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SPX Technologies, Inc. (NYSE: SPXC) is a leading supplier of engineered products and technologies, specializing in the Heating, Ventilation, and Air Conditioning (HVAC) and detection and measurement markets. Headquartered in Charlotte, North Carolina, the company operates through two main segments: HVAC and Detection & Measurement Technologies.
The HVAC segment, which generates the majority of SPX Technologies' revenue, designs, manufactures, installs, and services a range of cooling, heating, and ventilation products. Recently, the segment expanded its capabilities by acquiring Ingénia Technologies, a company renowned for its custom air handling units used in healthcare, pharmaceuticals, education, food processing, and industrial markets. This acquisition strengthens SPX's position in Engineered Air Movement (EAM) solutions, with Ingénia anticipated to contribute approximately $100 million in annualized revenue for 2024.
The Detection and Measurement Technologies segment focuses on designing, manufacturing, and installing underground pipe and cable locators, inspection equipment, and bus-fare collection systems. This segment is essential for various industries, ensuring safety and efficiency in operations.
Financially, SPX Technologies has shown impressive growth. For the first quarter of 2024, the company reported a 46.7% increase in Adjusted EBITDA, reaching $92.0 million, compared to $62.7 million in the first quarter of 2023. Adjusted earnings per share also saw a significant rise, from $0.93 in Q1 2023 to $1.25 in Q1 2024. The company raised its full-year guidance for Adjusted EPS to a range of $5.15 to $5.40, reflecting a year-on-year growth of approximately 23%.
SPX Technologies' strategic focus includes not only expanding its product portfolio through acquisitions but also driving greater efficiencies in its production facilities. The company's commitment to innovation and quality positions it well for continued success in its key markets.
Globally, SPX Technologies generates the majority of its revenue in the United States, with significant contributions from China, the United Kingdom, and other regions. The company employs over 4,000 people across 15 countries, highlighting its strong international presence.
For more information, visit the official website at www.spx.com.
SPX Technologies (NYSE:SPXC) reported strong Q2 2024 results, with revenue of $501.3 million and operating income of $74.6 million. The company's GAAP EPS was $0.96, while Adjusted EPS reached $1.42. Based on these results, SPX is raising its full-year 2024 Adjusted EPS guidance to $5.45-$5.60, implying year-on-year growth of approximately 28%.
Key highlights include:
- Q2 net income increased 22.8% to $44.2 million
- Adjusted EBITDA grew 45.0% to $108.9 million
- HVAC segment revenue increased 32.5% to $356.5 million
- Detection & Measurement segment revenue decreased 6.2% to $144.8 million
SPX updated its full-year 2024 guidance, targeting consolidated revenue of $1.97-$2.02 billion and adjusted EBITDA of $410-$430 million.
On July 11, 2024, SPX Technologies (NYSE: SPXC) announced it will release its Q2 2024 financial results after the U.S. markets close on August 1, 2024. The company’s President and CEO, Gene Lowe, and CFO, Mark Carano, will discuss the results and business outlook in a conference call at 4:45 p.m. (ET) the same day. A live webcast and slide presentation will be available on SPX's Investor Relations page. Dial-in details for the call can be obtained via a provided link. A replay of the webcast will be accessible on the company’s website for a time.
SPX Technologies (NYSE: SPXC) announced the appointment of Cherée Johnson as the new Chief Legal Officer and Secretary, effective June 10, 2024. She succeeds John W. Nurkin, who is retiring. Johnson brings over 20 years of senior executive experience across multiple industries. Her previous roles include senior vice president and Chief Legal Officer at Dentsply Sirona, General Counsel at W.R. Grace & Company, and legal executive positions at McCormick, Kraft Heinz, and 3M. She holds a law degree from the University of Minnesota and a Chemical Engineering degree from Florida A&M University.
SPX Technologies, Inc. reported strong Q1 2024 results, highlighting Q1 GAAP EPS of $1.05 and adjusted EPS of $1.25. Revenue increased to $465.2 million, operating income reached $64.6 million, and net income was $49.0 million. Adjusted EBITDA grew by 46.7% to $92.0 million. HVAC segment revenue increased by 20.2%, while the Detection & Measurement segment saw a 9.9% revenue increase. SPX raised its 2024 full-year adjusted EPS guidance to $5.15-$5.40, reflecting a 23% year-on-year growth.
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