SPX Sees 2011 EPS of $4.20 to $4.50

SPX Corporation SPW, today announced its 2011 annual financial guidance. "We are encouraged going into 2011 and believe we are now in the early stages of recovery. For 2011 we expect organic growth in all four of our segments. We are targeting an EPS increase of approximately 24 percent over 2010* adjusted EPS," said SPX Chairman, President and Chief Executive Officer Christopher J. Kearney.

SPX stated that it expects the following results in 2011:

• Revenues are expected to be in the range of $5.2 to $5.4 billion, resulting in an increase of 5% to 10% compared to 2010. Organic revenues** are expected to increase 2% to 7% from 2010, while completed acquisitions and the impact of currency fluctuations are expected to increase reported revenues by approximately 3% from 2010.
• Earnings from continuing operations are expected to be $4.20 to $4.50 per share.
• Net cash from continuing operations is expected to be $370 to $410 million, while capital expenditures are expected to be approximately $150 million. The resulting free cash flow** range is expected to be between $220 and $260 million. This performance represents 100% to 120% conversion of expected net income.