SPX TECHNOLOGIES INC Stock Price, News & Analysis

SPX Corporation (NYSE:SPXC) has finalized its acquisition of Sensors & Software Inc., a leader in Ground Penetrating Radar (GPR) technology based in Mississauga, Ontario. This strategic move is expected to enhance SPX's Radiodetection business by integrating GPR products for locating underground utilities and conducting geological investigations. The acquisition is projected to contribute $6-8 million in annual revenue and improve the margin profile of SPX's Detection & Measurement segment, highlighting its commitment to growth and innovation in detection technologies.

SPX Corporation (NYSE:SPXC) reported Q3 2020 results with a GAAP EPS of $0.49 and adjusted EPS of $0.64. Revenue reached $363.4 million, slightly lower than $364.8 million in Q3 2019, while operating income increased to $30.0 million from $27.6 million. The HVAC segment reported a 10.3% revenue increase, aided by acquisitions, while Detection & Measurement faced a 12.7% decline due to pandemic-related challenges. SPX anticipates full-year earnings modestly higher than 2019, with strong operational execution expected to enhance shareholder value moving forward.

SPX Corporation (NYSE:SPXC) has announced the appointment of Ankush Kumar as an Executive Officer, expanding his role to oversee all global Cooling operations, including Process Cooling. Joining SPX in 2018 as President of HVAC Cooling, Kumar has shown substantial operational improvements and brings vast experience from Gardner Denver Holdings and McKinsey & Company. Gene Lowe, President and CEO, praised Kumar's strategic acumen and commitment to value creation for shareholders.

SPX FLOW reported its Q3 2020 results, marking progress amid pandemic challenges. Revenues declined to $356.9 million, down 8.9% year-over-year, while operating income rose 19.7% to $31.6 million, reflecting stringent cost controls. Backlog increased 7.9%, driven by industrial orders. However, orders declined 7.9%, with significant drops in North America and Asia Pacific. Adjusted EPS from continuing operations hit $0.39, a slight increase from $0.38. The company remains focused on strategic innovation and cost management as it prepares for a potential recovery in market demand.

SPX Corporation (NYSE:SPXC) will release its third quarter 2020 financial results on October 29, 2020, after market close. Following the release, CEO Gene Lowe and CFO Jamie Harris will discuss the results in a conference call at 4:45 p.m. Eastern Time. Interested participants should dial in five minutes early. The call will be webcast and a replay will be available until November 5th. SPX is a leading supplier of engineered products with approximately $1.5 billion in annual revenue and over 4,500 employees.

SPX Corporation (NYSE: SPXC) announced the acquisition of ULC Robotics, a leader in robotic systems and inspection technology, for an upfront cash payment and contingent payments based on performance. ULC's RaaS business, CISBOT, specializes in rehabilitating natural gas distribution networks, contributing approximately $40 million in annual revenue. The integration is expected to enhance SPX's Detection & Measurement segment margins and have a modest impact on 2020 Adjusted EPS. This acquisition aims to complement SPX’s Location & Inspection platform, fostering growth in advanced technologies such as AI and machine learning.

SPX Corporation (NYSE:SPXC) has appointed Jamie E. Harris as Vice President, Chief Financial Officer, and Treasurer, effective August 17, 2020. Harris brings over 20 years of executive financial experience, previously serving as CFO of Elevate Textiles and Coca-Cola Consolidated. He will replace Scott Sproule, who is retiring but will assist during the transition. CEO Gene Lowe expressed confidence in Harris's ability to drive growth and operational excellence amidst challenging market conditions, aiming to position SPX for future success.

SPX Corporation (NYSE: SPXC) will release its second-quarter 2020 financial results on July 30, 2020, after market close. The company's President and CEO Gene Lowe, along with CFO Scott Sproule, will discuss these results during a conference call at 4:45 p.m. Eastern time. Interested parties can join by dialing in five minutes early or via the company’s website. A replay of the call will be available until August 6, 2020. SPX Corporation, based in Charlotte, NC, reported approximately $1.5 billion in revenue for 2019 and employs over 4,500 people across 17 countries.

SPX Cooling Technologies has launched the Marley BasinGard Filter, designed for evaporative cooling towers. This innovative filter captures debris and maintains hot water basin flow, enhancing system performance and reducing maintenance costs. Its stainless steel grid provides stability, while the silver-based biocide ensures hygiene. The filter prevents premature component replacement and is replaceable for sustained microbial properties. With twice the clog resistance, the BasinGard Filter is a significant addition to SPX's MarleyGard Water Management Tools.