North Carolina flow technology provider SPX has posted a $25 million fourth-quarter net loss, down from the $100-million-plus highs of the year-ago period despite a 17 percent spike in revenues to $1.51 billion.

Money spent buying up the performance of another business, process outfit APV, offset the new acquisitions profits. Apart from the acquisition, the multi-industry Fortune 500 firm also sold off two flow-technology product lines in the quarter.

SPX makes, among other products, cooling systems for power plants and custom process kit for the oil and gas industry.

Chief exec Chris Kearney called 2008 — a year that saw revenues rise 28 percent to $5.85 billion — a “strong year” for cut debt, growth and the new talent acquired.

But the final three months told a familiar story: backlog declines, negative asset charges and difficult decisions for clients.

“Strong liquidity” would help steady the course, Kearney said.

Tags: SPX