SPX CORPORATION (NYSE:SPXC) Files An 8-K Results of Operations and Financial Condition

On May 4, 2017, SPX Corporation (the Company) issued the press
release attached as Exhibit 99.1 hereto and incorporated herein
by reference.

The press release incorporated by reference into this Item 2.02
contains certain non-GAAP financial measures, including
disclosure regarding Core revenues and segment income (loss),
defined as revenues and segment income (loss) for the Company and
its Engineered Solutions segment excluding the results of the
South African projects. The South African projects have a finite
life and, thus, are expected to have a diminishing impact on the
Companys and the Engineered Solutions segments operating results
over the long-term. The Companys management believes it is useful
to investors to disclose revenues and segment income (loss)
without the results of the South African projects to provide
investors with metrics that the Companys management uses to
measure the overall performance of its core businesses. Core
revenues and Core segment income (loss) do not provide investors
with an accurate measure of, and should not be used as
substitutes for, the Companys revenues and operating income
(loss) and the Engineered Solutions segments revenues and segment
income (loss) as determined in accordance with accounting
principles generally accepted in the United States (GAAP), and
may not be comparable to similarly titled measures reported by
other companies.

The press release incorporated by reference into this Item 2.02
also contains disclosure regarding adjusted operating income
(loss) and adjusted earnings (loss) per share, defined as
operating income (loss) and diluted net income (loss) per share
from continuing operations excluding the following items: (a)
results of the South African projects, (b) non-service pension
and postretirement expense (income), (c) gain (loss) related to
acquisitions/divestitures, (d) non-cash intangible impairment
charges, each as applicable, as well as (e) the income tax impact
of items (a) through (d). In addition to the Companys South
African projects, the Companys management views the impact
related to each of the other items as not indicative of the
Companys ongoing performance. The Company believes that inclusion
of only the service cost and prior service cost components of
pension and postretirement expense better reflects the ongoing
costs of providing pension and postretirement benefits to its
employees. Other components of GAAP pension and postretirement
expense (income) are mainly driven by market performance, and the
Company manages these separately from the operational performance
of its business. The Company believes adjusted operating income
(loss) and adjusted earnings (loss) per share, when read in
conjunction with operating income (loss) and diluted net income
(loss) per share from continuing operations, gives investors a
useful tool to assess and understand the Companys overall
financial performance, because they exclude items of income or
expense that the Company believes are not reflective of its
ongoing operating performance, allowing for a better
period-to-period comparison of operations of the Company.
Additionally, the Companys management uses adjusted operating
income (loss) and adjusted earnings (loss) per share as measures
of the Companys performance. The adjusted operating income (loss)
and adjusted earnings (loss) per share measures do not provide
investors with an accurate measure of the actual operating income
(loss) and diluted net income (loss) per share from continuing
operations reported by the Company and should not be considered
as substitutes for operating income (loss) and diluted net income
(loss) per share from continuing operations as determined in
accordance with GAAP, and may not be comparable to similarly
titled measures reported by other companies.

The press release incorporated by reference into this Item 2.02
also contains disclosure regarding organic revenue growth
(decline), defined as revenue growth (decline) excluding the
effects of foreign currency fluctuations and
acquisitions/divestitures, as applicable. The Companys management
believes that organic revenue growth (decline) is a useful
financial measure for investors in evaluating operating
performance for the periods presented, because excluding the
effect of currency fluctuations and acquisitions/divestitures,
when read in conjunction with the Companys revenues, presents a
useful tool to evaluate the Companys ongoing operations and
provides investors with a tool they can use to evaluate the
Companys management of assets held from period to period. In
addition, organic revenue growth (decline) is one of the factors
the Companys management uses in internal evaluations of the
overall performance of its business. This metric, however, should
not be considered a substitute for revenue growth (decline) as
determined in accordance with GAAP, and may not be comparable to
similarly titled measures reported by other companies.

The press release incorporated by reference into this Item 2.02
also contains disclosure regarding free cash flow from (used in)
continuing operations, defined as net cash from (used in)
continuing operations less capital expenditures of continuing
operations. The Companys management believes that free cash flow
from (used in)