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

On February 23, 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 operating income (loss),
defined as revenues and operating 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 operating 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 operating income (loss) do not provide
investors with an accurate measure of, and should not be used as
substitutes for, the Companys and the Engineered Solutions
segments revenues and operating 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) certain corporate and
other expenses eliminated as a result of, or related to, the
spin-off of SPX FLOW, Inc., (d) gain (loss) related to
acquisitions/divestitures, (e) non-cash intangible impairment
charges, and (f) non-cash charges associated with early
extinguishment of debt, each as applicable, as well as (g) the
income tax impact of items (a) through (f), and (h) an adjustment
related to redeemable noncontrolling interest. 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.

Refer to the tables included in the press release for the
components of each of the Companys non-GAAP financial measures
referred to above, and for the reconciliations of these numbers
to their respective comparable GAAP financial measures.

The information in this Report is being furnished and shall not
be deemed filed for the purposes of Section 18 of the Securities
Exchange Act of 1934, as amended, or otherwise subject to the
liabilities of that Section. The information in this Report shall
not be deemed incorporated by reference into any filing under the
Securities Act of 1933, as amended, except as shall be expressly
set forth by specific reference in such filing.