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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 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.
SPX Corporation (NYSE:SPXC) announced that CEO Gene Lowe will present at the Sidoti Fall Virtual Investor Conference on September 22, 2021, at 2:30 PM ET. CFO Jamie Harris will join him, and one-on-one meetings with investors will also be available. The presentation can be accessed live through a provided Zoom link. SPX Corporation, based in Charlotte, North Carolina, specializes in engineered products and technologies, focusing on HVAC and detection and measurement markets. The company operates in 15 countries with approximately 4,000 employees.
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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.