Welcome to our dedicated page for SPX TECHNOLOGIES news (Ticker: SPXC), a resource for investors and traders seeking the latest updates and insights on SPX TECHNOLOGIES stock.
SPX Technologies, Inc. (NYSE: SPXC) generates a steady flow of news as a diversified, global supplier of highly engineered industrial technology equipment. Company announcements emphasize its focus on the HVAC and detection and measurement markets, with updates on segment performance, acquisitions, capital markets activity, and leadership changes.
Investors following SPXC news can expect regular quarterly earnings releases, where SPX reports results for its HVAC and Detection & Measurement segments and discusses trends in areas such as hydronic heating and cooling equipment, engineered air movement, communication technologies, transportation systems, aids to navigation, and inspection businesses. These releases often include commentary on organic and inorganic growth, non-GAAP measures like adjusted EBITDA and adjusted EPS, and updated full-year guidance ranges.
SPX news also covers acquisition activity, such as the completed acquisition of Sigma Heating and Cooling and Omega Heat Pump (Sigma & Omega) and the definitive agreement to acquire Crawford United Corporation’s commercial air-handling equipment segment. These announcements describe how new businesses expand SPX’s HVAC portfolio with vertical stack heat pumps, fan coils, institutional heating products, commercial self-contained units, and custom air-handling solutions serving markets like high-rise residential buildings, hotels, schools, hospitals, healthcare, universities, pharmaceutical, advanced manufacturing, and commercial properties.
Additional news items include public equity offerings and related underwriting agreements, credit agreement amendments that affect the company’s financing structure, and executive appointments, such as the naming of a new Vice President, General Counsel & Secretary. Together, these updates provide context on SPX’s strategic priorities, capital deployment, and governance.
By monitoring this news feed, readers can track SPXC’s financial disclosures, strategic transactions, and corporate developments as reported through press releases and related SEC filings.
SPX Technologies (NYSE:SPXC) has appointed Jennifer Carpenter as its new Chief Human Resources Officer (CHRO), effective September 30, 2024. She succeeds Tausha White, who is retiring. Ms. Carpenter brings over 20 years of leadership experience in human resources, most recently serving as Vice President, Human Resources for Digital IT at Honeywell International Inc.
Gene Lowe, President and CEO of SPX, praised Ms. Carpenter's expertise in developing business partnerships, building talent, and empowering employees. He highlighted her strong track record in driving process efficiencies and managing growth. Ms. Carpenter's experience includes leading HR functions across diverse businesses and global teams, as well as playing a major role in integrating a $3 billion+ acquisition with over 6,000 employees.
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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