SPX TECHNOLOGIES INC Stock Price, News & Analysis

SPX Technologies has divested three wholly-owned subsidiaries to Canvas Holdco LLC, transferring asbestos liabilities and relevant assets. SPX contributed $138.8 million in cash, while Canvas contributed $8 million. This transaction is expected to enhance SPX's Adjusted Earnings Per Share by $0.08 to $0.10 starting in 2023. The move aims to streamline operations, reduce risk, and improve financial certainty for investors, as the asbestos liabilities will be excluded from SPX's year-end 2022 balance sheet.

SPX Technologies has appointed Darnell Smith as the new Chief Information Officer and Michael Daly as VP, Global Head of Strategy and Business Development. Smith brings over 30 years of IT experience, while Daly offers decades of global M&A leadership. CEO Gene Lowe emphasized that this leadership is crucial for accelerating the company's growth strategy. SPX is a diversified supplier in HVAC and detection markets with a workforce of over 3,100 across 15 countries, listed under the symbol SPXC.

SPX Technologies, Inc. (NYSE:SPXC) will release its Q3 fiscal year 2022 financial results on November 3, 2022, after market close. A conference call will follow at 4:45 p.m. ET, hosted by CEO Gene Lowe and interim CFO Mike Reilly, discussing results and business outlook. Participants can access the call via phone or webcast. SPX Technologies specializes in engineered products in HVAC and measurement markets, employing about 3,100 people across 15 countries.

SPX Technologies has appointed Sean McClenaghan as President of Global Cooling and an Executive Officer, effective immediately. McClenaghan has over 25 years of executive leadership experience, previously serving as CEO of RWC Americas. His background includes strategic roles at McKinsey & Company and operational positions at DuPont. Gene Lowe, CEO, expressed optimism about McClenaghan's track record in driving market expansion and acquisitions, reinforcing the company's commitment to its 'SPX 2025' targets. McClenaghan holds an MBA from Harvard and a Bachelor in Chemical Engineering from Georgia Tech.

SPX Technologies, Inc. (NYSE: SPXC) announced the resignation of Jamie Harris, CFO, effective September 23, 2022, to pursue another CFO opportunity. SPX has initiated a search for a new CFO, with Mike Reilly, the Chief Accounting Officer, appointed as interim CFO. CEO Gene Lowe praised Harris for his contributions, noting the company's strengthened position during his tenure. Harris expressed gratitude to the SPX team for their collaboration and confidence in the leadership's ability to drive future success.

SPX Technologies (NYSE: SPXC) announced the successful completion of its corporate reorganization, merging SPX Corporation into SPX Merger, LLC, a newly-formed subsidiary. This strategic move creates a simpler corporate structure aimed at enhancing growth and managing legacy liabilities. The reorganization allows SPX Technologies to operate as the holding company for its various subsidiaries while continuing to trade on the NYSE under the same symbol, SPXC. The company expects this transition to yield numerous operational benefits.

SPX Corporation (NYSE: SPXC) reported Q2 2022 results with a GAAP EPS of $0.41 and adjusted EPS of $0.71, raising its full-year EPS guidance to $2.70-$2.85. Revenue increased to $354 million, up from $296.6 million in Q2 2021. The company announced a plan to reorganize its legal structure to align with strategic goals and expects completion by August 15, 2022. SPX repurchased $34 million in stock and anticipates solid cash generation. Their strong performance is attributed to robust bookings despite supply chain challenges.

SPX Corporation (NYSE:SPXC) will announce its financial results for Q2 2022 after market close on August 4, 2022. SPX President and CEO Gene Lowe and CFO Jamie Harris will host a conference call to discuss these results and the company's outlook at 4:45 p.m. Eastern Time on the same day. A live webcast with a slide presentation will be accessible on the Investor Relations page of SPX’s website. The company specializes in engineered products and technologies, focusing on HVAC and detection and measurement markets.

SPX Corporation (NYSE: SPXC) reported Q1 2022 earnings with GAAP EPS of $0.28 and adjusted EPS of $0.40. Revenue increased to $307.1 million, up from $287.2 million in Q1 2021. Despite strong demand, the company faces supply chain constraints affecting production. SPX announced the acquisition of International Tower Lighting (ITL), enhancing its AtoN lighting capabilities. Full-year 2022 guidance was updated, projecting revenue of $1.36-$1.43 billion and adjusted EPS of $2.55-$2.85, reflecting a year-on-year growth of approximately 16%. Cash generation remains strong amidst ongoing challenges.