SPX TECHNOLOGIES INC Stock Price, News & Analysis

SPX Corporation (NYSE: SPXC) has successfully acquired International Tower Lighting, LLC (ITL) as of April 11, 2022. ITL specializes in designing and manufacturing Aids-to-Navigation systems, generating approximately $18 million in revenue. This acquisition is expected to modestly enhance SPX's average segment margin and will be included in the Detection & Measurement segment. SPX plans to update 2022 financial guidance following Q1 results, indicating a commitment to expand its global AtoN platform.

SPX Corporation (NYSE:SPXC) reported Q4 and full-year results for 2021, with Q4 GAAP EPS at $0.10 and adjusted EPS at $0.88. Full-year GAAP EPS was $1.27 with adjusted EPS of $2.33. Revenue for Q4 was $350.0 million, slightly up from $348.3 million, while full-year revenue reached $1,219.5 million, up from $1,128.1 million in 2020. The company anticipates 2022 adjusted EPS between $2.50-$2.80, driven by strong demand despite supply chain challenges. Notably, SPX closed the sale of Transformer Solutions and completed three strategic acquisitions during 2021.

SPX Corporation (NYSE:SPXC) will release its fourth quarter and full-year 2021 financial results on February 23, 2022, after market close. Following the release, CEO Gene Lowe and CFO Jamie Harris will host a conference call at 4:45 p.m. Eastern to discuss the results and 2022 financial guidance. Interested participants can join the call by dialing 877-341-7727 (international: +1 262-558-6098) and using participant code 2176750. The call will also be webcast and available for replay until March 2, 2022.

SPX Corporation (NYSE:SPXC) has successfully acquired Cincinnati Fan & Ventilator Co. for $145 million in cash, enhancing its engineered air quality solutions segment. This acquisition is projected to yield annual revenues between $60-70 million in 2022. The integration aims to boost SPX's HVAC segment margin significantly. SPX's President, Gene Lowe, expressed optimism about the potential for expanded market opportunities and accelerated growth through this strategic acquisition.

Dominus Capital, L.P. has entered into an agreement to sell Cincinnati Fan & Ventilator Co. to SPX Corporation (NYSE: SPXC) by year-end 2021, pending regulatory approval. Cincinnati Fan specializes in engineered air movement solutions and has experienced growth under Dominus, completing two acquisitions and launching new products. The transaction aims to leverage Cincinnati Fan's capabilities to drive growth for SPX and its investors. William Blair acted as financial advisor for Cincinnati Fan, while BlackArch Partners advised SPX.

SPX Corporation (NYSE: SPXC) announced a definitive agreement to acquire Cincinnati Fan & Ventilator Co. from Dominus Capital, expanding its HVAC Cooling platform into the engineered air movement market. The acquisition, expected to close by year-end 2021, will leverage Cincinnati Fan's expertise and brand synergy with SPX's existing operations. This marks SPX's tenth acquisition since 2018, enhancing its capabilities and market positioning. Post-integration, the acquisition is anticipated to positively impact SPX's HVAC segment margins.

SPX Corporation (NYSE:SPXC) reported Q3 2021 results with revenue of $285.8 million, up from $268.3 million in Q3 2020, and GAAP EPS of $0.17. Adjusted EPS was $0.41, down from $0.48 year-over-year. The company closed its sale of Transformer Solutions, positioning for growth. However, supply chain challenges are anticipated to impact Q4 performance, prompting a revised full-year guidance of adjusted revenue growth of 8-10%. SPX's strong cash flow and balance sheet remain pivotal for future plans, with Q3 cash generation of $55.1 million.

SPX Corporation (NYSE:SPXC) will release its third quarter 2021 financial results on November 3, 2021, after market close. CEO Gene Lowe and CFO Jamie Harris will discuss the results during a conference call at 4:45 p.m. Eastern Time, with a dial-in option available. A replay of the call will be accessible until November 10, 2021. SPX Corporation specializes in engineered products and technologies in the HVAC and detection sectors, employing over 4,000 staff across 15 countries.

SPX Corporation has completed the sale of SPX Transformer Solutions, Inc. to Prolec GE for $645 million, including assumed debt. This strategic move aims to enhance SPX's focus on its HVAC and Detection & Measurement segments. CEO Gene Lowe expressed confidence in this transaction, highlighting its value creation potential and ability to accelerate strategic initiatives. SPX expects to pay taxes on the gain from the sale in 2022. The transaction is positioned to strengthen Prolec GE's support for the electrical grid's growth in the Americas.