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SPX Technologies, Inc. reports recurring developments across its engineered HVAC products and detection and measurement technologies businesses. Company news commonly covers quarterly and annual results, segment performance, production-capacity investments, customer demand for data center cooling solutions, and the contribution of heating and cooling product volumes to operating results.
Updates also include product launches such as the Marley OlympusMAX Fluid Cooler, additions to the HVAC portfolio through completed acquisitions, and corporate governance changes. The company’s disclosures emphasize cooling towers, dry and adiabatic coolers, custom electric heating, custom air-handling equipment, communication technologies, transportation systems, and related industrial markets.
SPX Technologies (NYSE:SPXC) will present at the Sidoti March Virtual Investor Conference on March 22, 2023, at 1:00 PM ET. Gene Lowe, the President and CEO, along with Mark Carano, the CFO, will represent the company. Investors can register for the presentation and one-on-one meetings by visiting www.sidoti.com/events. The live presentation can be accessed here. A replay of the webcast will be available on SPX Technologies’ website for about 90 days after the event.
SPX Technologies, Inc. reported a Q4 2022 revenue of $429.3 million, up from $350.0 million in Q4 2021, driven by growth in HVAC and Detection & Measurement segments. Q4 adjusted EPS was $1.17, compared to $0.88 in the previous year. For full-year 2022, revenue rose to $1,460.9 million from $1,219.5 million, with adjusted EPS reaching $3.10. The company anticipates 2023 adjusted EPS of $3.30 to $3.55, capitalizing on strong backlog and operational momentum despite mixed macroeconomic indicators. Key accomplishments include the acquisition of International Tower Lighting and divestiture of the asbestos portfolio, significantly reducing liabilities.
SPX Technologies, Inc. (NYSE:SPXC) will release its financial results for the fourth quarter and full year of fiscal year 2022 on February 23, 2023, after U.S. financial markets close. The company's leadership, including CEO Gene Lowe and CFO Mark Carano, will discuss the results and future outlook during a conference call at 4:45 p.m. ET the same day. Interested parties can access a live webcast on the Investor Relations page of SPX's website. SPX Technologies specializes in highly engineered products in the HVAC and detection markets, employing approximately 3,100 individuals across 15 countries.
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SPX Technologies has appointed Mark A. Carano as Vice President, Chief Financial Officer, effective January 3, 2023. Carano brings vast experience in finance and business development, having held executive roles at various public companies, including Insteel Industries and Big River Steel. His expertise is seen as a valuable addition to SPX’s growth initiatives. CEO Gene Lowe expressed confidence that Carano's background aligns with the company's strategic goals. SPX, based in Charlotte, NC, is a global supplier in the HVAC and detection markets, listed on NYSE under the ticker SPXC.
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SPX Technologies, Inc. (NYSE:SPXC) reported Q3 2022 results with revenue of $370.5 million and adjusted EPS of $0.81, an increase from $285.7 million and $0.44 respectively in Q3 2021. The HVAC segment grew 27% in revenue, driven by higher sales volumes, while the Detection & Measurement segment saw a 34.1% increase. SPXC raised its full-year adjusted EPS guidance to $2.85-$2.95, reflecting a 24% year-on-year growth. The company also divested legacy asbestos liabilities, enhancing cash flows and earnings power. Total debt stood at $246.9 million with cash at $187.3 million.
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.