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 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.
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.