SPX TECHNOLOGIES INC Stock Price, News & Analysis

SPX Corporation (NYSE:SPXC) reported Q2 2021 GAAP EPS of $0.32 and adjusted EPS of $0.49, reflecting year-over-year increases. The company updated its full-year 2021 guidance, expecting adjusted EPS between $2.25-$2.45, driven by strong performance in the HVAC segment and the acquisition of Enterprise Control Systems Ltd (ECS). Revenue for Q2 was $296.7 million, up from $258.0 million in Q2 2020. Despite a decline in operating income, SPX remains solid in investments, focusing on growth as it aims for 'SPX 2025' targets.

SPX Corporation (NYSE: SPXC) has successfully acquired Enterprise Control Systems Ltd (ECS), a UK-based leader in tactical datalinks and RF countermeasures. This acquisition, part of SPX's Communications Technology platform, is expected to contribute approximately $14 million in annualized revenue. SPX anticipates updating its 2021 financial guidance on August 5 to reflect ECS's integration, which is projected to enhance segment margins. The acquisition is seen as a strategic move to bolster SPX's position in COMINT and expand its market reach.

SPX Corporation (NYSE:SPXC) will release its Q2 2021 financial results after market close on August 5, 2021. The company will conduct a conference call at 4:45 p.m. Eastern time to discuss these results. Interested parties can join by dialing 877-341-7727 (international: +1 262-558-6098), and a replay will be available until August 12, 2021. SPX Corporation specializes in highly engineered products within the HVAC and detection and measurement markets, boasting over 4,500 employees across 15 countries.

SPX Corporation announced it will sell SPX Transformer Solutions, Inc. to GE-Prolec Transformers, Inc. for $645 million, expecting net proceeds of approximately $540 million after taxes. The sale aligns with SPX's strategy to focus on its HVAC and Detection & Measurement segments. Following the transaction, SPX anticipates adjusted earnings per share of $2.17 to $2.37 and adjusted revenue of $1.25 billion for 2021, down from previous estimates. The deal is expected to close in the second half of 2021, pending regulatory review.

SPX Corporation (NYSE: SPXC) reported Q1 2021 GAAP EPS of $0.60 and Adjusted EPS of $0.68, reflecting solid revenue growth driven by HVAC and Detection & Measurement segments. Revenue increased to $398.5 million from $367.4 million in Q1 2020, with adjusted operating income rising to $42.2 million. The full-year Adjusted EPS guidance has been updated to a range of $3.06 to $3.26, indicating a potential 13% growth year-over-year. The company also completed the acquisition of Sealite, enhancing its global Aids to Navigation solutions.

SPX Corporation has acquired Sealite Pty Ltd and its affiliates, enhancing SPX's capabilities in engineered lighting solutions. Sealite specializes in marine and aviation Aids to Navigation and operates globally. The acquisition is expected to add $30 million to $40 million in annualized revenue. SPX will include Sealite’s results in its Detection & Measurement segment and plans to update its 2021 guidance during the Q1 earnings report on May 6. This strategic move positions SPX to leverage Sealite's strength in the Asia Pacific region and its high-value lighting applications.

SPX Corporation (NYSE:SPXC) will announce its Q1 2021 financial results on May 6, 2021, after market close. President and CEO Gene Lowe, along with CFO Jamie Harris, will discuss the results in a conference call at 4:30 p.m. Eastern Time. Participants can join by dialing 877-341-7727 (internationally +1 262-558-6098) and using participant code 8374545. A replay will be available until May 13, 2021. SPX achieved approximately $1.6 billion in revenue for 2020 and employs over 4,500 staff across 15 countries.

SPX Corporation has nominated Angel Shelton Willis for election to its Board of Directors at the upcoming annual stockholders' meeting on May 11, 2021. If elected, she will join the Nominating and Governance Committee, expanding the Board to nine members. Currently, Ms. Willis is the Vice President, General Counsel, and Secretary at Sealed Air Corporation, overseeing legal and compliance affairs. With her extensive experience in law and corporate governance, her addition is expected to enhance SPX's strategic capabilities in sustainability and diversity.