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. 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 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.
SPX Corporation (NYSE: SPXC) will release its first quarter 2022 financial results on May 4, 2022, after market close. A conference call will be held at 4:45 p.m. Eastern time, featuring discussions by CEO Gene Lowe and CFO Jamie Harris. Participants can join the call by dialing 877-341-7727 (or +1 262-558-6098 internationally) five minutes prior to the start. A replay will be available until May 11, 2022. SPX Corporation specializes in highly engineered products across HVAC and measurement markets, employing approximately 3,100 individuals globally.
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.