SPX Corp. (NYSE: SPXC) reported Q1 EPS of $0.62, $0.10 better than the analyst estimate of $0.52. Revenue for the quarter came in at $365.3 million versus the consensus estimate of $361.2 million.

• Q1 GAAP EPS of $0.50
• Adjusted EPS* of $0.62
• Solid First Quarter Performance
• Withdrawing 2020 Guidance on Near-Term Uncertainty
• Well-Positioned to Navigate Challenging Environment
• Substantial Available Liquidity

Gene Lowe, President and CEO, remarked, “SPX’s first quarter 2020 performance was strong overall. Our Engineered Solutions segment generated a significant increase in segment income, partially offset by the impact of lower weather-driven demand of HVAC heating products compared with the strong prior-year winter. During the quarter, we experienced only a modest impact from the COVID-19 crisis. However, the effect accelerated during March and April, as actions to slow the rate of infection grew outside of China. As a result of the current uncertain economic environment, we are withdrawing our full-year 2020 guidance.”

Mr. Lowe continued, “We believe that SPX is well positioned to manage through the current difficult environment with our strong balance sheet and liquidity position, our high portion of replacement sales, and our leadership role in niche markets for products and services that are essential to critical infrastructure. Our business system has enabled us to adapt successfully to a rapidly changing environment by leveraging the processes and practices we have put in place company-wide to drive efficiencies. Additionally, our team remains keenly focused on managing the levers in our control to mitigate the effect of near-term economic weakness, while continuing to make employee safety our top priority, and protecting SPX’s ability to react quickly in a recovery.”

For earnings history and earnings-related data on SPX Corp. (SPXC) click here.