	First(3)					Second					Third				Fourth(3)

	2011		2010			2011		2010			2011		2010		2011		2010
Operating revenues	$	984.9	$	913.4		$	1,136.8	$	989.9		$	1,166.0	$	1,094.7	$	1,263.7	$	1,115.9
Gross profit		292.8		270.8			314.4		301.1			323.6		327.7		347.0		334.7
Income from continuing operations⁽¹⁾		20.7		14.0			25.0		64.6			50.8		35.0		58.4		64.4
Income (loss) from discontinued operations, net of tax⁽¹⁾⁽²⁾		4.1		7.3			10.0		13.4			11.5		4.7		5.1		(0.6	)

Net income		24.8		21.3			35.0		78.0			62.3		39.7		63.5		63.8
Less: Net income (loss) attributable to noncontrolling interests		1.7		(0.8	)		0.7		(0.8	)		1.6		0.3		1.0		(1.5	)

Net income attributable to SPX Corporation common shareholders	$	23.1	$	22.1		$	34.3	$	78.8		$	60.7	$	39.4	$	62.5	$	65.3

Basic earnings (loss) per share of common stock:
Continuing operations	$	0.38	$	0.30		$	0.48	$	1.32		$	0.97	$	0.70	$	1.14	$	1.32
Discontinued operations, net of tax		0.08		0.15			0.20		0.27			0.23		0.09		0.10		(0.01	)

Net income	$	0.46	$	0.45		$	0.68	$	1.59		$	1.20	$	0.79	$	1.24	$	1.31

Diluted earnings (loss) per share of common stock:
Continuing operations	$	0.37	$	0.29		$	0.47	$	1.30		$	0.97	$	0.69	$	1.13	$	1.30
Discontinued operations, net of tax		0.08		0.15			0.20		0.27			0.23		0.09		0.10		(0.01	)

Net income	$	0.45	$	0.44		$	0.67	$	1.57		$	1.20	$	0.78	$	1.23	$	1.29

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

⁽¹⁾

The first, second, third and fourth quarters of 2011 included charges of $2.4, $ 4.3, $7.2, and $11.4, respectively, associated with restructuring initiatives. The first, second, third and fourth quarters of 2010 included charges of $4.1, $3.9, $7.5 and $15.2, respectively, associated with restructuring initiatives. See Note 6 for additional information.

The first, second, third and fourth quarters of 2011 included income (expense) for foreign currency transactions and our FX forward contracts and FX embedded derivatives of $(2.2), $(3.5), $(30.9) and $(4.8), respectively, while the related amounts for the four quarters of 2010 were $(12.8), $(2.9), $(6.9) and $(4.9), respectively. The third and fourth quarter 2011 amounts include charges of $30.6 and $4.0, respectively, associated with FX forward contracts which were entered into in order to hedge the purchase price of the Clyde Union acquisition, which was paid in GBP.

Beginning in the first quarter of 2011, we began amortizing, for one of our domestic pension plans, the unrecognized gains (losses) over the average remaining life expectancy of the inactive participants as opposed to the average remaining service period of the active participants, as almost all of the plan participants have become inactive. This change resulted in a reduction in pension expense of $5.0 for each of the quarters during 2011.

During the first, second, third and fourth quarters of 2011, we recorded income tax credits of $0.8, $0.9, $2.0 and $4.0, respectively, related to the expansion of our power transformer facility in Waukesha, WI.

During the first quarter of 2011, we recorded an insurance recovery of $6.3 within Industrial Products and Services related to a product liability matter.

During the second and fourth quarters of 2011, we recorded impairment charges of $24.7 and $3.6, respectively, related to the goodwill and indefinite-lived intangible assets of SPX Heat Transfer Inc.

During the second quarter of 2011, we recorded an income tax benefit of $2.5 associated with the conclusion of a Canadian appeals process.

During the third quarter of 2011, we recorded an income tax benefit of $27.8 associated with the release of the valuation allowance on our existing foreign tax credit carryforwards. This benefit was offset partially by $6.9 of federal income taxes that were recorded in connection with our plan to repatriate a portion of the earnings of a foreign subsidiary.

During the fourth quarter of 2011, we recorded a charge of $19.4 associated with amounts that are deemed uncollectible from an insolvent insurer for certain risk management matters. Of the $19.4 charge, $18.2 was recorded to "Other expense, net" and $1.2 to "Gain (loss) on disposition of discontinued operations, net of tax."

During the fourth quarter of 2011, we recorded net charges of $10.7 within our Thermal Equipment and Services reportable segment associated with changes in cost estimates for certain contracts in South Africa.

Incentive compensation expense for the fourth quarter of 2011 was $13.3 lower than the related figure for the fourth quarter of 2010.

The effective income tax rate for the first quarter of 2010 was impacted unfavorably by a domestic charge of $6.2 associated with the taxation of prescription drug costs for retirees under Medicare Part D as a result of the enactment of the PPAC Act. In addition, we recorded a domestic charge of $3.8 during the first quarter of 2010 associated with agreed-upon adjustments in connection with the field examination of our 2006 and 2007 federal income tax returns (see below for further discussion of the examination).

During the second quarter of 2010, the IRS completed the field examination of our 2006 and 2007 federal income tax returns and issued a RAR. Upon issuance of the RAR, we reduced a portion of our valuation allowance and our liability for uncertain tax positions to reflect amounts determined to be effectively settled or that satisfied the more likely than not threshold, resulting in the recognition of income tax benefits of $22.0 and $7.3 to continuing and discontinued operations, respectively.

During the fourth quarter of 2010, we recorded tax benefits of $16.0 related to a reduction in liabilities for uncertain tax positions associated with various foreign and domestic statute expirations and settlements of state examinations. In addition, we recorded a domestic charge of $3.6 associated with the repatriation of foreign earnings during the quarter.

⁽²⁾

During the first quarter of 2010, we completed the sale of PSD for cash consideration of $3.0, resulting in a gain, net of taxes, of $3.6 during the quarter.

⁽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 calendar quarter for the first 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 2011 were April 2, July 2 and October 1, compared to the respective April 3, July 3 and October 2, 2010 dates. This practice only affects the quarterly reporting periods and not the annual reporting period. We had one fewer day in the first quarter of 2011 and had one more day in the fourth quarter of 2011 than in the respective 2010 periods.