutions business of SPX Corporation. The agreement to purchase the U.S. automotive diagnostics specialist was signed in January this year. The Service Solutions business develops, manufactures, and sells service equipment, repair-shop accessories, and software for the global automotive market. Full Article
SPX Corp Announces Quarterly Dividend
SPX Corp announced that its board of directors has declared a quarterly dividend of $0.25 per common share payable on December 27, 2012 to shareholders of record on December 12, 2012. Full Article
SPX Corp Receives U.S. Regulatory Approval On Sale Of Service Solutions Business To Robert Bosch GmbH
SPX Corp announced that the U.S. Federal Trade Commission (FTC) has cleared the sale of SPX's Service Solutions business to Robert Bosch GmbH. SPX expects to close the sale by December 3, 2012. Full Article
SPX Corp Issues Q4 2012 Revenue Guidance In Line With Analysts' Estimates; Comments On Q4 2012 Charge Guidance-Conference Call
SPX Corp announced that for the fourth quarter of 2012, it expects revenue to grow 8% to 12% to about $1.4 billion and special charges to be between $5 million and $10 million. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $1.40 billion for the fourth quarter of 2012. Full Article
DEALTALK-Failed Gardner Denver bid puts SPX in activist land
* Activist investor Relational acquires 8.8 pct stake in SPX
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