(17) Quarterly Results (Unaudited)

	First(3)						Second					Third						Fourth(3)
	2014			2013			2014			2013		2014			2013			2014			2013
Operating revenues	$	1,077.1		$	1,100.8		$	1,195.1		$	1,180.9	$	1,171.2		$	1,162.7		$	1,277.7		$	1,328.9
Gross profit		301.5			297.3			347.2			338.5		347.4			344.0			367.5			401.2
Income (loss) from continuing operations, net of tax(1)		296.7			16.1			56.7			43.5		66.7			66.6			(40.0	)		85.1
Income (loss) from discontinued operations, net of tax(2)		21.1			(6.1	)		(6.7	)		3.7		(2.9	)		1.9			(3.2	)		1.8

Net income (loss)		317.8			10.0			50.0			47.2		63.8			68.5			(43.2	)		86.9
Less: Net income (loss) attributable to noncontrolling interests		(0.4	)		1.3			(1.2	)		2.0		0.3			(0.8	)		(8.2	)		(0.1	)

Net income (loss) attributable to SPX Corporation common shareholders	$	318.2		$	8.7		$	51.2		$	45.2	$	63.5		$	69.3		$	(35.0	)	$	87.0


Basic income (loss) per share of common stock:
Continuing operations, net of tax	$	6.72		$	0.32		$	1.34		$	0.91	$	1.59		$	1.51		$	(0.78	)	$	1.90
Discontinued operations, net of tax		0.47			(0.13	)		(0.15	)		0.08		(0.07	)		0.04			(0.08	)		0.04

Net income (loss)	$	7.19		$	0.19		$	1.19		$	0.99	$	1.52		$	1.55		$	(0.86	)	$	1.94


Diluted income (loss) per share of common stock:
Continuing operations, net of tax	$	6.59		$	0.32		$	1.32		$	0.90	$	1.57		$	1.50		$	(0.78	)	$	1.87
Discontinued operations, net of tax		0.47			(0.14	)		(0.15	)		0.08		(0.07	)		0.04			(0.08	)		0.04

Net income (loss)	$	7.06		$	0.18		$	1.17		$	0.98	$	1.50		$	1.54		$	(0.86	)	$	1.91

Note: The sum of the quarters' income per share may not equal the full year per share amounts.

(1)

As discussed in Note 9, during the first quarter of 2014, we completed the sale of our 44.5% interest in EGS to Emerson Electric Co. for cash proceeds of $574.1, which resulted in a pre-tax gain of $491.2.

As discussed in Note 12, we completed the redemption of all our 7.625% senior notes during the first quarter of 2014. As a result of the redemption, we recorded a pre-tax charge of $32.5 during that quarter.

During the first quarter of 2014, we recognized a pre-tax loss of $15.3 related to settlement losses and changes in the fair value of plan assets and actuarial losses, which resulted primarily from the lump-sum payment action associated with the U.S. Plan that took place during the quarter (see Note 10 for further details).

During the second and fourth quarters of 2014, we revised our estimates of revenues and costs associated with the large power projects in South Africa within our Thermal Equipment and Services reportable segment. As a result of these revisions, pre-tax income from continuing operations for the second and fourth quarters of 2014 was reduced by $8.3 and $25.0, respectively. These revisions were primarily due to overall project delays and subcontractor challenges. See Note 5 for additional details.

During the fourth quarters of 2014 and 2013, we recognized pre-tax gains (losses) of $(86.3) and $0.8, respectively, related to changes in the fair value of plan assets, actuarial gains (losses) associated with our pension and postretirement benefit plans and settlement gains (losses) associated with the partial annuitization of the U.K. and U.S. Plans. The income tax (provision) benefit associated with these gains (losses) was $27.2 and $(1.7), respectively.

During the fourth quarter of 2014, we recorded impairment charges of $20.1 related to the trademarks of certain businesses within our Flow Technology and Thermal Equipment and Services reportable segments, and $18.0 related to our Cooling reporting unit's investment in the Shanghai Electric JV. During the fourth quarter of 2013, we recorded impairment charges of $4.7 related to the trademarks of certain businesses within our Flow Technology reportable segment.

During the fourth quarter of 2014, we recorded income tax charges of $29.7 associated with (i) $18.6 of U.S. taxes provided as a result of our election during the quarter to repatriate certain earnings of our non-U.S. subsidiaries, (ii) $6.0 of foreign taxes provided in connection with certain legal entity reorganization actions that are being undertaken to facilitate the planned spin-off transaction, and (iii) $5.1 of valuation allowances that have been recorded against certain foreign deferred income tax assets as a result of the legal entity reorganization noted above. These charges were offset partially by a reduction in income tax liabilities of $18.3 resulting from various audit settlements and statute expirations during the quarter, with the most notable being the closure of our U.S. tax examinations for the years 2008 through 2011.

(2)

As discussed in Note 4, we sold TPS for cash consideration of $42.5 during the first quarter of 2014. The sale resulted in a gain, net of taxes, of $21.5 during that quarter. The net gain on sale of TPS was increased by $0.2 in subsequent quarters of 2014, related to revisions of certain liabilities associated with the sale.

(3)

We establish actual interim closing dates using a fiscal calendar, which requires our businesses to close their books on the Saturday closest to the end of the first calendar quarter, with the second and third quarters being 91 days in length. Our fourth quarter ends on December 31. The interim closing dates for the first, second and third quarters of 2014 were March 29, June 28 and September 27, compared to the respective March 30, June 29 and September 28, 2013 dates. This practice only affects the quarterly reporting periods and not the annual reporting period. We had one less day in the first quarter of 2014 and one more day in the fourth quarter of 2014 than in the respective 2013 periods.