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Article: SPX Fourth Quarter EPS Rises 20%; Full Year Up 43%; 4Q Free Cash Flow 187% of Net Income, Full Year 125%.
- Article from:
- PR Newswire
- Article date:
- February 12, 2003
CopyrightCOPYRIGHT 2003 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SPX Corporation today announced fourth quarter 2002 financial results of $1.37 billion in revenues, earnings per share of $0.95, and net cash from operating activities of $167.8 million.
Commenting on the company's results, John B. Blystone, Chairman, President and CEO said, "We believe SPX had another successful year despite an extremely challenging marketplace. For the full year we generated free cash flow equal to 125% of net income, grew revenues 23%, increased earnings per share 43%, and became an EVA positive company. The refinancing completed in the fourth quarter has provided significant additional liquidity to continue our growth plans. We remain ...